Albany, NY, Nov. 16, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Spinal Trauma Devices Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023" the global spinal trauma devices market was valued at US$2.9 bn in 2014 and is estimated to reach US$4.7 bn by 2023 at a CAGR of 5.6% from 2015 to 2023.
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Spinal trauma devices stabilize the posterior area of spine while allowing motion and limiting the compression to the affected area of the spine. The demand for spinal trauma devices is perpetually is perpetually growing due to increasing incidence of road accidents, falls, and violence leading to traumatic injuries. Moreover, technological advancements, growing medical awareness, and introduction of biocompatible devices would propel growth of spinal trauma devices market.
The spinal trauma devices are categorized on the basis of device type: internal fixation devices, and external fixation devices. The application of these devices is mainly based on the type of injury. Internal fixation devices involve surgical implementation of implants to fix broken spinal bones. External fixation devices are majorly used to stabilize the fractured spinal bone.
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The internal fixation devices dominated the global spinal trauma devices market in 2014. The internal devices segment has been further sub-segmented into plates and screws, rods and pins and bone grafts. The plates and screws segment held the largest share of the internal fixation devices in 2014 due to shifting trend towards the application of bioresorbable plates and screws as internal fixation for spinal traumas. Bioresorbable implants are resorbed over a period of time and hence eliminates the need for a second surgical procedure. While lowered pain associated and minimum immunological rejection from bone grafts, coupled with development of novel therapies by major players has lead the bone grafts segment to witness the highest growth rate during the forecast period. The major factors driving the internal fixation devices segment include durability of the devices, cost-effectiveness coupled with product advancements. Moreover, internal fixation devices require comparatively less postoperative follow-up than external fixators boosting the demand for internal fixation devices further.
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The external fixation devices segment is anticipated to witness a sluggish growth rate during the forecast period. These devices include Ilizarov devices, spinal cord stimulators, robotic exoskeletons, spinal braces, collars and halo vests. Ilizarov devices are the most significant type and widely used external fixation device majorly used for bone lengthening.
The global spinal trauma devices market exhibits intense competition among the existing players. The market is fragmented, characterized by the presence of both established as well as emerging companies. Major players operating in the spinal trauma devices market are Medtronic plc, DePuy Synthes, Stryker Corporation, NuVasive, Inc., Globus Medical, Inc., Arthrex, Inc., B. Braun Melsungen AG, CONMED Corporation, Smith & Nephew plc, Zimmer Biomet, Orthofix International, Spinal Technology, Inc., and ReWalk Robotics.
The global spinal trauma devices market is segmented as given below:
Global Spinal Trauma Devices Market, by Device Type, 2013-2023 (USD Million)
Internal Fixation Devices
- Plate and Screw
- Rods and Pins
- Bone Grafts
External Fixation Devices
- Ilizarov Devices
- Cervical collars
- Cervical braces
Global Spinal Trauma Devices Market, by Geography, 2013 - 2023 (USD Million)
1. North America
- Rest of Europe
- Rest of Asia Pacific
4. Latin America
- Rest of Latin America
5. Rest of the World (RoW)
- Middle East and Africa
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Source:Transparency Market Research