According to the report Latin America Spinal Implants Market was worth around USD 1.07 billion in 2016. It is expected to grow at a CAGR of 4.5% to reach USD 1.33 billion by 2021.
It captures 8% of the global market share.
Most of the surgeries are not needed in spinal conditions/disorders however, there are times when they cannot be avoided. When that happens, these deformities are corrected using specially designed spinal instruments which strengthen and stabilize the spine and facilitate fusion.
Stainless steel or titanium-alloy are generally used to make spinal implants. Sometimes non-metallic compounds are also used.
Augmenting geriatric and obese population, technological advancements in spine surgery devices, rising incidence and prevalence of spinal disorders and growing demand for minimally invasive spine surgery are the primary factors driving the growth of this market.
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Cumbersome and stringent processes and regulatory frameworks in developed countries for the approval of product, uncertainty in reimbursement and high cost of treatment procedures are few of the inhibitors market growth. Further, secondary factors like, lack of patient awareness about the newly developed spine treatment procedures coupled with paucity of adequate physician education and government cost containment measures are also contributing to restrain the market growth.
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The Latin America Spinal Implants market can be categorized into three categories: by technology, by product, and by type of surgery. On the basis of technology, Spinal Implants market is classified into Spinal Fusion and Fixation Technologies, Vertebral Compression Fracture Treatment, Motion Preservation/Non-Fusion Technologies and Spinal Decompression.
The motion preservation/non-fusion category is estimated to grow at the highest CAGR in the coming years, because of the rising demand for minimally invasive surgical procedures among patients and development of technologically advanced non-fusion devices. If we go by product, Spinal Implants market is segmented into Thoracic Fusion and Lumbar Fusion Devices.
It is further sub-segmented into Posterior Thoracic Fusion and Lumbar Fusion Devices, Interbody Thoracic Fusion and Lumbar Fusion Devices, Cervical Fusion Devices, Spine Biologics, Vcf Treatment Devices, Spinal Decompression, Non-Fusion Devices, and Spine Bone Stimulators.
Interbody Thoracic Fusion and Lumbar Fusion Devices has been further segmented into By Approach (Anterior Lumbar Interbody Fusion Devices, Posterior Lumbar Interbody Fusion Devices, Transforaminal Lumbar Interbody Fusion Devices and Axial Lumbar Interbody Fusion Devices), By Material (Non-Bone Interbody Fusion Devices and Bone Interbody Fusion Devices) and Anterior Thoracic Fusion and Lumbar Fusion Devices. Cervical Fusion Devices is further classified into Anterior Cervical Fusion (Anterior Cervical Plates, Cervical Interbody Fusion Devices and Anterior Cervical Screw Systems) and Posterior Cervical Fusion (Posterior Cervical Plates, Posterior Cervical Screws and Posterior Cervical Rods).
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Spine Biologics is further categorized into Demineralized Bone Matrix, Bone Morphogenetic Proteins, Bone Substitutes, Machined Bones, Cell-Based Matrices and Allografts. Vcf Treatment Devices is further segmented into Balloon Kyphoplasty Devices and Vertebroplasty Devices.
Spinal Decompression is further divided into Discectomy, Laminoplasty, Laminectomy, and Laminotomy, Foraminotomy and Foraminectomy, Facetectomy and Corpectomy. Non-Fusion Devices are further classified into Dynamic Stabilization Devices (Interspinous Process Spacers, Pedicle-Based Dynamic Rod Devices and Facet Replacement Products), Artificial Discs (Artificial Cervical Discs and Artificial Lumbar Discs), Annulus Repair Devices and Nuclear Disc Prostheses.
Spine Bone Stimulators are further segmented into Non-Invasive Spine Bone Stimulators (Pulsed Electromagnetic Field Devices and Cc and Cmf Devices) and Invasive Spine Bone Stimulators. Last but not the least, on the basis of type of surgery the market is segmented into Open Surgeries, and Minimally Invasive Surgeries.
By geography, the Latin America Spinal Implants market has been categorized into Brazil, Chile, Argentina and others. It is the second to last in terms of market share.
Brazil is the leading market in this region.
Major companies in the Spinal Implants market are Medtronic, plc (Ireland), DePuy Synthes (U.S.), Stryker Corporation (U.S.), NuVasive, Inc. (U.S.), Zimmer Biomet Holdings, Inc.
(U.S.), Globus Medical, Inc. (U.S.), Alphatec Holdings, Inc. (U.S.), Orthofix International N.V.
(Netherlands), K2M Group Holdings, Inc. (U.S.), and RTI Surgical, Inc. (U.S.).
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