|
(Health-NewsWire.Net, March 20, 2022 ) The Minimally Invasive Spine Surgery Market size is estimated to reach $635.2 million by 2027. Furthermore, it is poised to grow at a CAGR of 5.1% over the forecast period of 2022-2027. Minimal invasive surgeries are extensively growing globally owing to the various benefits it offers. It works by making small incisions near the spine, which also minimizes the damage around the muscles and ligaments. Further, it offers faster recovery times, reduces chances of catching a secondary infection, low blood loss, and lastly allowing the patient to return back to their lifestyle. The minimally invasive surgeries differ from open-spine surgery in multiple ways. For one, to perform an open-spine surgery, the surgeon will make an incision around 6 inches. Moreover, the surgical times are longer than discussed and the patient must remain hospitalized for a longer period of time. Various surgeries are now being performed across the globe to cater to the fuelling needs of the patients afflicted. For example, anterior cervical discectomy and fusion are performed to treat disc herniation and degenerative disc diseases. Owing to the rising cases of trauma supplemented by the awareness pertaining to the advantages the surgeries offer are some of the identified drivers for the Minimally Invasive Spine Surgery Industry for the projected period of 2022-2027.
Minimally Invasive Spine Surgery Market Segmentation Analysis- By Treatment
The minimally invasive spine surgery market is further bifurcated into Compression Fracture Repair, Spinal Stenosis Decompression, Herniated Disc Removal, Spinal Canal Enlargement, Minimally Invasive Spinal Fusion, and Artificial Disc Replacement. Herniated Disc Removal held a dominant market share in the year 2021. The following condition arrives when the patient experiences compressed nerves. Further, laminectomies are performed in conjunction with discectomy. Further, around 70-80% of the patients feel relief in their back-pain, which makes the following problem curable.
However, Spinal Stenosis Decompression is estimated to be the fastest-growing, with a CAGR of 5.7% over the forecast period of 2022-2027. It happens when one’s spinal canal narrows down and starts creating bone spurs and obstructions. Further, the American Academy of Orthopedic Surgery estimates that nearly 8-11% of the population in the US have such ailment. Moreover, they estimate that in 2021, the numbers were added by at-least 2.5 million. Owing to the following factors, the segment is estimated to offer a steadfast pace to marketers.
Minimally Invasive Spine Surgery Market Segmentation Analysis- By End-Users
The minimally invasive spine surgery market based on end-users can be further segmented into Hospitals, Private Clinics, Ambulatory Surgical Centers, and Others. Ambulatory Surgical Centers held a dominant market share in the year 2021. It is owing to the options patients have in terms of minimally invasive surgeries. Moreover, hospitals outsource such surgeries to outpatient centers or ambulatory surgical centers. Since the incisions are small and the bleeding or complications are low, ambulatory surgical centers are able to provide services at a higher satisfaction rate.
Moreover, Ambulatory Surgical Centers are estimated to be the fastest-growing, with a CAGR of 5.9% over the forecast period of 2022-2027. It is owing to the government’s preference, as the following module saves billions of dollars. Additionally, as of 2010, there were close to 5000 ASC, which have now grown to 9600 in 2021. Hence, the substantial addition of such centers would allow the segment to grow.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=501896
Report Price: $ 4500 (Single User License)
Minimally Invasive Spine Surgery Market Segmentation Analysis- By Geography
The minimally invasive spine surgery market based on geography can be further segmented into North America, South America, Europe, Asia-Pacific, and the Rest of the World. Geographically, North America’s market held a dominant share of 35% in 2021. It is owing to the increment in the number of ASCs along with the constant rise in the cases of spine injuries. Also, the geriatric population is substantially growing. For example, by the year 2025, Canada and the USA will have age dependency close to 30% for the age group of 60 and above.
However, Asia-Pacific is poised to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is predominantly linked to the growing geriatric population and sedentary lifestyles. For example, there has been a decrement in the fertility rates of the low-and middle-income countries of the Asia-Pacific, which thereby will increase the older generation, and hence the market will be substantially benefitted.
Minimally Invasive Spine Surgery Market Drivers
The operational advantages over the traditional surgeries have aided the market
The operational advantages of minimally invasive surgeries are many and have countered and answered to all the potential drawbacks of extensive and traditional surgeries. Post-operative hematoma formation, neurological diseases, and disabilities, along with problems pertaining to wound healing, were found in the majority. To counter such problems, minimally invasive surgeries relied on providing local anesthesia and small incision cuts. Further, patients suffering from spine injuries and diseases are predominantly senior or old. Further, such geriatric population is prone to hypertension, diabetes, obesity, and various others. In order to go along with the surgical requirement, doctors prefer to adopt minimally invasive surgery. Moreover, CDC estimates that by 2040, the geriatric population will occupy close to 22% of the entire population demarcation, which for now is close to 16%. Owing to such factors, the market has and will grow at a steadfast pace.
Minimally Invasive Spine Surgery operations can be provided in Ambulatory Surgical Centers which are gaining traction in the developed countries.
Patients prefer to visit ASCs for all the minimally invasive surgery options, especially pertaining to orthopedic ailments. It is attributed to the fact that satisfaction takes a significant boost, as 92% are satisfied when they had their procedures done in ASCs against 60% who went to get it done in hospitals. Moreover, patients have provided the primary reason as “low-hospital stay time”, “better costs”, and “same-day discharge.” Moreover, the geriatric populations are opting for such centers as the risk of latching on SSIs is far low in such setups. Lastly, the Biden Administration plans to save close to $22 billion in their American Rescue Plan setting, as the overall cost ramification is far lower in the following setup.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=501896
Minimally Invasive Spine Surgery Market Challenges
The growing insurance costs for minimally invasive elective surgeries poses as a grave market challenge.
The elective surgeries in the pandemic period halted especially the minimally invasive surgeries. Owing to such volume impeding in the pipeline, insurers have started to hike the overall insurance costs. Additionally, only 41% of the surgeries were performed in the ASCs during the pandemic, of which 73% had to halt their elective surgeries. Owing to the rising demands, insurance companies have started hiking the cost plan per person, to distribute the overall impact. Moreover, during the pandemic, most of the families had to in-cash their medical insurances, which further made the funds available for the companies go low. In order to retain the lost capital, costs have zoomed, and have acted as a grave market challenge.
Minimally Invasive Spine Surgery Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Minimally Invasive Spine Surgery top 10 companies include:
Globus Medical Inc
NuVasive Inc
Life Spine In
Paradigm Spine
Medtronic
Johnson & Johnson
Boston Scientific
Zimmer Biomet
Mikai S.p.A,
Synthes GmbH
Recent Developments
In November 2021, Max Hospital launched the “Da-Vinci- XI” surgical robot to assist in performing robotic-assisted minimally invasive procedures or surgeries. The device can mimic a surgeon’s hand movement in real-time, at the console whereby bending and rotating the instruments according to the will and need for procedure. Moreover, apart from spine and orthopedic surgeries, it can come in handy for oncology, bariatric surgery procedures, gynaecology, general surgery, and various others.
In October 2021, Medtronic unveiled three additions to its minimally invasive spine surgery portfolio. It now includes surgical access hardware, expandable titanium interbody implants, and a bone graft delivery system. It would allow for transformational lumbar interbody fusion or TLIF procedure. Moreover, it would allow to treat conditions such as herniated discs or fractured vertebrae.
In May 2019, Boston Scientific acquired Veriflex. The latter company is known to provide an indirect compression system, a minimally invasive device to alleviate pain pertaining to LSS or Lower Spinal Stenosis. Moreover, the reason for acquisition is to hold on to a dominant position in the pain management portfolio. Lastly, the company wishes to aggressively put its forward in the dimension of treating LSS cases, for which the cases account for 6 million in the US.
Key Takeaways
Geographically, North America’s minimally invasive spine surgery market held the dominant market share in the year 2021. It is owing to the prevalence of spine diseases amongst all age groups. Moreover, ease of treatment, reimbursement policies, and knowledgeable medical professionals are some of the factors for the soaring market. However, Asia-Pacific is set to outgrow other regions, and offer lucrative growth opportunities to the marketers. It is owing to the rising focus pertaining to the development of medical infrastructure and medical tourism.
The uprising of ASCs and the growing geriatric population are some of the key drivers for the market. However, insurance claims for elective spine surgery remain vulnerable and pose an active market challenge.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Minimally Invasive Spine Surgery Market Report.
Relevant Titles
Orthopedic Braces & Support, Casting & Splints Market
https://www.industryarc.com/Report/16939/orthopedic-braces-support-casting-splints-market.html
For more Lifesciences and Healthcare Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
IndustryARC
Venkat Reddy
(+1) 970-236-3677
venkat@industryarc.com
Source: EmailWire.Com 
|
