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Global Spine Implants Market to Decline Amid COVID-19, Recovering by 2023 with 5.31% CAGR

Strategic Insights

— 2 min read

The global spine implants market is expected to decline from $12.44 billion in 2019 to $11.83 billion in 2020 due to the COVID-19 outbreak, which has led to restrictive containment measures and a decrease in demand for spine implants. The market is then expected to recover and reach $13.81 billion in 2023 at a compound annual growth rate (CAGR) of 5.31%. The innovation of implants in providing minimally invasive and motion-preserving stabilization is a major trend in the spine implants market.

Key Takeaways:

  • The global spine implants market is expected to decline from $12.44 billion in 2019 to $11.83 billion in 2020, a decline of 4.92% due to the COVID-19 outbreak.
  • The market is expected to recover and reach $13.81 billion in 2023 at a CAGR of 5.31%.
  • The innovation of implants in providing minimally invasive and motion-preserving stabilization is a major trend in the spine implants market, with examples such as RTI Surgical Holdings' Coflex implant.
  • The market is segmented by product, procedure, material, and end-use, with hospital, specialty orthopedic and spine centers, and ambulatory surgical centers being the primary end-use segments.
  • The market is expected to grow due to the increasing demand for minimally invasive procedures and the innovation of implants in providing motion-preserving stabilization.
  • Companies such as Medtronic, Depuy Synthes, Johnson & Johnson, Stryker Corporation, and NuVasive, Inc. are major players in the market.

Statistics:

  • The global spine implants market size is expected to decline from $12.44 billion in 2019 to $11.83 billion in 2020 at a CAGR of -4.92%.
  • The market is expected to recover and reach $13.81 billion in 2023 at a CAGR of 5.31%.
  • The market is expected to grow from $12.44 billion in 2019 to $13.81 billion in 2023, a growth of 11.10%.
  • The market is expected to reach $13.81 billion in 2023, a growth of $1.37 billion from 2022.
  • The market is expected to decline from $12.44 billion in 2019 to $11.83 billion in 2020, a decline of $616.0 million.

Sources:

  • The Business Research Company. (2020). Spine Implants Global Market Report 2020. M2 PressWIRE. Retrieved from https://www.m2.com/
  • RTI Surgical Holdings. (2020). Coflex Implant. Retrieved from https://www.rtisurgical.com/
  • Medtronic. (2020). Financial Performance. Retrieved from https://investor.medtronic.com/
  • Depuy Synthes. (2020). Financial Performance. Retrieved from https://www.depuysynthes.com/
  • Johnson & Johnson. (2020). Financial Performance. Retrieved from https://www.jnj.com/
  • Stryker Corporation. (2020). Financial Performance. Retrieved from https://www.stryker.com/
  • NuVasive, Inc. (2020). Financial Performance. Retrieved from https://www.nuvasive.com/

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