The global spinal trauma devices market has been envisioned by Transparency Market Research (TMR) to be highly competitive and dynamic. With only a couple of industry players securing a weighty share for spinal trauma devices, the market has been foreseen to uphold an oligopolistic competitive landscape. Players such as NuVasive, Inc., Medtronic, and DePuy Synthes could exhibit a lasting dominance in the market. In the recent past, as per a TMR report, these players had added up to a substantial market share.
According to TMR, the global spinal trauma devices market could reach a valuation of US$4.7 bn by 2023 at a 5.6% CAGR for the forecast timeframe 2015–2023. Internal fixation devices have been predicted to make the cut in the market with a higher CAGR of 6.1%. Although North America could boast of a dominating share in the market, Asia Pacific has been projected to hold on to an exponential CAGR of 7.1%.
Due to the rising demand for technologically sophisticated medical equipment, the competition between leading players of the global spinal trauma devices market could reach another level in the coming years. In this regard, it has been forecasted that product innovation could be one of the most popular tactics adopted by players in order to institute a resilient presence in the market. There could be a possibility of market saturation on account of the operations of top players being concentrated in particular regions. As a result, the competition in the market has been anticipated to not fade away until the end of 2023.
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Growing Spinal Injuries Leading to Hospitalization Promote Significant Upsurge in Demand
The surging number of spinal injury cases has been envisaged to set the tone for growth in the world spinal trauma devices market. There could be an increasing demand for effective treatment options as these incidences mainly lead to hospitalization. Consequently, the application of spinal trauma devices could become necessary as such treatments may not be possibly conducted without the use of the equipment. Besides this, the growth in the geriatric population could provide a considerable contribution to the market as this demographic is more susceptible to fractures owing to the decrease in bone density commonly occurring with age. Furthermore, the elevation in the incidence of osteoporosis could fuel the demand for spinal trauma devices.