Spinal Implants Market is expected to reach US$ 19.68 billion by 2031

Oncology Segment to Hold Significant Share of Spinal Implants Market During 2023–2031  

According to our latest study on "Spinal Implants Market Forecast to 2031 – Global Analysis – Application and End User," the market value is expected to reach US$ 19.68 billion by 2031 from US$ 11.88 billion in 2023 at a CAGR of 6.5%. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the surging number of spinal implant procedures, and rising incidence of trauma and sport-related injuries propel the market growth. However, the stringent regulations for spinal implants impede the growth of the market. Further, 3D printing of implants for surgical procedures is expected to bring new spinal implants market trends in the coming years.  

In recent years, there has been a rise in spinal implant procedures performed worldwide due to innovations in surgical approaches. Technological developments have resulted in the introduction of a wide variety of interbody devices. The newly introduced devices for spinal cord surgeries are now used as alternatives in bone graft materials. With advancements in spinal implant techniques, pedicle screws are now being used for posterior instrumentation. Similarly, the introduction of spinal fusion methods designed for different surgical indications and surgeon preferences, and patient conditions has significantly resulted in a rise in the number of spinal implant procedures. These fusion procedures are performed with interbody fusion using stand-alone cages and with anterior, lateral, or posterior approaches. According to a study published in Wolters Kluwer (Clinical Orthopaedics and Related Research Journal) by the Association of Bone and Joint Surgeons in February 2023, the demand for posterior spinal fusion procedures is expected to grow by 80% by 2060. An upsurge in the procedures can be associated with the age-related loss of muscle mass. Thus, an increase in the number of spinal implant procedures bolsters the spinal implants market growth.

Spinal Implants Market, by Geography, 2023 (%)

Source: The Insight Partners Analysis

Regulatory requirements for spinal implants are different from those for other implantable devices. The regulations for spinal fusion devices are regularly updated to maintain the quality of products, in turn, enhancing the quality of life for patients. In March 2023, the Food and Drug Administration (FDA) updated “Medical Devices; Orthopedic Devices; Classification of Spinal Spheres for Use in Intervertebral Fusion Procedures (Final Rule) Final Regulatory Impact Analysis.” According to the FDA, spinal devices are classified as Class III medical devices. They would require separate filing for pre-market approval applications. Moreover, the FDA found that general and special controls are insufficient to assure the devices' effectiveness and safety. Therefore, companies must provide complete product descriptions as well as analyses of product efficiency and safety to avoid confusion concerning materials used in the product, specifications for sizes, and requirements based on patients’ clinical conditions. Similarly, regulatory bodies in developing countries are updating regulatory requirements for spinal fusion devices. Thus, the stringency of these compliance requirements makes the spinal implant manufacturing processes more capital intensive. In addition to this, the risk of product recalls hinders the spinal implants market growth.

The spinal implants market analysis has been carried out by considering the following segments: product, procedure, material, and end user. By product, the market is bifurcated into fusion spinal implants and non-fusion spinal implants. The fusion spinal implants segment held the largest market share in 2023. It is anticipated to register the highest CAGR during the forecast period. The market, by procedure, is categorized into foraminotomy, laminectomy, spinal disc replacement, spine fusion, and discectomy. The laminectomy segment held the largest market share in 2023. Spine fusion is anticipated to register the highest CAGR during the forecast period. The market, by material, is segmented into titanium, carbon fiber, and stainless steel. The stainless steel segment held the largest market share in 2023, and it is anticipated to register the highest CAGR during the forecast period. In terms of end user, the market is categorized into hospitals, diagnostic and imaging centers, and others. The hospitals segment held the largest spinal implants market share in 2023. It is further estimated to register the highest CAGR during the forecast period.  

Spinal Implants Market, by Geography:

The geographic scope of the spinal implants market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

In 2023, North America held the largest spinal implants market share. The growing adoption of the latest medical device technologies, the high prevalence of spinal injuries, and product innovations by key players contribute to the expansion of the market in North America.

Apart from factors driving the market, the spinal implants market report emphasizes key developments by prominent players. Stryker Corporation, Johnson & Johnson, Globus Medical Inc, ZimVie Inc, Camber Spine Technologies LLC, Spineart SA, Medtronic plc, Orthofix US LLC, ATEC Spine Inc, and B. Braun SE are among the prominent players contributing to the spinal implants market size. These companies have been implementing various strategies that contribute to their growth and lead to various changes in the market. Organic strategies implemented by them include product launches, expansions, and product approvals, while inorganic strategies include collaborations and partnerships.

A few of the prominent developments by market players, as per their press releases, are mentioned below:

• In October 2023, Silony Medical International AG completed the acquisition of Centinel Spine's Global Fusion Business. Through this acquisition, Silony makes major entry into the US market & significantly strengthens its anterior standalone cage offering.
• In September 2023, Globus Medical Inc completed its merger with NuVasive Inc. The combined company provides surgeons and patients with one of the most complete musculoskeletal procedural solutions, enabling technological advances across the care continuum.

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