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Spinal Laminoplasty Market to Grow at a CAGR of 4.3% During the Forecast Period 2021-2026

Spinal Laminoplasty Market to Grow at a CAGR of 4.3% During the Forecast Period 2021-2026
Spinal Laminoplasty Market
Increasing Prevalence of Spinal Disorder Such as Spinal Stenosis, Spinal Tumours, Spondylotic, Rheumatoid Arthritis in the Geriatric Population Are the Major Factors Driving the Growth of the Market.

Spinal Laminoplasty Market size in 2020 is estimated to be $5.1 Billion, growing at a CAGR of 4.3% during the forecast period 2021-2026. Spinal Laminoplasty is a spinal surgery used to reduce pressure surrounding the spinal canal and nerve structures due to its compression against the wall of spinal cord. It is a minimally invasive procedure. Spinal laminoplasty tends to create extra space in the spinal canal by opening made in the vertebral lamina region for easy movement of the spinal cord. Increasing prevalence of spinal disorder such as spinal stenosis, spina bifida, spinal tumours, spondylotic, rheumatoid arthritis, and catastrophic kyphosis in the geriatric population are the major factors driving the growth of the market. Moreover, growing technological advancement in spine surgery coupled with rising adoption of minimally invasive spine surgeries further enhance the overall market demand for Spinal Laminoplasty during the aforesaid period.

Spinal Laminoplasty Market Segment Analysis - By Technology

Based on the Technology, Spinal Laminoplasty Market is segmented into Spine fusion, Spine Biologics, Decompression, and Motion Preservation. The spinal fusion segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising number of spinal fusion surgeries worldwide coupled with rising advancement in spinal fusion techniques. The motion preservation segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.8% during the period 2021-2026. This is mainly owing to its shorter recovery and rehabilitation process coupled with better spine movement and flexibility traction.

Spinal Laminoplasty Market Segment Analysis - By Vertebral Position

Based on the Vertebral Position, Spinal Laminoplasty Market is segmented into Cervical Laminoplasty, Thoracic Laminoplasty, Lumbar Laminoplasty, Sacral Laminoplasty. In 2020, Cervical Laminoplasty is estimated to hold major share in the market. This is mainly owing to laminoplasty usage. Moreover, rising cases of spine disorder such as cervical spondylotic myelopathy, and catastrophic kyphosis resulting in neck, or arm pain are also contributing to the dominance of this segment. Also, Lumbar laminoplasty is projected to grow with a CAGR of 4.1% over the period 2021-2026. This is owing to its effectiveness and increasing adoption.

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Spinal Laminoplasty Market Segment Analysis - By Geography

North America dominated the Spinal Laminoplasty market share accounting for 40% of the market in 2020. This is mainly owing to rising incidence of spine stenosis among the people across the countries such as U.S., Canada and others which contributes to increase in adoption of spinal laminoplasty. According to, North American Spine Society, spine stenosis is most commonly disorder in the U.S. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to improving healthcare infrastructure coupled with rising advancement in spine surgery technology.

Spinal Laminoplasty Market Drivers

Increasing Prevalence of Spine Disorder

Increasing prevalence of spine disorder such as spine stenosis, spondylotic, rheumatoid arthritis in the geriatric population is driving the growth of Spinal Laminoplasty market. According to Australian Bureau of statistics 2017-18 National Health, approximately 16% of the population are suffering from back pain problem which accounts for 4 million people in Australia. Moreover, rising number of spine surgeries in outpatient settings is also leading to the market growth.

Rising Technological Advancement

Increase in research and development of advanced technology for spine surgery is also driving the market. Advanced technologies such as computer-assisted image-guided technology offer improved spinal surgery and are much more effective. Also, the increasing adoption of minimally invasive technology for spine surgery is also set to the growth of Spinal Laminoplasty Market.

Spinal Laminoplasty Market Challenges

High capital expenditure required for these procedure owing to usage of advance technology for improved spine surgery is challenging the market. Along with this, the uncertainties of reimbursement are also further challenging the growth of the market.

Covid-19 Impact

Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the spinal laminoplasty market including drastic reduction in emergency surgical procedures and also overall admission to the Emergency department (ED). Also owing to widespread of coronavirus, it affects workforce and staffing issues, procedural prioritisation as well as impact of spine laminoplasty. This affects Spinal Laminoplasty market by cancellation of scheduled surgery and shift of surgeons to the other area.

Spinal Laminoplasty Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Spinal Laminoplasty Market. Spinal Laminoplasty top 10 companies are DePuy Synthes, Zimmer Spine, Medtronic, Pioneer Surgical Technologies, Cryo Life, Synthes Spine, Replication Medical, Arthro Kinetics, NuVasive and Pioneer Surgical Technologies

Acquisitions/Product Launches:

In January 2020, Medtronic acquired Illinois based company Stimgenics, LLC, that has pioneered a novel spinal cord stimulation (SCS) waveform known as Differential Target Multiplexed (DTM) Spinal Cord Stimulation. This acquisition will help Medtronic to enhance customer experience.

In November 2019, NuVasive, Inc., launched its new C360 cervical spine portfolio, as well as Anterior Cervical Plating (ACP) system. These products are designed to improve the quality of care for spine area.

Key Takeaways

In 2020, North America dominates the Spinal Laminoplasty Market owing to rising awareness about spinal laminoplasty among patients.

Increasing developments in healthcare infrastructure across the globe is driving the market growth of Spinal Laminoplasty.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Spinal Laminoplasty Market report.

High cost of spinal surgery and uncertainties surrounding reimbursement are challenging the growth of the market.

Related Reports :

A. Spinal Implants And Surgical Devices Market

https://www.industryarc.com/Research/Spinal-Implants-And-Surgical-Devices-Market-Research-501256

B. Spinal Fusion Devices Market

https://www.industryarc.com/Research/Spinal-Fusion-Devices-Market-Research-501943

For more Lifesciences and Healthcare Market reports, Please click here

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