Endoscopic Spinal Surgery Market to Reach $1.09 Bn, Globally, by 2031 at 7.4% CAGR: AMR
PORTLAND, Ore., Nov. 24, 2022
Rise in adoption of minimally invasive surgeries across the globe and advantages such as faster recovery and greater patient compliance drive the growth of the global endoscopic spinal surgery market.
PORTLAND, Ore., Nov. 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Endoscopic Spinal Surgery Market by Product Type (Endoscopes, Endoscopic Devices), by Procedure type (Transforaminal Endoscopic Procedures, Interlaminar Endoscopic Procedures, Endoscopic Posterior Foraminotomy and Cervical Discectomy, Endoscopic Visualized Rhizotomy), by End User (Hospital and Clinics, Ambulatory Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global endoscopic spinal surgery market size was accounted for $536.9 million in 2021, and is expected to reach $1.09 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
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Drivers, restraints, and opportunities
Rise in adoption of minimally invasive surgeries across the globe and advantages such as faster recovery and greater patient compliance drive the growth of the global endoscopic spinal surgery market. Moreover, increase in the prevalence of spinal disorders and surge in geriatric population supplement the market growth. On the other hand, technological advancements in the field of surgery would open new opportunities in the market.
- The Covid-19 pandemic had a slight negative impact on the market as companies faced set-back due to the prolonged lockdown.
- The strict lockdown restrictions imposed by government bodies led to supply chain disruptions. Moreover, companies faced issues regarding the availability of human resources for manufacturing of surgical devices.
The endoscopic devices segment held the largest share
By product type, the endoscopic devices segment held the largest share in 2021, accounting for nearly three-fourths of the global endoscopic spinal surgery market, due to rise in demand for endoscopic spinal surgery around the globe. In addition, new device launches and approvals by key market players contribute toward increase in sales of this segment. However, the endoscopes segment is expected to register the highest CAGR of 8.6% during the forecast period, owing to advancements in spine surgery and increase in adoption of minimally invasive techniques.
The transforaminal endoscopic procedures segment dominated the market
By procedure type, the transforaminal endoscopic procedures segment held the lion's share in 2021, contributing to more than two-fifths of the global endoscopic spinal surgery market, due to rise in cases of disc herniation of lumbar and lower thoracic spine and adoption of transforaminal endoscopic procedures for their treatment. However, the interlaminar endoscopic procedures segment is estimated to manifest the highest CAGR of 8.6% from 2022 to 2031, due to advantages over the traditional techniques and the fact that about 80 to 90% of patient report less pain and better mobility after surgery.
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The ambulatory surgical centers segment to showcase the highest CAGR by 2031
By end user, the ambulatory surgical centers segment is expected to portray the highest CAGR of 9.1% during the forecast period. This is due to rise in the number of ambulatory surgical centers around the globe, rise in funding for the ASC and the shift of minimally invasive surgical procedures. However, the hospital and clinics segment held the largest share in 2021, accounting for around four-fifths of the global endoscopic spinal surgery market, owing to adoption of well-equipped & advanced surgical devices in hospitals, rising cases of road accidents & emergency hospitalizations, and surge in patient visits to hospitals and clinics in emerging countries post-pandemic.
North America held the largest share
By region, the market across North America dominated in 2021, holding more than two-fifths of the market, due to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising awareness about the innovations in healthcare sector. However, the global endoscopic spinal surgery market across Asia-Pacific is projected to portray the highest CAGR of 9.4% during the forecast period, owing to investments by the public and private market players in this field.
Major market players
- DePuy Synthes (Johnson & Johnson)
- Medtronic plc
- MedicalTek (MDTK)
- Stryker Corporation
- Zimmer Biomet
- Olympus Corporation
- KARL STORZ SE & Co. KG
- Richard Wolf GmbH
- Globus Medical, Inc.
- Endovision Co., Ltd.
- joimax GmbH
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SOURCE Allied Market Research