Spinal Devices Market is set to reach US$ 21.96 billion, expanding at a CAGR of 5.3% by 2032

Between 2022 and 2032, the global Spinal Devices Market Demand is expected to grow at a 5.3% CAGR. The market is expected to be valued US$ 21.96 billion by 2032, up from US$ 13.1 billion in 2022.

In recent years, there has been an increase in spinal cord injuries due to the rise in sedentary lifestyles. This is projected to increase demand for Spinal Devices during the forecast period. Furthermore, an increase in the global senior population is expected to promote sales of this medical equipment. People are more likely to acquire osteoporosis as they age, which has a negative impact on the spinal cord. This could increase spinal device sales during the forecast period.

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Advent of Telehealth and Virtual Care to Create Tailwind for the Spinal Devices Market Growth

Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.

During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.

Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Spinal Devices market.

Key Spinal Devices Market Takeaways and Projections

• The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2032.
• Germany Spinal Devices market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2022 to 2032.
• China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
• India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.

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Report Benefits & Key Questions Answered

• Spinal Devices Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Spinal Devices market. It also studies the impact of these dynamics on the market for the previous assessment period 2017 to 2021 to forecast the scope of market growth over the coming forecast period 2022 to 2032.
• Spinal Devices Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Spinal Devices market. As per the survey, Spinal Devices sales will project steady growth over the forecast period.
• Spinal Devices Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Spinal Devices market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
• Spinal Devices Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.

Competitive Landscape Analysis

The latest study conducted by FMI provides in-depth insights into the global Spinal Devices market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Spinal Devices market.

Some of the prominent market players are profiled by FMI are:

Some of the key players in the global spinal device market include Stryker, Vertiflex Inc., Smith & Nephew, Siemens Healthcare GmbH, RTI Surgical, Orthofix Holdings, Inc., Medtronic, Zimmer Inc., CONMED, Aspen Medical Products and others.

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Spinal Device Market: Segmentation

The global spinal device market is classified on the basis of device type, end user and geography.

Based on device type, the global spinal device market is segmented into the following:

• Allografts
• Bridge
• Connector
• Plate Fixation System
• Drug Infusion system
• Electrosurgical
• Portals
• Others

Based on end user, the global spinal device market is segmented into the following:

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Spinal Surgery Rehabilitation Centers

Region

• North America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa