The Australian spinal surgery devices market is expected to register a CAGR of 5.1% during the forecast period. The propelling factors for the growth of the market include the increasing demand for minimally invasive surgical procedures, increasing incidence of obesity, aging population, and associated spine disorders. The continuous advancements in spine surgery technologies are also expected to provide a boost to the market in the forecast period.
- The Australian population is found aging rapidly, owing to reduced birth rates and increasing life expectancy. The high prevalence of neck and low back pain in the rapidly aging population is associated with significant increase in the number of spinal disorders. While spinal imaging can be useful to identify fewer common causes of neck and back pain, there has been an increasing number of surgery devices.
- The estimates from the Australian Bureau of Statistics, 2014–15 National Health Survey show that there are around 3.7 million Australians facing back problems. It is estimated that 70–90% of people will suffer from lower back pain in some form at some point in their lives. Therefore, the increasing prevalence of spinal deformities due to aging and unhealthy lifestyles is expected to drive the market in the near future.
- In addition, the minimally invasive surgeries have also gathered great attention as a means of improving patient recovery and reducing surgical costs associated with the treatment of spinal conditions. Specialized tools and techniques are allowing traditional surgical approaches for both fusion and non-fusion procedures to be adopted, to lessen the invasiveness of treatment.
Key Market Trends
Spinal Fusion is Expected to Hold a Significant Market Share
The growth of spinal fusion devices is driven by the increase in the geriatric population and rise in the incidence of spinal disorders. In addition, the expansion in indications for which spinal fusion surgery is performed boosts the market growth. These devices are intended to treat disc degenerative diseases, spine injuries, and other disorders pertaining to the cervical, thoracic, and lumbar areas of the spine. According to the World Ageing Report 2019, in Australia, the population aged 60 years and above in 2019 was 40,13 (in thousands), which is expected to increase to 54,45 (in thousands) by 2030. The elderly population is expected to rise in the future, and this population is more prone to back pain conditions, which may positively impact the market. Thus, the growing prevalence of these disorders is attributable to the large share of the segment.
The Australian spinal surgery devices market is fragmented and competitive and consists of several major players. The key players in the market are found focusing on strategic mergers and acquisitions to expand their product portfolios and strengthen their positions in the market. There are also devices that these companies continue to release, contributing to the market’s potential growth. In terms of market share, few of the major players are currently dominating the market. Some of the companies currently dominating the market are Depuy Synthes Spine Inc. (Johnson & Johnson), Orthofix Holdings Inc., Medtronic PLC, NuVasive Inc., KARL STORZ, Evolution Surgical, Stryker Corporation, and Zimmer Holdings Inc.
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