Interspinous Spacers Market Size to Grow at a CAGR of 5.3% During the Forecast Period 2021-2026
Interspinous Spacers Market Overview
The Interspinous Spacers Market was valued at $71.4 million in 2020 and is poised to grow at a CAGR of 5.3% over the forecast period of 2021-2026. Interspinous Spacers are used to treat medical conditions such as lumbar spinal stenosis and disk degeneration diseases. Interspinous Spacers are used when a patient is not able to get cured using conservative management. The location and intensity of spinal stenosis play a vital role in deciding the course of treatment. The spacers are positioned between the vertebrae, because of the narrowed spinal canal. Lumbar spinal stenosis can cause pain, numbness, and even weakness for selected patients. These spinous processes are primarily located in the back of the spinal column or very close to the skin exterior. A physician can feel the presence of various minor distinctions when the hand is laid down on a patient's lower back. Therefore, the surgeon can implant an interspinous spacer on the diagnosis, for how close does spinous processes is felt. If the prominence is relative, then a minimally invasive surgery can be performed by giving mild sedatives near the area identified. The rising prevalence of the geriatric population on the global level has made the cases of arthritis predominant, which will drive the interspinous spacers market forward.
Key Takeaways
- North American regions held the dominant market share in the year 2020. It is owing to a rising prevalence of the geriatric population and spinal osteoarthritis in the said population.
- Asia-Pacific is set to offer lucrative growth in the interspinous market owing to better medical infrastructure facilities, which have resulted in rising life expectancy and the associated diseases.
- Technological Advancements and preference towards non-invasive surgery will be the critical drivers for the interspinous spacers industry.
- Our premium report will provide Strengths, Weaknesses, Opportunities, and Threats for the given market.
Interspinous Spacers Market Segment Analysis- By Application
The interspinous spacers market is segmented into two main subheads under application- Lumbar Spinal Stenosis and Degenerative Disk Disease. Lumbar Spinal Stenosis dominated the market segment in the year 2020. Spinal stenosis is a narrowing down of the spinal canal of a human being during the course of life. The narrowing predominantly happens in the lower back of the affected. The affected may suffer from walking capabilities and can force the patient to lean forward while sitting or walking to reduce the pressure. The chance of developing lumbar spinal stenosis is higher in women than men owing to the physiological features of both. Another primary reason for stenosis is the development of arthritis in the aged population. Most people will develop arthritis near 50 years, but the problems only alleviate after 65 years.
The following sub-segment of Lumbar Spinal Stenosis will show the swiftest CAGR of 5.7% over the forecast period of 2021-2026. Cases of spinal stenosis are mostly seen in the geriatric population. As per WHO, the regions such as Japan and North America will have a higher population ratio for those above 60 years by 2036. Therefore, the following will be the leading segment of interspinous spacers.
Interspinous Spacers Market Segment Analysis- By End Users
The interspinous spacers market is segmented into three main subheads under end users- Hospitals, Orthopedic Clinics, and Ambulatory surgical centers. Hospitals dominated the segment in the year 2020. The reason associated with the rising use of hospitals is that the hospital setups dominate in terms of number over the other two. For every ten hospitals, there are 2-3 orthopedic clinics and ambulatory surgical centers. The benefit of treatments related to interspinous processes is that a neurosurgeon suggestion is added while going for this non-invasive surgery. As the nerves in the spinal canal go close to each other, a green light is primarily needed by the patient’s neurosurgeon.
Although, Ambulatory surgical centers are poised to grow at the swiftest CAGR of 5.5% over the forecast period of 2021-2026. It is because the patient will primarily be in the hands of an orthopedical doctor who specializes in the treatment of interspinous processes. Secondly, patient recovery is often swifter in the ASC as compared to the other two. The reason is that they can go back to their homes almost the same day, which makes their recovery process faster. Finally, the cost involved in the ASC is on a lower end as compared to Hospitals. The cost savings are close to 40%. The cost is low as the services provided are few, and the overall operation scale is lighter than the hospitals.
Interspinous Spacers Market Segment Analysis- By Geography
North America held a dominant share of 35% in the year 2020. The rising cases of lumbar spinal stenosis have made the use of interspinous spacers predominant in the region. Also, the geriatric population is substantially growing. For example, by the year 2025, Canada and the USA will have age dependency close to 30% for the age group of 60 and above.
Asia- Pacific offers a scope of lucrative growth during the forecast period of 2021-2026. It is owing to a six-year increase in the life expectancy in the low-middle income countries, while four years have been observed in the high-income countries. Like which the fertility has gone down by 2.6 to 2.1. The rise is associated with an affluent medical infrastructure. Resulting of which, the cases of orthopedic ailments have seen an upward trend, and cases of lumbar spinal stenosis are growing readily. The following reason will give space to the growth of the interspinous spacers market.
Interspinous Spacers Market Drivers
Interspinous Spacers occupy the market share of primitive treatment methods due to lower invasive methodology.
Primarily for treatment of lumbar spinal stenosis were dealt with formal non-surgical therapies and decompressive surgery. Both listed had fatal repercussions post-treatment or surgery. For example, post-surgery- only 60% of the people felt improvement, while only 30% felt improvement in opting for non-surgical therapies. The complications post-surgery were seen in diseases such as postoperative hematoma formation, neurological disabilities, and problems with wound healing. The following have ultimately led to premature deaths post-operation. The advent of interspinous spacers depends on minimally invasive surgery, and the patient is only required to be given local anesthesia for treatment.
Additionally, it can be used on patients with chronic health conditions such as diabetes, obesity, and other pulmonary diseases. Geriatric Population has been increasing in mostly all the regions including ten countries which will be under the category of an "aging country" instead of eight countries. Similarly, 11 countries will be super-aged by 2050, which is just one in 2020. The growing age will supplant problems such as cardiovascular diseases, and such patients cannot go for voluntary surgical operations. Interspinous Spacers will come to aid in conditions such as these, and the risk for death post-operation can go down as 8-10%, which is significantly high in other treatment methodologies.
Interspinous Spacers offering operations can be provided in Ambulatory Surgical Centers which are gaining traction in the developed countries.
As per provided by Medicare.gov, patients who need orthopedic treatment prefer ASCs over the hospitals. The satisfaction rate of the patients in ASC setups can go as high as 92%, while the satisfaction in hospital setups is close to 60% since the operational time is comparatively lower for such operations. The patients wish to spend less time post-operation. The geriatric population is mostly opting for such treatments, as the cases such as lumbar spinal stenosis remain asymptomatic before the age of 50. The geriatric population needs advanced and personalized care owing to their medical conditions; hence the traction for ambulatory surgical centers will be observed.
America’s Rescue Plan of 2021 will significantly benefit the ASC setups. ASC’s have the potential to save close to $36 Billion by 2022. Additionally, Medicare payments for ASCs are 53% of what is spent on Hospitals. The costs vary immensely across the setups of both settings. ASCs can provide the same treatment as a hospital at just 50% of the latter’s price.
Interspinous Spacers Market Challenges
Insurance Claims for elective surgery such as Interspinous spacers is vulnerable and expensive.
The elective orthopedic surgery such as interspinous spacers has shrunk in volume owing to COVID-19. Apart from the volume, insurers are narrowing down the payment channels owing to a large insurance claim in the pandemic for COVID-affected families. As per the data released, only 41% of the surgeries were performed in ASC during the pandemic of which 73% halted elective surgeries such as interspinous spacers-related surgeries. The following will increase the demand, as the patients waiting for their treatment are halted in the pipeline. And due to the rising premium costs for elective treatments as they were halted during the pandemic-the market growth will be hampered.
Interspinous Spacers Treatment Market Landscape
The market for interspinous spacers has shown prevalence and sustenance following the strategies such as product developments, mergers, and acquisitions. The top 10 companies operating in the interspinous spacers treatment are –
- Globus Medical Inc
- NuVasive Inc
- Life Spine In
- Paradigm Spine
- Medtronic
- Johnson & Johnson
- Boston Scientific
- Zimmer Biomet
- Mikai S.p.A,
- Synthes GmbH
Interspinous Spacers Market Acquisition
- In May 2019, Boston Scientific acquired Veriflex. The latter company is known for providing an indirect compression system, a minimally invasive device or interspinous spacers used to alleviate pain related to LSS- Lower Spinal Stenosis. The reason for the acquisition was to take a dominant position in the pain management product portfolio. The company wishes to aggressively put its foot forward in treating the LSS cases, which account for 6 million in the USA.
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