Minimally Invasive Spine Technologies Market
Number of pages: 100 | Report Format: PDF | Published date: May 09, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 3.01 billion |
|
Revenue Forecast in 2031 |
US$ 5.77 billion |
|
CAGR |
7.5% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Indication, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global minimally invasive spine technologies market was valued at US$ 3.01 billion in 2022 and is expected to register a revenue CAGR of 7.5% to reach US$ 5.77 billion in 2031.
Minimally Invasive Spine Technologies Market Fundamentals
A combination of surgical methods and tools known as minimally invasive spinal technology (MIST) enables spine surgery to be carried out through far smaller incisions than conventional open surgery. Minimally invasive spine technology may involve techniques like percutaneous vertebroplasty, endoscopic discectomy, and microdiscectomy. These methods enable the surgeon to see the spinal structures without creating significant tissue disruption or using extensive incisions, owing to the use of specialist instruments and imaging technologies like X-ray, ultrasound, or MRI. Compared to open surgery, minimally invasive spine technology provides several advantages, including less discomfort, quicker recovery, a lower chance of complications, and better cosmetic results. Recent developments in minimally invasive spine technology have increased the accuracy and security of spinal operations. The use of navigation devices, which produce accurate maps of the patient's spine and enable surgeons to conduct surgeries with greater accuracy and a lower risk of problems, is one such development. The introduction of robotic-assisted surgery, which can help place screws and other spinal hardware, is another advancement. Transforaminal endoscopic spine surgery (TESS), one of the newest surgical methods, enables the treatment of difficult spinal diseases through smaller incisions. As a result of these minimally invasive spine technology improvements, patients now experience less pain, recover more quickly, and achieve better results than with open surgery.
This report is a crucial tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth minimally invasive spine technologies market forecast to the industry stakeholders.
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Minimally Invasive Spine Technologies Market Dynamics
The rising incidence of spinal illnesses and the need for less invasive surgical methods propel the minimally invasive spine technologies market growth. According to the WHO, the estimated annual incidence of spinal cord injury is 40 to 80 cases per million population. As the population ages, spinal problems such as ruptured discs, spinal stenosis, and degenerative disc disease become more prevalent. The need for efficient treatments that reduce patient discomfort and recovery time has increased. As a result of this, there is improvement in the minimally invasive spine technologies market dynamics in terms of revenue. Smaller incisions and less invasive surgical procedures are used in minimally invasive spine technology techniques, which have demonstrated encouraging results in increasing patient outcomes and satisfaction. The accuracy and precision of minimally invasive spine technology treatments have also increased thanks to developments in imaging technologies like 3D printing and augmented reality. In the upcoming years, these factors are anticipated to maintain the minimally invasive spine technologies market share.
The substantial cost of minimally invasive spine technology operations compared to conventional open surgeries is one of the primary causes of restraining the minimally invasive spine technologies market growth. The scarcity of qualified experts with the knowledge and experience necessary to conduct minimally invasive spine technology treatments is another minimally invasive spine technologies market challenge. Additionally, the procedures may not be appropriate for all spinal disorders, and standard open surgeries may be more beneficial in these circumstances. Also, these operations may not be as safe and successful as conventional open surgeries, which could restrict their uptake and acceptance among patients and medical professionals.
Minimally Invasive Spine Technologies Market Ecosystem
Minimally Invasive Spine Technologies Market, by Type
Minimally Invasive Spine Technologies Market, By Indication
Minimally Invasive Spine Technologies Market, By End User
Minimally Invasive Spine Technologies Market By End User
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Based on the end users, the minimally invasive spine technologies market is segmented into hospitals, orthopedic clinics, and ambulatory surgical centers.
Hospitals accounted for the largest revenue share of the global market in terms of minimally invasive spine technologies market forecast. Hospitals have access to the cutting-edge tools and technologies needed for surgery with the help of minimally invasive spine technology. In addition, hospitals have highly skilled medical staff that includes surgeons, nurses, and other healthcare professionals with experience in executing minimally invasive procedures, resulting in high success rates and happy patients. Moreover, hospitals have a huge patient base, including people who need minimally invasive spine operations, further fueling the market's expansion. Furthermore, hospitals' dominant market position in the minimally invasive spine technologies industry trends is also a result of their reimbursement policies for minimally invasive spine surgery.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as type, indication, end user, and region. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential minimally invasive spine technologies market growth opportunities.
Minimally Invasive Spine Technologies Market By Region
Based on the regions, the global minimally invasive spine technologies market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
According to the analysis of the minimally invasive spine technologies market overview, North America accounted for the largest revenue share of the global market. The rising incidence of spinal problems such as ruptured discs, spinal stenosis, and degenerative disc disease, which has resulted in a strong demand for minimally invasive spine procedures, is one of the main causes. On the other hand, the fundamental factor for the rapid growth of ambulatory surgical centers (ASCs) across the country in the United States is the reduced cost of outpatient surgical care. In the United States, more than 180 ASCs perform minimally invasive spine surgery (MISS), according to Becker's Healthcare data updated in January 2022. Florida has the most ASCs that perform minimally invasive spine technology, with 21 out of all other states in the country.
Based on the regions, the global minimally invasive spine technologies market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding minimally invasive spine technologies market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Minimally invasive spine technologies Market Competitive Landscape
Multiple companies across the globe are investing in raising awareness and new product launches, which is expected to improve the minimally invasive spine technologies market outlook. Notable market participants account for the largest portion of the global minimally invasive spine technologies market size, include
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats, considering the minimally invasive spine technologies industry trends.
Minimally Invasive Spine Technologies Market Strategic Development
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Minimally invasive spine technology uses advanced surgical techniques and equipment to treat spinal conditions with minimal disruption to surrounding tissues.
North America has the largest minimally invasive spine technologies market size during the forecast period from 2023 to 2031.
The global minimally invasive spine technologies market is expected to grow with a revenue CAGR of 7.5% during the forecast period from 2023 to 2031.
The lack of skilled persons is the major challenge hampering the growth of the global minimally invasive spine technologies market.
The major strategies key market players adopt involve strategic partnerships and collaborations to expand their market reach and capabilities.
The increased prevalence of spinal disorders and injury is the major driving factor necessitating the use of minimally invasive spine technologies.
Key players in the Minimally invasive spine technologies market are ATEC Spine Inc., Aurora Spine Inc., B. Braun SE, Boston Scientific Corporation, and Globus Medical Inc.
Increased demand for effective surgical procedures with greater success rates and improved patient outcomes are the major growth opportunities in the global minimally invasive spine technologies market.
Hospitals have the largest minimally invasive spine technologies market size during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain