Interspinous Spacers Market to Expand at a Cagr of ~6.1% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2033
Global Interspinous Spacers Market Key Insights
During the forecast period of 2023-2033, the global interspinous spacers market is expected to reach an estimated value of ~USD 137.7 million by 2033, by expanding at a CAGR of ~6.1%. The market further generated revenue of ~USD 71.4 million in the year 2022. Major key factors propelling the growth of the interspinous spacers market worldwide are the surge in the number of people with degenerative disc disease worldwide and the rising population of older adults.
Market Definition of Interspinous Spacers
Interspinous spacers are instruments designed to hamper painful movement by enabling normal motion, these devices are embedded between the vertebral spinous processes. The interspinous spacers used to treat lumbar spinal stenosis develops when the spine’s canals become congested with spinal nerves. The device ensures minimal invasion during the surgery, it can easily be implanted with little anesthesia with sedation. It relieves the excruciating pain of spinal stenosis by extending the spinal canal. These instruments are made of lightweight metal and do not induce any infection as they are bio-compatible for the human body.
Global Interspinous Spacers Market: Growth Drivers
The growth of the global interspinous spacers market can majorly be attributed to the acquisition and purchase made by key companies to advance the market growth. For instance, Vertiflex, Inc., a privately held firm that has created a minimally invasive device for the treatment of people with lumbar spinal stenosis, was purchased definitively by Boston Scientific Corporation (LSS). On the other hand, the market growth can also be attributed to several technological advancements occurring in the field of interspinous spacers are also projected to drive the market growth. For instance, Salvo, a 5.5/6.0mm spine system, launched by Spine Wave, Inc. The system has a unique modular screw design. It is a next-generation instrument, with a diamond-like carbon coating that provides water resistance and hardness to the instrument. It is a compact form of implant for both degenerative and complex spines.
The global interspinous spacers market is also estimated to grow majorly on account of the following:
- Increasing geriatric population
- Rising prevalence of degenerated disc problems
- The technological innovation of the interspinous spacers
- The higher success rate of disc replacement surgery
- Growing healthcare development and research expenditure
Global Interspinous Spacers Market: Restraining Factor
The surgery of the spine disc comes with various complications, increased reoperation risk following interspinous spacer implantation, and high cost of the surgery. Hence this factor is expected to be the major hindrance for the growth of the global interspinous spacers market during the forecast period.
Global Interspinous Spacers Market Segmentation
- By Product (Static, and Dynamic)
- By Indication (Lumbar Spinal Stenosis, Degenerative Disc Disease, and Others)
- By End Users (Hospitals & Clinics, Orthopedic Clinics, and Ambulatory Surgical Centers)
Out of all, the hospital & clinics segment is to garner the highest revenue by the end of 2033. The segment growth is attributed to higher hospital expenditure and a higher number of hospitals. According to the World Health Organization, between 2000 and 2018, global health spending increased steadily, reaching USD 8.3 trillion, or 10% of the global GDP. The figures also demonstrate that out-of-pocket spending in low- and lower-middle-income nations has remained high, accounting for more than 40% of all health expenditures in 2018.
- By Region
The North American interspinous spacers market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The surge in the cases of problems with the spinal cord in the region. In the United States, between around 250,000 and 360,000 people are currently living with spinal cord injury as of 2019, and there are currently around 18,000 new spinal cord injury cases reported annually. Furthermore, the rising spending on the healthcare sector is also anticipated to boost market growth in North America. According to the Centers for Medicare & Medicaid Services, US healthcare spending would amount to USD 4.1 trillion in 2020 or 19.7% of the national GDP.
The market research report on global interspinous spacers also includes the market size, market revenue, Y-o-Y growth, and critical player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and the Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Interspinous Spacers Market
Some of the key players of the global interspinous spacers market are Spine Wave, Inc., Boston Scientific Corporation, Globus Medical, Inc., Spinal Simplicity, Life Spine, Inc., NuVasive, Inc, Medtronic plc, Zimmer Biomet, Alphatec Holdings, Inc, Paradigm Spine LLC., and others.