The global spinal implants and spinal devices market is growing, due to increasing demand for minimally invasive surgeries, increasing number of hospitals and surgical centers, and commercial applications in areas, such as nucleus arthroplasty, stem cell technology and artificial disk replacement. The spinal fusion and fixation technology dominates the market and the non-fusion/ motion preservation technology segment is expected to grow with the fastest rate during the forecast period, due to increasing demand for minimally invasive surgical procedures among patients and development of technologically advanced non-fusion devices.
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Some of the factors driving growth of the global spinal implants and spinal devices market are growing geriatric population, increasing incidence of spinal disorders, advancements in spine surgery technologies, technological developments in bone grafting products, and increasing healthcare expenditure. In addition, the increasing obese population and sedentary lifestyle, increasing incidence of road accidents, and improving healthcare infrastructure in developing countries are also driving the growth of the market. However, strict regulatory requirements, high cost of treatment procedure and limited reimbursement are some of the factors, restraining the growth of the global spinal implants and spinal devices market.
Geographically, North America is expected to dominate the global spinal implants and spinal devices market in the coming years, due to increasing incidence of spinal disorders, increasing awareness of newly developed treatment technologies, well established healthcare infrastructure, and increasing government funding and support for research and development of advanced spine treatment devices. Asia-Pacific is expected to be the fastest growing region in the market, due to presence of huge pool of patients and increasing geriatric population in the region. In addition, the Asia-Pacific spinal implants and spinal devices market is growing, due to increasing government healthcare spending, increasing healthcare expenditure, and refining healthcare infrastructure in the emerging countries, such as India and China. However, the lack of trained healthcare workers and lack of awareness of spinal devices are restricting the growth of the market in Asia-Pacific.
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Some of the companies operating in the global spinal implants and spinal devices market are Medtronic PLC, LDR Holding Corporation, Johnson & Johnson, Stryker Corporation, K2M Group Holdings Inc., Nuvasive Inc., Globus Medical Inc., Alphatec Spine Inc., Orthofix International N.V., and Zimmer Biomet Holdings Inc.
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