The major factors attributing to the growth of the market are, the rising geriatric population, increasing the incidence of injuries to the spine due to sports, adventures, and accidents. According to the World Health Organization(WHO), the number of people with spinal cord injury, living in the United States is currently estimated to be approximately 288,000 persons. As per the statistics, the increasing patient pool increases market growth. The other important factor propelling market growth is the increasing geriatric population who are prone to such injuries. However, the high cost of the vertebral augmentation is the major drawback for market growth.
Key Market Trends
Kyphoplasty Segment is expected to be the Fastest Growing Segment During the Forecast Period
The kyphoplasty surgical procedure is intended to end the pain caused by a spinal fracture, to stabilize the bone, and to restore some or all of the lost vertebral body height due to the compression fracture. Also, there is a rising geriatric population which is boosting the growth of the market for instance, according to the US Census Bureau’s Statistics, as of 2017, the number of people aged 65 years and above exceeded 50 million, and between 2020-2030, the number of elderly people is projected to increase by almost 18 million, leading to a huge demand for long-term care facilities and software subsequently.
The segment is anticipated to grow at a higher CAGR in the forecast period due to its advantages such as better pain relief, fewer difficulties, and a rise in awareness about its advantages. The market growth of the segment is directly proportional to the increasing number of spinal injuries and the geriatric population.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall vertebral augmentation market, throughout the forecast period. The market growth is due to factors such as the high prevalence of spinal injury patients in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and technological advancements in the region are some of the drivers expected to increase market growth.
The Vertebral augmentation market is highly competitive and consists of a few major players. Some of the companies which are currently dominating the market are Medtronic, Johnson & Johnson, Stryker Corporation, Globus Medical, Inc., Merit Medical Systems, Inc., BMK Global Medical Company, IZI Medical Products, Zavation, and RONTIS.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Incidence of Injuries due to Accidents, Sports
4.2.2 Rising Geriatric Population
4.2.3 Rise in Adoption of Advanced Technology Products
4.3 Market Restraints
4.3.1 High Cost of the Surgeries
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Vertebroplastic Device
5.1.2 Kyphoplastic Device
5.2 By End-User
5.2.2 Ambulatory Surgery Centers
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6.1.1 Medtronic Plc
6.1.2 Johnson & Johnson
6.1.3 Alphatec Spine, Inc.
6.1.4 Stryker Corporation
6.1.5 Globus Medical, Inc.
6.1.6 Merit Medical Systems, Inc.
6.1.7 BMK Global Medical Company
6.1.8 IZI Medical Products, LLC
A selection of companies mentioned in this report includes:
- Medtronic Plc
- Johnson & Johnson
- Alphatec Spine, Inc.
- Stryker Corporation
- Globus Medical, Inc.
- Merit Medical Systems, Inc.
- BMK Global Medical Company
- IZI Medical Products, LLC