Spine Biologics Market to Reach USD 2,629.6 Million By 2027 | CAGR: 3.9% | Reports And Data
NEW YORK, Sept. 2, 2020 /PRNewswire/ -- The Global Spine Biologics Market is expected to reach USD 2,629.6 Million by 2027, according to a new report by Reports and Data. A growing occurrence of spine disorders is one of the significant factors influencing the growth of the spine biologics market. According to the World Health Organization (WHO), each year, globally, around 250,000 and 500,000 individuals suffer a spinal cord injury. Preventable causes, including road traffic accidents, falls, or violence, are the major contributors to the spinal cord injury, and individuals suffering from the condition are more likely to die prematurely as compared to healthy individuals with low and middle-income economies having the worst survival rates. Spinal cord injury is linked with a peril of occurrence of secondary conditions, which can be incapacitating and sometimes cost a person's life, such as urinary tract infections, deep vein thrombosis, muscle spasms, pressure ulcers, osteoporosis, chronic pain, and respiratory complications.
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As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with a significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Aging leads to the deterioration of facet joints resulting in several spinal disorders. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the spine biologics market in the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the spine biologics industry. Demand for spine biologics materials has seen a decrease in demand, owing to mandatory lockdowns resulting movement restrictions to curb the spread of the infectious virus, especially in the older adults, who are at a higher risk of contracting the disease attributed to the weaker immune system. Further, lockdown restriction is causative of the disruption of the value chain, which, in turn, has an impact on the supply of biologics material required for the treatment of spinal deformities.
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Further key findings from the report suggestBy type, bone graft substitutes are estimated to grow at a rate of 4.3% in the forecast period. A bone graft substitute is an inorganic, synthetic, or organic combination, which may be implanted for the spine deformity treatment as a substitute to allogenous/ autogenous bone. These substitutes comprise mineral composites, mineral cement, proteins, ceramics, and growth factors. By surgery type, the transforaminal lumbar interbody fusion (TLIF) held a substantial spine biologics market size in 2019. This surgery type for spine biologics is beneficial in maximizing spinal and fusion stability, better preserving the posterior elements to reduce spinal destabilization. Moreover, it enables for lesser scars and less nerve retraction in the course of surgery, as well as helps fusion procedure by preserving bonier surface. By end-user, ambulatory surgical centers held the second-largest spine biologics market share in 2019 and are likely to witness the fastest growth rate of 4.7% in the forecast period. Ambulatory surgical centers offer better control to surgeons over spine biologics practices as compared to hospitals by allowing them to form a specialist team and take advantage of the innovative equipment & devices, and supplies to accomplish the optimal treatment outcomes. The spine biologics market in the Asia Pacific region is likely to grow at the fastest rate of 5.0% in the period 2020-2027, due to the improving healthcare infrastructure, rising investments in biologics development, and better reimbursement scenario. In May 2019, Medtronic PLC, a leading market player, made an announcement about signing an agreement for the acquisition of Titan Spine, a private company dealing in titanium spine surface and interbody implant technology. The acquisition is expected to accelerate Medtronic's plans to innovate spinal treatment methods and advance outcomes. Key participants include Medtronic PLC, Stryker Corporation, Nuvasive Inc., Zimmer Holding Inc., K2M Inc., Exactech Inc., Nutech Inc., Depuy Synthes, Wright Medical Technology, and Orthofic International NV, among others.
For the purpose of this report, Reports and Data has segmented the Global Spine Biologics Market on the basis of type, surgery type, end-user, and region:
Type Outlook (Revenue, USD Million; 2017-2027)Spinal Allografts Bone Graft Substitutes Cell-Based Matrix Others
Surgery Type Outlook (Revenue, USD Million; 2017-2027)Anterior Cervical Discectomy and Fusion (ACDF) Transforaminal Lumbar Interbody Fusion (TLIF) Lateral Lumbar Interbody Fusion (LLIF) Anterior Lumbar Interbody Fusion (ALIF) Others
End-User Outlook (Revenue, USD Million; 2017-2027)Hospitals Ambulatory Surgical Centers Others
Regional Outlook (Revenue, USD Million; 2017-2027)North America US CanadaEurope Germany UK France Benelux Rest of EuropeAsia Pacific China India Japan South Korea Rest of Asia PacificLatin America Brazil Rest of Latin AmericaMiddle East and Africa Saudi Arabia UAE Rest of the Middle East and Africa
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