Spine Device Market Expected to Soar
Dec 8, 2014
The medical technology field continues to grow at an astonishing rate, and a major player in this industry is the spine device market. In the efforts to provide better quality patient care and lower health care costs, researchers, developers and investors are pushing life-changing industry trends, including minimally invasive technologies and alternatives to spinal fusions. In turn, these trends are making way for a major financial boom in the spine surgery world.
According to a report published by MarketsandMarkets, the worldwide spine surgery market is expected to reach a whopping $14.8 billion by 2017. A major factor of this growth is the initiative for global expansion. Many companies around the world are beginning to spread their technologies to new parts of the globe, and while developed countries account for the largest portion of revenues, the Asia-Pacific region and other emerging markets have great potential for success. In fact,the bone graft substitute and spinal implant market is projected to double by the end of 2022 to about $7 billion, according to the MarketsandMarkets report.
While countries around the world offer opportunities for growth, the U.S. is still by far the leader in spinal surgeries. This remains true despite the fact that the U.S. is expected to see a slight decline in market share through 2020. As Dr. David N. Ryan, product development and marketing director at Medicrea, told Becker’s Spine Review, America serves as a role model for others.
“There are obviously expanding markets in a lot of areas, but the United States is still the biggest market in the spine arena,” Ryan told the source. “The developing markets are learning a lot from the United States and Western European countries. We’re working to connect key surgeons with educational platforms to make sure as many doctors are on the same level to ensure the majority of patients receive the best possible care in the areas where these procedures are being performed.”
With news of the positive outlook for the global spinal surgery market, investors around the world will begin to place their resources into this lucrative field. Now is the time to get involved and secure future benefits that this industry and its innovative products will yield.