North America Will Have a Steady Growth in the Spinal Stenosis Implant Market and the Global Spinal Stenosis Implant Market will surpass USD 4439.3 by 2026 in terms of value, witnessing a CAGR of 5.5% between 2022 and 2026, states a recent report by Persistence Market Research (PMR). One of the most common causes of spinal stenosis is osteoarthritis (OA). According to the World Health Organization, around 10% to 15% of all adults over the age of 60 have some form of Osteoarthritis, with women being more affected than males. Apart from this, the increasing prevalence of spinal ailments, along with the aging population, is expected to drive market expansion. Another factor driving the market growth is the rising preference for minimally invasive spinal stenosis implant surgery. When compared to traditional techniques for spinal stenosis implant surgery, minimally invasive spinal stenosis implant surgery has superior results. The rising preference for minimally invasive surgery is projected to have a favorable influence on the spinal stenosis implants market.
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As the frequency of spinal injuries in the area has increased rapidly, North America is projected to lead the global market. Furthermore, the presence of well-established organizations and the availability of superior healthcare facilities are accelerating the growth of the spinal stenosis implant market in this region. Acceptance of advanced spinal fusion techniques and availability of innovative implants, are also expected to boost regional growth. The high cost of spinal procedures in the region will add to the market’s revenue. Apart from North America, the Asia Pacific region is expected to significantly contribute to the growth of the global spinal stenosis implant market. Increased investments in healthcare facilities, as well as an increase in spinal cord injuries, have increased demand for spinal stenosis implants in the Asia Pacific region.
Competitive Landscape
Spinal Stenosis Implants industry is very competitive and highly consolidated due to the presence of several large players. Key players in the market are focusing on mergers and acquisitions as the industry is in the growth phase. Companies are making strategic decisions to engage in these modes of inorganic expansion in order to expand their product portfolios and grow their market share.
- Aurora Spine Corporation got FDA 510(k) approval for the DEXA-CTM Cervical Interbody System in August 2021.
- Camber Spine got FDA 510(k) approval for both its SPIRA-P Posterior Lumbar Spacer and SPIRA-T Oblique Posterior Lumbar Spacer devices in August 2021.
- Aurora Spine Corporation successfully introduced its proprietary SiLOTM Posterior SI Joint Fusion System in March 2021.
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