Market Trends of Global Vertebral Compression Fracture Devices Industry
This section covers the major market trends shaping the Vertebral Compression Fracture Devices Market according to our research experts:
Minimally Invasive Spine Surgery Segment is Expected to Hold a Significant Share Over the Forecast Period
Minimally invasive spine surgery (MIS) often aims to stabilize the vertebral bones and spinal joints and relieve pressure on the spinal nerves. The minimally invasive spine surgery segment is likely to hold a significant market share, and it is expected to continue the same over the forecast period owing to the increased adoption of minimally invasive surgical procedures and the rising burden of spine injuries due to accidents or trauma, or cancers.
Furthermore, as per the Spinal Cord Injuries book data updated in August 2021, the leading cause of spinal cord injury (SCI) is motor vehicle collisions which accounts for 38% of new SCI each year, 30% of SCI are due to falls, 13% due to violence, 9% from sports injuries, and 5% from medical and surgical etiologies in the United States.
The increasing research funding or initiatives in the segment helps to drive the market over the study period. For instance, in September 2022, RevBio, Inc. was awarded a Phase I Small Business Innovation Research (SBIR) grant from the National Institute on Aging, part of the NIH. This funding allows the company to pursue the treatment of vertebral compression fractures with its patented bone adhesive technology known as Tetranite, which be delivered in a minimally invasive procedure. Hence, the new research grants or fundings increase the adoption of minimally invasive spine surgery, which is expected to drive the growth of the market through this segment.
The rise in initiatives by the market players in the vertebral compression fracture devices market is expected to drive this segment's growth further. For instance, in September 2021, Medtronic introduced three new devices to its minimally invasive spinal technologies ecosystem, making it the company to combine spinal implants, biologics, navigation, robotics, and AI-powered data for surgeons and patients. Such initiatives by the key players in spine surgical devices are therefore expected to drive the growth of this segment over the forecast period.
Thus, all the above-mentioned factors, like rising spinal injuries, increasing research funding or initiatives, and rise in initiatives by the market players, increase the demand for products in the segment and are expected to boost the market to grow.
North America is Expected to Hold a Major Share in the Market Over the Forecast Period
North America is expected to hold a major share of the market, and it is expected to do the same over the forecast period. The factors owing to the growth of the market in this region include advancements in minimally invasive surgeries, the rise in prevalence of target diseases, the rise in research funding for trauma-related head and spine injuries, strong foothold of key market players, among others.
Accidental injuries in Mexico are the major factor for vertebral fractures, which increases the demand for vertebral compression fracture devices. For instance, according to GNP Insurance 2022, the number of car accident injuries grew by 28% in 2021 compared to the previous year in Mexico, which increases the demand for vertebral compression fracture devices and is expected to drive the market over the forecast period.
The rising initiatives of key market players are also expected to propel the market growth in this region over the forecast period. For instance, in August 2021, Vertefix HV Cement, a unique solution that addresses the need for real-time flow visualization during cement injection for vertebroplasty and kyphoplasty procedures, was launched by IZI Medical Products LLC. Such initiatives will lead to increased adoption of vertebral compression fracture devices along with the adoption of cement, driving market growth in the United States.
Thus, all the aforementioned factors, like increasing accidental injuries and initiatives by market players, increase the usage of market-specific products that boost the market over the forecast period.
