Demand for spinal trauma devices surge as a result of medical advancements

Medical - Mohit Shah - May 24,2017

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demand for spinal trauma devices surge as a result of medical advancements

According to statistics, the global market for spinal trauma devices is expected to rise at a CAGR of 5.6%; the market is expected to attain a valuation of US$4.7 bn by the end of 2023.

According to the WHO, every year between 2,50,000 and 5,00,000 spinal injury cases are reported around the world. The common causes are found to be road accidents, industrial accidents, and violence.  

It has been found out that the recent medical advances among patients will strengthen the position of spinal trauma devices manufacturers. Moreover, the paradigm shift from metallic fixators to bioresorbable implants would work as a driving factor for the demand of spinal trauma devices on a global scale.

As per a recent research report published by Transparency Market Research (TMR), the spinal trauma devices market across the world is anticipated to surge at a CAGR of 5.6%, to reach US$4.7 bn by the end of 2023.

Currently, among the various spinal trauma devices, the two types, namely external fixation devices and internal fixation devices are prominently manufactured. The internal fixation devices segment is known to dominate the market, with an assumed CAGR valuation of 6.1% between 2015 and 2023. Moreover, the external fixation devices segment is expected to swell at a CAGR of 4.7%.

The leading companies managing the production of spinal trauma devices include Stryker Corp., CONMED Corp., NuVasive Inc., Medtronic, Smith & Nephew plc, DePuy Synthes, Arthrex Inc., Spinal Technology Inc., ReWalk Robotics and others.

The region of North America dominates the global spinal trauma devices market with a whopping share of 47%, as recorded in 2014. Moreover, the U.S. and Canada have been displaying the most lucrative prospects for the spinal trauma devices in this geographical space. Asia Pacific is a blooming region which is expected to exhibit immense potential as a result of rising prevalence of spinal disorders, growing geriatric population, as well as increasing healthcare expenditure.

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