Global Spine Market Report

Transcription

1 Global Spine Market Report

2 Executive Summary Spine market is the largest segment of the global orthopedic industry. Spine disorders are categorized in four sections: degenerative conditions, deformities, tumor and trauma-based disorders. Spinal implants include both fusion and non-fusion devices: devices associated with vertebral compression fracture (VCF), interbody devices, cervical, thoracolumbar, and spinal stimulation devices. Spine industry has witnessed myriad technological advancements over the past two decades and it is expected that this trend will continue in future to solve the present challenges and fill the unmet needs of the market. It is expected that new innovations in the field of minimally invasive surgeries will continue to have a positive impact on the market as the new and improved surgical tool will make complicated spine surgeries easier than before. The principal advantage of these procedures over traditional surgery is short recovery time, short length scars, low risk of infection, less bleeding, and shorter hospital stays. Spine market is expected to show growth over the long term because of the driving factors such as increasing demand for motion preservation techniques, favorable dynamics, increased usage of implants in surgeries, and growing presence of new companies in the market every year. These small companies enter with their own unique and innovative products to address the various areas of spine industry. The global spine surgery devices market has seen challenging and dynamic market conditions over past few years, but still remains strong. The US is the largest geographic market for spinal fusions today. Spinal fusions show clinical success among appropriately indicated patients in a variety of procedures, making spinal fusion one of the most frequently performed procedures in the US. While Medtronic, Johnson and Johnson, and Stryker remain the leading players over the years, they are continuously losing their market share to smaller players like NuVasive and Globus Medical illustrating a strong performance by these companies. Although the top companies still hold dominant positions yet factors like greater product development, innovation and choice will change the competitive dynamics in the industry in the years ahead. The report, Global Spine Market analyzes the development of the global spine market, with a focus on its largest market viz. the US. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. The three major players in the industry, Medtronic, Johnson and Johnson, and Stryker, are being profiled, along with their key financials and strategies for growth. By combining SPSS Inc. s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the global spine market. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.

3 US$ Billion US$ Billion The global spine surgery devices market has seen challenging and dynamic market conditions over past few years, but still remains strong. Global Spine Market Size ( ) Spine Market in the US ( E) In 2013, the orthopedic market was worth US$... billion, which is expected to reach US$... billion by Of all the segments of the global orthopedic market, spine is the largest with % share, followed by the segments of knees and hips with respective global market share of % and % as of Spine is the largest single orthopedic market at US$... billion in Minimally Invasive Surgery (MIS) accounted for the largest share, %, of the total spinal implant market, followed by traditional thoracolumbar fusion and traditional interbody fusion with % and %, respectively, as of The revenues of spine market in the US grew from US$... billion in 2012 to US$... billion in 2013, representing a marginal growth of %. Breakdown of Global Spinal Implant Market by Segment (2013) Traditional Thoracolumbar Fusion Traditional Cervical Fusion Motion Preservation MIS Traditional Interbody Fusion VCF Spinal Electrical Stimulation

4 US$ Billion Spinal fusions show clinical success among appropriately indicated patients in a variety of procedures, making spinal fusion one of the most frequently performed procedures in the US. US Thoracolumbar Spinal Fusion Market Size ( E) The US thoracolumbar spinal fusion segment in 2013 was down % year-over-year, to US$... billion, as compared to a % fall in The US cervical spinal fusion market by volume grew % in 2013 to about. cases. The cervical artificial disc market in the US stood at US$... million in 2013 with a volume growth of.% to about. cases. US Cervical Spinal Fusion Market Size ( E) US Cervical Artificial Disc Market Size ( E)

5 It is expected that new innovations in the field of minimally invasive surgeries will continue to have a positive impact on the market as the new and improved surgical tool will make complicated spine surgeries easier than before. US Lumbar Artificial Disc Market Size ( E) The domestic lumbar disc market in the US was essentially flat in 2013 at US$... million. The treatment of spinal deformities is the secondlargest segment of this market and represented, a US$... million US opportunity in 2013, up..%. With the incidence of adult scoliosis growing significantly recently, the deformity volumes grew by % in 2013 to about cases in the US. The market for vertebral compression fractures in the US improved slightly in 2013, up %, to roughly US$... million. US Spinal Deformity Market Size ( E) US Vertebral Compression Fracture Market Size ( E) Vertebroplasty Kyphoplasty

6 US$ Billion Growing global GDP, global ageing population, and global healthcare expenditure are chief factors that will drive the spine market Global Spine Market Forecast ( E) E 2015E 2016E 2017E The global spine market is forecasted to grow at a CAGR of.% and is expected to reach US$... billion by Income being a major indicator of the quality of life enjoyed by the person, therefore people with higher income tends to spend more on expensive and advanced spine products. So, increase in the global gross domestic product (GDP) is likely to be accompanied by the increase in the global spine market. The risk of spine injury increases with age as older people are more prone to accidents compared to younger population. Furthermore, the spinal cords of older people are more fragile due to osteoporosis (decrease in bone density). So, increase in the global ageing population would tend to drive the growth of the market. The improving healthcare expenditure per capita is one of the major growth drivers of the worldwide spine market, as growing healthcare expenditure is tracked directly by corresponding increase in medical hospital spending. Given the increasing rate at which worldwide GDP is growing, proportion of healthcare spending by households is also increasing, which will result in higher spending on spinal surgeries and implants that are generally of higher cost.