Endoscopic Spinal Surgery Devices Market Size, Analysis 2031

Report Description

Endoscopic Spinal Surgery Devices Market Outlook

The Global Endoscopic Spinal Surgery Devices Market was estimated at USD 638.4 Million in 2022 and is anticipated to reach USD 1,084.9 Million by 2031, expanding at a CAGR of 6.3% during the forecast period.

The key component of endoscopic spinal surgery is the endoscope, which is a thin flexible tube with a camera and light source attached to its end. The endoscope is inserted through a small incision and guided to the target area of the spine.

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The camera captures high-resolution images, which are transmitted to a monitor that allows the surgeon to visualize the surgical site in real-time. Endoscopic spinal surgery devices offer several advantages over traditional open surgery.  These advantages include small incisions, reduced scarring, minimal muscle damage, short hospital stays, decreased postoperative pain, and fast recovery times.

Macro-economic Factors

Rising GDP of Emerging Economies

An emerging market economy refers to a country that is in the process of development. Countries such as Brazil, Russia, India, China (BRIC), and other countries in Latin America & Southeast Asia are key developing economies.

The economic growth of emerging countries is typically growing by 6% to 7% annually, whereas countries with an already well-established economy report growth rate below 3%. Therefore, the GDP growth rates for emerging market economies are outperforming those of developed countries. Thus, the rising GDP of major & emerging economies plays a crucial role in the expansion of the market.

Governmental Spending

Governments across the globe are investing in the MedTech industry to increase per capita healthcare spending. The MedTech industry is an essential component of the healthcare industry. Healthcare expenditure plays an important role in providing opportunities for maintaining health. It strengthens human capital and improves productivity, thereby contributing to economic performance.

The MedTech industry registered an average global investment rate (R&D spending as a proportion of sales) of 11% in 2021. Continuous investments and spending on innovations in medical devices propel the market globally

Endoscopic Spinal Surgery Devices Market Dynamics

Market Driver- Rising Prevalence of Spinal Disorders

Prevalence of spinal disorders, such as herniated discs, spinal stenosis, degenerative disc diseases, and others is increasing globally. These conditions cause pain and limited mobility. These conditions often require surgical intervention for pain relief and functional restoration. The incidences of a herniated disc reported are about five to 20 cases per 1000 adults annually. According to Global Burden of Diseases study in 2017, low back pain is the leading cause of disability across the globe. The endoscopic spinal surgery offers an effective treatment option for such disorders, which contributes to the market growth.

Additionally, endoscopic spinal surgeries generally result in short hospital stays and reduced healthcare cost compared to traditional open surgeries. This benefits both patients and healthcare providers by minimizing the burden on healthcare resources and reducing overall healthcare expenditure. Thus, the rising prevalence of spinal disorders is expected to drive the market in the coming years.

Market Driver- Growing Demand for Minimally Invasive Surgery (MIS)

Endoscopic spinal surgeries include minimally invasive procedures compared to traditional open surgeries. These include small incisions, reduced tissue damage, less blood loss, and fast recovery time. The increasing demand for minimally invasive techniques among patients and surgeons is driving the adoption of endoscopic spinal surgery devices globally.

One of the primary advantage of MIS is that it involves small incisions that result in reduced trauma to the surrounding tissues. These lead to less pain, minimal scarring, and improved outcomes.  MIS techniques involve less disruption to the body, which lead to fast recovery times. MIS procedures often result in reduced blood loss compared to open surgeries, which leads to decreased infection and blood clots.

Patients undergoing MIS often experience reduced post-operative pain and require less pain medication. Thus, the rising demand for minimally invasive surgery in spinal condition treatments is expected to propel the market during the forecast period.

Market Restraint- High Cost of Endoscopic Devices

Endoscopic spinal surgery devices are often expensive, including the equipment, instrument, and surgical systems required for the procedure. The high cost significantly limits the adoption of these devices particularly in regions with the budget constraints, where healthcare reimbursement policies are limited.

Developing innovative endoscopic technologies requires extensive research and development as well as substantial investments in human resources equipment and clinical trials. The integration of technologies adds to overall cost of the devices.

The cost of endoscope affects the accessibility of procedures for patients. Furthermore, endoscopic devices require regular maintenance, servicing, and calibration to ensure optimal performance and longevity.

Endoscopic spinal surgery is a relatively new technique compared to traditional open surgery, thus there are limited awareness among patients and healthcare professionals. Thus, the high cost along with the need for regular maintenance is expected to restrain the market in the coming years.

Market Opportunity- Advancement in Endoscopic Technology

Continuous advancements in endoscopic technology, such as high-definition imaging system, 3D visualization, robotic assisted surgery, and miniaturized surgical instrument, have improved the safety and effectiveness of endoscopic spinal surgeries. High-resolution imaging technology offers highly improved visualization during endoscopic spinal procedures.

Advancement in optics and light sources have improved illumination in endoscopic spinal surgery. The integration of robotics and navigation technology has advanced endoscopic spinal surgery. Robotic assisted system offers increased precision while navigation system provides real-time guidance to assist surgeons in accurate instrument placement.

These technological advancements attract both patients and healthcare providers, which boost the market. These advancements have collectively expanded the scope of endoscopic spinal surgery to address a wide range of spinal conditions. Thus, advancement in endoscopic technology is expected to create growth opportunities for market players during the forecast period.

Scope of Endoscopic Spinal Surgery Devices Market Report    

The report on the global Endoscopic Spinal Surgery Devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Endoscopic Spinal Surgery Devices Market Segmental Outlook

On the basis of product type, the market is segmented into Endoscopes and Endoscopic Devices. The endoscopic devices segment is expected to hold a substantial share of the market during the forecast period, as these devices provide access to the surgical site. Various devices or accessories involved are dilators, grasping forceps, drills, and other instruments.

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Based on By Procedure Type, the market is fragmented into Transforaminal Endoscopic Procedures, Interlaminar Endoscopic Procedures, Endoscopic Posterior Foraminotomy and Cervical Discectomy, Endoscopic Visualized Rhizotomy, Others.

The transforaminal endoscopic procedures segment is projected to expand at a significant pace during the forecast period, as it offers less post-operative pain and scarring. The interlaminar endoscopic procedure segment is expected to grow at a rapid pace in the coming years, as it is widely accepted and utilized in the lumbar spine surgeries.

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In terms of the Technology, the market is bifurcated into 2D endoscopic spinal surgery devices and 3D endoscopic spinal surgery devices. The 3D endoscopic spinal surgery devices segment is expected to grow at a rapid pace in the coming years, as it creates an immersive experience by offering a stereoscopic 3D view. It provides improved surgical accuracy and enhanced depth perception.

Based on end-user, the global endoscopic spinal surgery devices market is segmented into hospitals, specialty spinal clinics, and ambulatory surgical center. The hospital segment is anticipated to account a 65.4% market share in the year 2022, due to surgical expertise and availability of specialized spine surgeons in hospitals.

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Regional Outlook

Based on regions, the market is separated into namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to hold a significant share of the market during the forecast period owing to the rising demand for advanced endoscopic devices in spinal surgery.

The market in Europe is projected to expand at 6.2% of CAGR during the forecast period, owing to the development of high-quality endoscopic spinal surgery devices that meet stringent safety and efficacy standards in the region.

The market in Asia Pacific is anticipated to register 7.2% of CAGR during the forecast period. The rising number of surgical procedures in the region is projected to boost the demand for endoscopic spinal surgery devices market growth in the coming years.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Endoscopic Spinal Surgery Devices Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Endoscopic Spinal Surgery Devices