Spinal trauma devices are used to stabilize the posterior area of spine while allowing motion and limiting the compression to the affected area of the spine. Spinal trauma devices have been categorized into two segments based on type: internal fixation devices, and external fixation devices. The application of these devices is mainly based on the type of injury. Internal fixation devices involve surgical implementation of implants to fix broken bone. External fixation devices are majorly used to stabilize bone. The internal fixation devices dominated the global spinal trauma devices market accounting for the share of 60.5% of the global in 2014. Internal fixation devices is further sub-segmented into plate and screw, rods and pins, and bone grafts. Plate and screw was the largest sub-segment of the internal fixation devices segment, accounting for a share of 60.1% in 2014 due to rigid internal fixation related to the overall attachment process and improved stabilization without the need to compress the bone. While, bone grafts segment was anticipated to be the fastest growing segment due to reduced possibility of immunological rejection and product innovation in this segment. The major factors driving the internal fixation devices segment are growing demand for cost-effective and highly durable spinal fixation devices. Scientific and technological advancements in the internal fixation and better reliability of internal fixators boost the demand for internal fixation devices. Moreover, internal fixation devices hold an upper-hand as compared to external fixation devices such as, internal fixator aid in achieving accurate anatomic reduction which is significant to minimize the chances of post-traumatic arthritis, thereby driving the growth of the internal fixation devices segment during the forecast period from 2015 to 2023.
The external fixation devices segment is anticipated to witness a sluggish growth rate during the forecast period of 2013 to 2015. The external fixation devices include Ilizarov devices, spinal cord stimulators, robotic exoskeletons, spinal braces, collars and halo vests. Ilizarov devices are the most significant type and widely used external fixation device majorly used for bone lengthening.
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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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