Spinal implants are primarily inserted into the body to correct deformities such as spinal stenosis and isthmic spondylolisthesis. Spinal stenosis is a particular problem for geriatrics over the age of 50 and affects both genders alike. Along with this, a slipped disk, joint problems, and spinal tissue stiffness can also be rectified to a great extent with spinal implants. The National Center for Health Statistics suggests that a quarter of the global population is afflicted by chronic lower back pain. The WHO states that the expense of treating lower back pain causes immense economic hardship to individuals and is a drag on a nation’s economy.

Could the APAC region break the back of North America and Europe?
North America is the largest regional contributor of the global spinal implants market due to an aged population, superior technological and innovative prowess, prevalence of nanotechnology, and manufacturing advances. It is also helped by insurance companies typically reimbursing spinal implant procedures. North America is closely followed by Europe as the latter has similar demographics. However, the APAC region is rapidly closing the gap because of rising obesity, additional government spending on healthcare, and greater awareness of new spinal treatment procedures.

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American and European companies dominate spinal implants market
As the two largest regions, it is unsurprising that most companies dominating the global spinal implants market are either American or European. Some of the largest include Stryker Corporation, Depuy Synthes Inc., Medtronic, Zimmer Biomet Holdings, Inc., NuVasive, Inc., Orthofix International N.V., LDR Holding Corporation, Quandary Medical LLC, Alliance Spine, RTI Surgical, Inc., and K2M Group Holdings, Inc. In May 2020, Medtronic launched the Kyphon Assist Directional Cannula for balloon kyphoplasty procedures. This revolutionary product is intended to treat osteoporosis, benign lesions, and cancer and can even provide surgeons additional directional control during the process.

Open surgery method still the leader, but not necessarily a fan favorite
As of 2020, open surgeries comprise the bulk of the spinal implants market, patient preference for minimally invasive ones notwithstanding. This is primarily because certain procedures can only be completed through an open surgery. In terms of technology, the spinal implants market is segmented into vertebral compression fracture treatment, spinal decompression, spinal fusion and fixation, and motion preservation. Spinal fusion and fixation played a key role in the spinal implants market with an increased occurrence of degenerative disc disease and spinal stenosis. When it comes to products, there are spine biologics, thoracic and lumbar fusion, and non-fusion devices available in the spinal implants market with thoracic and lumbar fusion dominating.

Ready reimbursement and options aplenty benefit developed markets
An ever-increasing prevalence of spinal disorders largely caused by a sedentary urban lifestyle, coupled with the advent of safer, highly advanced, more effective, and easy-to-use spinal implants has powered the growth of the global spinal implants market. In addition, the launch of a number of sophisticated bone grafting products coupled with a marked preference for minimally invasive surgeries has provided further impetus to the spinal implants market. A growing number of outpatient ambulatory surgical centers in particular combined with quicker recovery times is anticipated to benefit the spinal implants market. In some countries such as the US, reimbursement provided under laws such as the Affordable Care Act provide unlimited opportunities for spinal implant companies with respect to marketing and product distribution.

Prohibitive cost, stifling bureaucracy, and lack of education – a minefield of challenges in emerging economies
Unfortunately, spinal implant treatments are very expensive and the lack of reimbursement afforded in developing and some developing countries poses a major challenge. Furthermore, the regulatory approval process can often be slower and more bureaucratic in emerging economies. There is also a serious shortage of trained medical professionals to perform intricate procedures such as spinal implants which is anticipated to put barriers on the track of the spinal implants market.

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Global Top Spinal Implants Market Players are: DePuy Synthes, Stryker Corporation, Medtronic, NuVasive, Zimmer Biomet Holdings, Accel Spine, Aesculap, Globus Medical, Alphatec Holdings, Orthofix International, Amedica, Apollo Spine, K2M Group Holdings, RTI Surgical, Centinel Spine

Wait and watch strategy advisable for spinal implant companies
The COVID-19 pandemic has already had a significant impact on the spinal implants market as most orthopedic procedures are delayed for hospitals to deal with the infectious virus. In a recent survey, most respondents indicated that they could defer up to 90% of all their procedures. In March, the Centers for Medicaid and Medicare Services and the American College of Surgeons requested healthcare providers to cancel all elective surgeries. Interestingly, the survey said there is a high probability of there being a ‘catch-up’ in the next three to six months. In conclusion, while Q1 and Q2 in 2020 are cause for concern, Q3 should see gradual recovery in the spinal implants market.

KEY QUESTIONS ANSWERED IN THE REPORT
● What is the market size and growth rate of the global and regional markets by various segments?
● What is the market size and growth rate of the market for selective countries?
● Which region or sub-segment is expected to drive the market during the forecast period?
● What factors are anticipated to impact demand and supply trends in the market during the forecast period?
● What factors are likely to drive market revenue growth during the forecast period?
● What are the key technology and other trends shaping the market?
● What are the key opportunities in the market?
● What are some of the strategies implemented by key companies operating in the market?
● What is the COVID-19 impact on the market?

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