Pressure on the spinal cord and pain occurring on the spinal cord nerve among the aged population is likely to increase the spinal stenosis market size during the forecast period.
During the forecast period, the Spinal Stenosis market is expected to grow at a CAGR of 4%. The market is expected to be worth US$ 9.42 billion in 2022 and US$ 13.94 billion by 2032.
Spinal Stenosis is a narrowing of the spinal column caused primarily by ageing and degenerative changes in the spine. This puts pressure on the spinal cord and spinal nerve roots, which can result in leg discomfort, numbness, or weakness. Spinal Stenosis primarily affects adults over the age of 60, although it can also afflict younger people who are born with an irregular spinal canal.
The three main kinds of Spinal Stenosis are lumbar Spinal Stenosis, cervical Spinal Stenosis, and thoracic Spinal Stenosis. The lower lumbar area accounts for approximately 75% of all occurrences of Spinal Stenosis. Radiculopathy and myelopathy are the major signs of Spinal Stenosis.
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Advent of Telehealth and Virtual Care to Create Tailwind for the Spinal Stenosis 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 Stenosis market.
Key Spinal Stenosis Market Takeaways and Projections
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Competitive Landscape Analysis
The latest study conducted by FMI provides in-depth insights into the global Spinal Stenosis 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 Stenosis market.
Some of the prominent market players are profiled by FMI are:
Medtronic Inc., DePuy Synthes, Stryker Corporation, Orthofix International N.V., NuVasive, Inc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Alphatec Holdings, Inc., K2M Group Holdings, Inc., and LDR Holding Corporation
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Spinal Stenosis Market: Segmentation
The global Spinal Stenosis market is segmented based on product type, treatment type end user and region.
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May 04, 2023