Australia Spinal Implant Market Analysis

Australia Spinal Implant Market Executive Summary

Australia Spinal Implant Market is valued at around $153.6 Bn in 2022 and is projected to reach $258.1 Bn by 2030, exhibiting a CAGR of 6.7% during the forecast period 2023-2030.

The Spinal Implant Market refers to the market for devices and procedures used for the treatment of Spinal diseases and disorders. During spinal surgery, spinal implants are devices that help the spine fuse, stabilize, correct abnormalities, and become stronger. Depending on the needs of the patient, spinal implants can be found in a variety of sizes and are constructed of metals like titanium or stainless steel.

The increasing prevalence of Spinal diseases has contributed to the growth of the global market for Spinal implants. According to WHO, around 80% of people get affected with degenerative disc disease till they reach by 60 years of age. Around 50 million people worldwide are living with spinal diseases and injuries.

There are many players in the global Spinal implants market but Medtronic, Zimmer Biomet, Alphatec Spine Inc., RTI Surgical, Stryker, Orthofix US LLC, NuVasive Inc., Globus Medical, Aesculap Inc., Apollo Hospitals Enterprise Ltd., Centinel Spine LLC, Premia Spine, Exactech Inc., Aesculap Inc., Lumitex LLC, Life Spine Inc., and Integra LifeSciences are some of the major players in market.

Spinal conditions like degenerative disc disease, spinal stenosis, and scoliosis are the most common conditions for causing pain and disability. Prevalence for these conditions is increasing and it has driven the market for Spinal implants. There have been new developments in Spinal implants and procedures that have improved the efficacy and outcome of Spinal implants.

The market for spinal implants is expected to be driven by the rising prevalence of spinal illnesses, which are most common in the elderly population and are expanding worldwide. There are still many obstacles to overcome, including difficult regulatory requirements for market entry, the development and commercialization of implants, a lack of surgical skill, the high cost of implants, and the danger of complications. 

Market Dynamics

Drivers of Australia Spinal Implants Market:

Increasing Prevalence of Spinal Diseases and Injuries: Increasing prevalence of spinal diseases and injuries is driving the demand for the spinal implant market. Increasing road accidents and other factors like a sedentary lifestyle, and an increasing aging population are increasing the prevalence of spinal diseases and injuries. All of these factors are driving the demand for the spinal implant market.

Technological Advancements: The expansion of the Spinal implant market is being driven by advancements in technologies like improved design, materials, and surgical techniques. It has improved the safety, efficacy, and outcomes of Spinal implant Procedures which is fueling the market demand for Spinal implants. 

Growing Aging Population: With increasing age people are more prone to develop Spinal diseases and they require intervention for reducing pain and rehabilitation. For the treatment of these conditions, Spinal implants are required and it is fueling the market demand. 

Increasing Healthcare Expenditure: The market for spinal implants is expanding as a result of rising healthcare spending in both developed and developing nations. This demand is fueling the development of better devices for the effective treatment and implantation of spinal implants.

Favorable Reimbursement Policies: With more coverage of insurance and reimbursement policies people are demanding treatment for Spinal conditions and it has increased the demand for Spinal implants market. It has reduced the financial burden of people and increased the affordability of Spinal implant surgeries.

Developments in Spinal Implants Market:

The market for Spinal implants is always changing due to new discoveries and improvements in science and technology. Recent market developments include the following:

Expandable and Adjustable Implants: There have been new developments and advancements in spinal implants like increased expandability and adjustability. They can be adjusted even after the completion of surgical procedures. It allows personalized fit and reduces the need for additional surgeries.

Motion-Preserving Technology: Different types of spinal implants like artificial disks, dynamic stabilization devices, and flexible rods are designed for the preservation of spinal mobility compared to conventional fusion procedures.

Improvement in material: Materials used to develop Spinal implant has become more biocompatible to reduce the risk of adverse effects and improve long-term outcomes for a patient with Spinal diseases. Continuous research is being made for new materials and surface modifications to optimize the connection between Spinal implants and tissues.

Given that they increase the precision and effectiveness of Spinal implants, these innovations are anticipated to propel the expansion of the market for Spinal implants.

Notable Deals in Spinal Implants Market:

In November 2022, NuVasive Inc. introduced Excavation Micro, a brand-new minimally invasive surgery (MIS) technology that delivers comprehensive solutions for both TLIF and decompression

In August 2022, Nexus Spine introduced the PressON posterior lumbar fixation system. This cutting-edge technology is around one-fourth the size of conventional systems, quicker to implant, biomechanically stronger, less prone to set screw loosening, and capable of intraoperatively producing patient-specific rods.