January 03, 2017
Wellesley, Mass., Jan 03, 2017 – An aging population should create significant market opportunities for companies in the spinal and neurostimulation industry, driving solid growth in the global market for spinal intervention products. BCC Research reveals in its new report that this dynamic market is attracting growing interest from manufacturers, surgeons, and patients.
The global market for spinal and neurostimulation intervention products should total $15.8 billion in 2021, up from $12.6 billion in 2016, growing at a five-year compound annual growth rate (CAGR) of 4.5%. Spinal surgery, the largest sector, should grow from $9.0 billion in 2016 to $10.8 billion in 2021, demonstrating a five-year CAGR of 3.5%. Neurostimulation devices, the fastest-growing segment with a five-year CAGR of 6.9%, are expected to reach $3.6 billion and $5.0 billion in 2016 and 2021, respectively.
As an alternative to spinal surgery, neurostimulation has become a new option for the treatment of lower back pain in recent years. In addition to treating pain, neurostimulation can be used to treat unwanted neurological or psychological symptoms, as well as to enhance muscular activity. As such, neurostimulation can be used, or is being investigated for use, to treat a wide range of conditions.
Products used in spinal fusion procedures accounted for the majority of the market in 2015, about 72% of global spinal sales volumes, while biologic products used in spinal surgery accounted for 17% of global spinal sales volumes. In 2015, fracture repair products totaled 8% of the market and total spinal disc replacement devices accounted for 3%.
The neurostimulation market, worth about $3.4 billion in 2015, is growing much faster than the spinal implants market. The development of smaller, more user-friendly devices has increased interest and investment in this technology for the treatment of a wide variety of medical conditions. The market is dominated currently by the use of spinal cord stimulation for the treatment of chronic pain. In 2015, this segment accounted for 50% of the neurostimulation market.
The United States dominates the spinal intervention market, accounting for 71% of all sales of spinal surgery products and 69% of neurostimulation products in 2015. The U.S. is generally a stronger adopter of newer technologies than other countries, which continue to use more conservative approaches to spinal conditions and those treated via neurostimulation.
"The relatively low adoption rates for spinal interventional technology outside the U.S. provide good growth opportunities for manufacturers to promote their products in these regions," says BCC Research analyst Joanne Maddox. "For spinal surgery, emerging markets currently are a key growth driver, helped by increasing access to healthcare and more healthcare investment in these markets. For neurostimulation, high product cost and the need for extensive physician training are market obstacles."
Spinal Intervention: Markets for Surgical, Replacement and Neurostimulation Technologies (HLC194A) analyzes spinal and neurostimulation products, including trends, key product and technology areas, major manufacturers and factors influencing market growth. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Spinal Intervention: Markets for Surgical, Replacement and Neurostimulation Technologies( HLC194A )
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