The global spinal
trauma devices market has witnessed impressive growth in recent
times. The rising incidence of spinal injuries, along with increasing
healthcare expenditure across the world, is stimulating this market
extensively.According to a market study, published by Transparency
Market Research (TMR), the global spinal trauma devices market is
projected to expand at a CAGR of 5.60% during the period from 2015 to
2023, rising from US$2.9 bn in 2014 to US$4.7 bn by 2023.
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Internal Fixation
Devices Segment Occupies Leading Position in Spinal Trauma Devices
Market
Based on device
type, external fixation and internal fixation devices are the two
main segments in the global spinal trauma devices market, among which
the market for internal fixation devices occupies the leading
position. In 2014, this market segment accounted for a share of 60.5%
in the global market.
Rods and pins,
plates and screws, and bone grafts are the major products available
in the internal fixation devices market. The market for plate and
screw is the largest among all the sub-segments and held more than
60% of this market in 2014. The rising preference for bioresorbable
plates and screws for spinal traumas is anticipated to propel this
segment in the near future.
The market for bone
grafts is also expected to witness a healthy rise in the next few
years, owing to minimal immunological rejection from bone grafts
coupled with low pain incurred while grafting. Advancements in
treatment and therapies are also supporting the growth of this
segment to a significant extent.
Asia Pacific to
Report Highest Growth Rate in Future
North America, Asia
Pacific, Europe, and the Rest of the World are the key regional
markets for spinal trauma devices. Among these, North America has led
the global market, and held a share of 47.2% in 2014. A rise in the
incidence of spinal deformities, coupled with a large number of
spinal injury cases, has fueled the spinal trauma devices market in
North America. In addition to this, innovations in product design and
advancements in technology are likely to propel the regional market
significantly in the coming years.
Asia Pacific is
emerging as the most attractive regional market for spinal trauma
devices. Analysts project this market to expand at a CAGR of 7.10%
during the period from 2015 to 2023, which is expected to be the
highest growth rate among all the regional markets. The rise in
disposable income in this region is likely to increase the
affordability of expensive medical treatments among consumers,
boosting the demand for spinal trauma devices extensively. Growing
awareness pertaining to healthcare is also predicted to support this
market in Asia Pacific.
Global Spinal
Trauma Devices Market: Competitive Analysis
CONMED Corp., B.
Braun Melsungen AG, Zimmer Biomet, Orthofix International NV, Arthrex
Inc., ReWalk Robotics, Spinal Technology Inc., NuVasive Inc., DePuy
Synthes, Medtronic, Smith & Nephew plc, Stryker Corp., and Globus
Medical Inc. are the major players operating in the highly
concentrated spinal trauma devices market. The top three players
occupy more than 66% of the overall market.
Medtronic leads the
global spinal trauma devices market on account of its wide product
portfolio and high market penetration. In 2014, it accounted for a
share of 32.8% in the overall market. In the second position stands
DePuy Synthes, which occupied a share of 24.6%, the same year. The
broad range of spinal trauma devices offered by DePuy Synthes is the
key factor behind its growth. Stryker Corporation held a share of
9.2% in 2014 and currently holds the third position in the global
market for spinal trauma devices.
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and beverages, and consumer goods, among others. Each TMR research
report provides clients with a 360-degree view of the market with
statistical forecasts, competitive landscape, detailed segmentation,
key trends, and strategic recommendations.
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