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South East Asia Spinal Implants Industry Overview
The South East Asia spinal implants market size is expected to reach USD 2.9 billion by 2028 and is expected to expand at a CAGR of 6.1% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of spinal disorders, such as trauma, fractures, deformities, lumbar stenosis, and degenerative disc diseases, is driving the market growth. The growing demand for minimally invasive surgical procedures is also bolstering the market growth. Technological advancements and innovations in spinal implants are driving the adoption of these devices.
South East Asia Spinal Implants Market Segmentation
Grand View Research, Inc. has segmented the South East Asia spinal implants market on the basis of product, raw material, application, end-use, and region:
Based on the Product Insights, the market is segmented into Spinal Fusion Implants, Non-Fusion Implants.
- In 2020, the spinal fusion implants segment dominated the market with a revenue share of 64.0%. These implants are usually combined with bone grafts during surgery to correct deformities, strengthen, and stabilize the spine. There are various types of fusion implants, such as plates, rods, pedicle screw systems, and interbody fusion devices.
- The spinal fusion implants segment is expected to register the fastest CAGR during the forecast period. The increasing adoption of minimally invasive surgeries is increasing the demand for spinal fusion devices. Surgeons are opting for minimally invasive surgeries rather than open surgeries owing to various advantages, such as less pain complications and reduced postoperative duration.
Based on the Raw Material Insights, the market is segmented into Titanium, Titanium Alloy, Stainless Steel, Polyetheretherketone (PEEK).
- In 2020, the titanium segment dominated the market with a revenue share of 33.5%. Advantages, such as high strength like steel and being exceptionally lightweight are major factors driving the adoption of titanium implants in spinal surgical procedures. In addition, the lower modulus of elasticity as compared to stainless steel has made titanium less rigid, thereby reducing the stress exerted on bone structures.
- The majority of spinal implant products, such as pedicle screws, rods, plates, and cages, are most commonly made of titanium. In addition, various technological innovations have proved to be favorable in increasing the adoption of titanium for making spinal implants.
- The Polyetheretherketone (PEEK) segment is anticipated to register the fastest CAGR during the forecast period. Recently, Polyetheretherketone (PEEK) surpassed the growth rate of titanium implants, becoming the preferred choice of raw material. Furthermore, manufacturers are focused on creating hybrid spinal implants where the implant is developed using both titanium and PEEK.
Based on the Application Insights, the market is segmented into Spine Fractures, Spinal Stenosis, Degenerative Disc Disease, Complex Deformity, Others.
- In 2020, the degenerative disc disease segment dominated the market with a revenue share of 38.0%. Degenerative disk disease is the most common among older adults aged 40 years and above. Neck (cervical spine) and lower back (lumbar spine) pains are the most common symptoms of degenerative disc disease.
- An increase in cases of lower back neck pain in adults and an increasing geriatric population are the major factors driving the segment growth. In addition, the increased popularity of sports activities is expected to boost segment growth.
- The degenerative disc disease segment is further anticipated to record the fastest growth rate over the forecast period due to the development of the high number of spinal implants for this indication. Manufacturers are focusing on developing technologically advanced implantable devices, which can be used to help restore disc height in the spinal column to simplify the minimally invasive degenerative disc disease procedures.
Based on the End-use Insights, the market is segmented into Hospitals, Ambulatory Surgery Centers, Clinics.
- In 2020, the hospital segment dominated the market with a revenue share of over 49%. Hospitals offer spinal surgical procedures to treat various disorders, including lumbar stenosis, deherniation, spine fractures, and degenerative disc diseases.
- Spinal implant procedures are witnessing a widespread adoption over conventional methods since this is a minimally invasive procedure and preserves muscle and other collateral tissues. The growing demand for minimally invasive procedures in hospitals is one of the significant factors expected to boost the segment growth.
- The Ambulatory Surgery Centers (ASCs) segment is anticipated to record the fastest CAGR over the forecast years. An increase in demand for minimally invasive surgeries due to reduced hospital stays is a key driver expected to drive the ASCs segment.
South East Asia Spinal Implants Regional Outlook
- China
- Japan
- India
- Singapore
- Indonesia
- Malaysia
- Thailand
- Philippines
- Vietnam
Key Companies Profile Market Share Insights
Major companies are constantly devising their merger acquisition, product development, partnerships, and collaboration strategies to expand their product offerings and business footprint.
Some prominent players in the South East Asia spinal implants market include
- Medtronic PLC
- DePuy Synthes
- NuVasive
- Stryker Corp.
- Globus Medical, Inc.
- Zimmer Biomet
- RTI Surgical, Inc.
- Orthofix Medical, Inc.
- SeaSpine
- B Braun Melsungen AG
Order a free sample PDF of the South East Asia Spinal Implants Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
