The global market for disposable spinal instruments was estimated at US$ 42.7 million in 2017 and expected to reach US$ 86.0 million by 2026, expanding to CAGR 8.1% from 2018 to 2026.
Globally, there has been an increase in the incidence of infections acquired from health care, both in hospitals and outpatient surgery centres. Disposable medical instruments help to reduce the burden of health care while also reducing the cost and labor of cleaning and sterilizing reusable instruments. Growing numbers of outpatient procedures have been among the major economic variables affecting the market for spinal surgery. An anticipated shift from inpatient to outpatient surgical procedures for spinal conditions is expected to result in prominent growth potential for disposable spinal instruments.
As the awareness among the surgeons of providing cost-effective solutions and cures increases, the number of spinal surgeries will increase. In addition, improving the availability of reimbursements for procedures performed in outpatient surgery centers and orthopedic clinics in resource-scarce locations and reducing the growing burden on hospitals will increase market growth.
The technological development of spine devices continues to advance. This phenomenon has a prominent impact on patient care; at present, all market leaders have increased their research activities and are continuously increasing their portfolio of products. Medical device companies are positioning themselves in the market of spinal surgery through mergers, partnerships and acquisitions.
Reimbursements for minimally invasive procedures and outpatient care are steadily increasing. As the overall number of outpatient surgeries is expected to increase over the coming years, reimbursements for spinal surgery will expand in outpatient surgery centres and orthopaedic centres. The global market for disposable spinal instruments is consolidated in nature in terms of the competitive landscape. A majority of key players on the market have a stronghold with their breakthrough products in North America and Europe. Cost competitiveness is a prime focus for the several Asia Pacific and Latin America developing markets. The mid-sized players on this market are focused on introducing their products worldwide, thereby harnessing stability in North America and Europe along with untapped opportunities in the Asia Pacific.
Key Market Movements:
- Increasing prevalence of spinal injury patients and correspondingly growing number of outpatient surgeries
- Technological evolutions and advent of minimally invasive surgeries allowing the use of disposable instruments for cost control and infection prevention
- Improving reimbursements and insurance covers for minimally invasive and technologically advanced surgical modalities