Thoracolumbar Spine Devices Market Summary
As per MRFR Analysis, the Global Thoracolumbar Spine Devices Market was valued at USD 6.3 Billion in 2023 and is projected to grow from USD 6.54 Billion in 2024 to USD 8.66 Billion by 2032, with a CAGR of 5.60% during the forecast period. The market is driven by the increasing prevalence of spinal cord injuries, a growing geriatric population, and a rising obese population. However, challenges such as stringent regulatory policies and product recalls may hinder growth. The market is segmented by product type, surgery type, material, and end-user, with significant contributions from hospitals and clinics, and a notable presence in the Americas and Europe.
Key Market Trends & Highlights
The thoracolumbar spine devices market is witnessing significant growth driven by various factors.
- Market Size in 2023: USD 6.3 Billion.
- Projected Market Size by 2032: USD 8.66 Billion.
- CAGR during 2024-2032: 5.60%.
- Annual incidence of spinal cord injuries in the US: approximately 54 per million people.
Market Size & Forecast
2023 Market Size: USD 6.3 Billion
2024 Market Size: USD 6.54 Billion
2032 Market Size: USD 8.66 Billion
CAGR (2024-2032): 5.60%
Largest Regional Market Share in 2018: Americas.
Major Players
Prominent players include Orthofix Holdings, Inc., Alphatech Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes, Exactech, Inc., Globus Medical, Inc., Medtronic PLC, NuVasive, Inc., ZIMMER BIOMET HOLDINGS, INC., and STRYKER CORPORATION.
The increasing obese population, high prevalence of spinal cord injuries (SCI), and increasing geriatric population are expected to enhance market growth. However, the stringent regulatory policies, lack of awareness for the use of advanced technologies, and product recalls are projected to curb the growth of the market.
Market Dynamics
The market is expected to witness a profitable growth owing to the high prevalence of spinal cord injuries (SCI). According to a study published by the National Spinal Cord Injury Statistical Center in 2019, the annual incidence of SCI is approximately 54 per million people in the US or around 17,730 new cases each year. The approximate number of individuals affected by SCI in the US is 291,000. High prevalence of spinal cord injuries, in turn, increases the demand for thoracolumbar spine devices used in diagnosis. Thus, an increase in the prevalence of spinal cord injuries is expected to boost the global thoracolumbar spine devices market during the forecast period.
Thoracolumbar Spine Devices Market Share, by Product Type, 2018 (%) 
Source: MRFR Analysis
Thoracolumbar Spine Devices Market Segment Insights
The thoracolumbar spine devices market, by product type, has been segmented into spinal implants, devices and instrumentation and spine biologics.
Thoracolumbar Spine Devices Product Type Insights
Based on the type of surgery, the thoracolumbar spine devices industry has been categorized as open surgery and minimally invasive surgery (MIS). The material segment is further segmented as titanium, stainless steel, biomaterials, and others.
Thoracolumbar Spine Devices End-user Insights
Based on end-user, the thoracolumbar spine devices has been categorized as hospitals and clinics, ambulatory surgery centers, academic institutes and research centers, and others.
Asia-Pacific Thoracolumbar Spine Devices Market Share, 2018 (%) 
Source: MRFR Analysis
Thoracolumbar Spine Devices Regional Insights
The thoracolumbar spine devices market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas accounted for the largest market share of in 2018, due to the presence of key market players, sophisticated healthcare infrastructure, and increasing R&D in the field of thoracolumbar spine devices.
Europe is anticipated to account for the second-largest market share during the forecast period. The market growth in Europe can be attributed to the research and development by manufacturers for the launch of innovative products. For instance, ZygoFix Ltd, in 2018, initiated the first in a human clinical study for its clock spinal facet joint fixation system.
Asia-Pacific is likely to be the fastest-growing region in the thoracolumbar spine devices market. The high growth rate is due to owing to the presence of a large patient base, availability of skilled healthcare personnel, and a defined regulatory framework enabling accelerated product approvals. India held a share of 16.2% in the Asia-Pacific thoracolumbar spine devices market in 2018.
The Middle East & Africa market is projected to show gradual growth during the forecast period. The Middle East would spearhead the market growth, attributing to facts such as the developing healthcare infrastructure, booming medical tourism, budding medical device industry, and gradually increasing adoption of medical diagnosis modalities in the Gulf Cooperation Council (GCC).
Prominent Players
The Prominent Players in Market are
- Alphatech holdings, Inc. (US)
- B. Braun Melsungen AG (Germany)
- Globus Medical, Inc. (US)
- ZIMMER BIOMET HOLDINGS, INC. (US)
Some of the key strategies followed by players operating in the thoracolumbar spine devices industry were product launch, patent acquisition, partnership, product expansion, and collaborations.
- In March 2018, Stryker’s spine division received the FDA clearance for 3d-printed titanium TL curved posterior lumbar cage. This cage offers alternative posterior lumbar solutions for spinal surgeons.
- In January 2017, Depuy Synthes entered into an asset purchase and development agreement with Interventional Spine, Inc. which enabled the company to add a family of expandable cages used in the spinal fusion surgery.
- In February 2017, Alphatec launched the Arsenal Deformity Adolescent Scoliosis (AIS) system in limited markets in the US. This launch expanded the arsenal spinal fixation system portfolio of the company.
Thoracolumbar Spine Devices Market Segmentation
Thoracolumbar Spine Devices Product type Outlook
- Devices and Instrumentation
Thoracolumbar Spine Devices Type of Surgery Outlook
- Minimally Invasive Surgery (MIS)
Thoracolumbar Spine Devices Material Outlook
Thoracolumbar Spine Devices End User Outlook
- Ambulatory Surgery Centers
- Academic Institutes and Research Centers
Thoracolumbar Spine Devices Region Outlook
Available Additional Customizations
- Company Profiles of Other Key Players
- RTI Surgical Holdings, Inc.
- Thoracolumbar Spine Devices Market, Industry Trends
Intended Audience
- Medical device manufacturers
- Research & development organizations
Frequently Asked Questions (FAQ) :
thoracolumbar spine devices market is projected grow at approximately 5.60% CAGR during the assessment period (2024-2032).
The valuation of the global thoracolumbar spine devices market is estimated to increase to USD 8.66 Billion by the end of 2032.
Based on product type, the spine biologics segment and based on end user the hospitals & clinics segment holds the majority shares in the global thoracolumbar spine devices market.
North America holds the largest share in the global thoracolumbar spine devices market, followed by Europe and the Asia Pacific, respectively.
Alphatech holdings, Inc. (US), Orthofix Holdings, Inc. (US), B. Braun Melsungen AG (Germany), Exactech, Inc. (US), Depuy Synthes (US), Globus Medical, Inc. (US), NuVasive, Inc. (US), Medtronic Plc (Ireland), Stryker Corporation (US), and Zimmer Biomet Holdings, Inc. (US), are some of the major players operating in the global thoracolumbar spine devices market.
