The global spine biologics market size is expected to reach USD 2.5 billion by 2026, according to a new report by Grand View Research, Inc., registering a 4.2% CAGR over the forecast period. The market is primarily driven by increasing incidence of spinal injuries. Prevalence of spinal deformities has been on a rise in developed and underdeveloped countries and this has resulted in an increase in the number of surgeries being carried. This has had a positive impact on the market for spine biologics.
Apart from this, growing awareness about numerous advantages of biologics in spine fusion surgeries, such as minimal postoperative time and ability to activate cellular growth, has also propelled the market. Biomaterials and bone graft substitutes are being adopted as the choice of treatment for spinal deformities. Increasing percentage of the elderly population suffering from spinal disorders and rising adoption of these products as a treatment method is anticipated to boost the market for spine biologics over the forecast period.
The geriatric population is more prone to spondylolisthesis and degeneration of disc. This, coupled with increasing number of trauma cases due to road accidents and sports injuries, is driving demand for spine biologics. According to the Open Access Journal for Minimally Invasive Surgery (MIS) published in 2018, minimally invasive techniques are being adopted for the treatment of a wide range of spine pathologies. Approximately 400,000 cases are performed in the U.S. annually and spine fusion has turned out to be one of the most commonly performed and well-established treatment options for spine trauma, degenerative disorders, tumors, and structural abnormalities.
Click the link below:
Further key findings from the report suggest:
- Many clinicians consider spinal allografts as the gold standard for spinal fusion. The use of biologics influences surgical outcomes as it helps in improving fusion rates and reducing pain. This driven the segment to account for the dominant revenue share
- Hospitals held the leading share in terms of end use in 2018 owing to availability of highly skilled professionals and increasing number of spine surgeries performed. Ambulatory Surgery Centers (ASC), on the other hand, are anticipated to witness lucrative growth over the forecast period
- North America captured the largest share in the market in 2018, owing to presence of well-established healthcare infrastructure, high awareness among surgeons pertinent to bone graft procedures, and availability of favorable reimbursement policies
- Asia Pacific is anticipated to show significant growth through 2026. Booming medical tourism industry offering advanced healthcare services at affordable costs is the key factor driving the regional spine biologics market
- Some of the key companies are Stryker; Orthofix International N.V.; K2M Inc.; Exactech Inc.; Wright Medical Technology Inc.; DePuy Synthes Companies; Zimmer Holding Inc.; Nuvasive Inc.; and Medtronic Inc. Strategic acquisitions and presence of new entrants are making the market immensely competitive.
Request a Free Sample Copy: