South Korea Spinal Surgery Devices Market Outlook
The South Korea spinal surgery devices market size was values at USD XX Billion in 2022 and is likely reach to USD XX Billion by 2031, expanding at a CAGR of 3.2% during the forecast period, 2023-2031. The growth of the market is attributed to rising geriatric population.
Spinal surgery permanently connects two or more bones in spine for improving stability, correct deformities such as sideway curvature of the spine, and reduced pain. Vertebroplasty and kyphoplasty, foraminotomy, nucleoplasty, artificial disk replacement are the types of spinal surgery. Nucleoplasty is also called plasma disk decompression. The most common spine surgery is spinal decompression and fusion.
The COVID-19 pandemic has negatively impacted spinal surgery market due to postoperative recovery rooms and intermediate?care units are being used as care units outside regular intensive care, to manage sick patients affected by COVID-19. However, the relaxation in restrictions is estimated to fuel the growth of the market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption rate of minimally invasive spinal surgeries is anticipated to drive the market growth during the forecast period.
- Growing incidence of obesity and degenerative spinal conditions is estimated to spur the market growth in the coming years.
- Increasing life expectancy is anticipated to drive the market growth during the forecast period.
- Rising technological advancements in spinal surgery is projected to boost the market growth in the coming years.
- Increasing robotics spine fusion surgeries is estimated to spur the market growth in the coming years.
- Expanding incidence of spinal disorders is anticipated to drive the market growth during the forecast period.
- High cost of spinal surgery and uncertainties surrounding reimbursement are expected to restrain the market growth during the forecast period.
- The complications associated with the surgeries such as blood clots, excessive bleeding, dural tear, and infections can restrain the market growth.
- New product launches and technological advancements can lead to new opportunities in the market.
Scope of South Korea Spinal Surgery Devices Market Report
The report on the South Korea 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.
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Attributes
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Details
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Report Title
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Spinal Surgery Devices Market - South Korea Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Device Types (Spinal Decompressions [Corpectomy, Discectomy, Laminotomy, and Others], Spinal Fusions [Cervical Fusion, Interbody Fusion, ThoracoLumbar Fusion, and Others], Fracture Repair Devices, and Others)
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Country Scope
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South Korea
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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B. Braun Melsungen AG; Globus Medical Inc.; Johnson & Johnson; Medtronic PLC; Styker Corporation; and Zimmer Biomet
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South Korea Spinal Surgery Devices Market Segment Insights
Facture repair devices segment are anticipated to hold a large market share
Based on device types, the market is segmented into spinal decompressions, spinal fusions, fracture repair devices, and others. The spinal decompressions segment is divided into corpectomy, discectomy, laminotomy, and others. The spinal fusions segment is segregated into cervical fusion, interbody fusion, thoracolumber fusion, and others.
The spinal decompressions segment is projected to constitute a major market share during the forecast period, as it provides pain relief, helps in restoring normal spinal disc and joint ligaments, relieves pressure on spinal nerves, and promotes healing of spinal disc tissues.
On the other hand, the fracture repair devices segment is anticipated to expand at a rapid pace during the forecast period owing to less chance of infection than internal fixators, less damage to the fractured bone's blood supply, more control over the area than noninvasive immobilization such as slings and casts, and easily adjustability than internal fixators.
Segments
Device Types
- Spinal Decompressions
- Corpectomy
- Discectomy
- Laminotomy
- Others
- Spinal Fusions
- Cervical Fusion
- Interbody Fusion
- ThoracoLumbar Fusion
- Others
- Fracture Repair Devices
- Others
Country
Key Players
Competitive Landscape
Key players competing in the South Korea spinal surgery devices market includes B. Braun Melsungen AG; Globus Medical Inc.; Johnson & Johnson; Medtronic PLC; Styker Corporation; and Zimmer Biomet.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
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