Spine biologics market – Future trends and opportunities
A recent report on the global spine biologics market has shown an increase in demand for products that make use of spine biologics techniques over the past few years. In spinal surgery, biologics can be used instead of allografts and for supporting bones in and around the spinal area. They can also be used for spine injuries or any disorders related to spine. With advantages over materials such as pedicle rods and screws, the demand for products that make use of this technique has increased a lot over the past few years.
Key market drivers and restraints
The spine biologics market is anticipated to grow at a steady rate, mainly because of advances in technology and a rise in the use of bone grafts substitutes. An increase in the number of cases of spinal disorders and obesity also contributes to the market growth.
Increasing aging population, rising demand from developing nations such as China and India due to their large population, and increased expenditure in healthcare due to rising income levels are some of the factors expected to drive the market in Asia-Pacific.
Like every other market, the spine biologics market may also come across some limitations like strict regulations and guidelines, lack of knowledge about spine biologics, and higher cost of surgeries; however, despite these obstacles, the market is projected to show a significant growth, overall.
The global spine biologics market is expected to reach $2.4 billion from $1.9 billion by 2020, a compound annual growth rate (CAGR) of 4.4 per cent between 2015 and 2020. North America is the biggest market for spine biologics, followed by Europe and Asia-Pacific. In 2014, the North American market was dominated by the bone graft substitute segment; however, the market in Asia-Pacific is projected to witness the highest CAGR of 7.6 per cent over the forecast period.
Based on the product type, the bone graft substitutes segment held the largest share of about 84.1 per cent of the total market. Surgery using the ACDF segment took up the largest share of the global spine biologics market in 2014, followed by surgery using the TLIF segment.
Source: Markets and Markets