May 24, 2024
Global Spinal Laminoplasty Market

Monkeypox Treatment: Understanding the Options Global Spinal Laminoplasty Market in Trends by Rising Adoption of Minimally Invasive Surgeries

The global spinal laminoplasty market comprises products such as plates, screws, and rods used to treat narrowing of spinal canal or stenosis caused due to injury or herniated discs. Laminoplasty is a surgical procedure that helps create more space for spinal cord and nerves. It involves removal of parts of backside of the vertebrae known as lamina to widen the spinal canal. Advantages of laminoplasty include less complications, faster recovery, and reduced risk of neurological deterioration compared to fusion surgeries. Growing geriatric population suffering from spinal disorders and rising cases of spinal injuries worldwide have increased the demand for spinal laminoplasty.

The Global Spinal Laminoplasty Market is estimated to be valued at US$ 5.75 BN in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the global spinal laminoplasty are DePuy Synthes, Zimmer Spine, Medtronic, Raymedica, Replication Medical, Vertebral Technologies, NP Solutions, Arthro Kinetics, Pioneer Surgical Technologies, Cryo Life, and Synthes Spine. These players are focusing on new product launches and geographical expansion to strengthen their market presence.

The growing demand for minimally invasive surgeries and increasing cases of spinal disorders among geriatric population are major factors driving the adoption of spinal laminoplasty procedures globally. According to the United Nations, the global geriatric population is expected to reach 2 billion by 2050 thereby augmenting the use of spinal laminoplasty.

Geographical expansions through partnerships and acquisitions are helping key players to tap the high growth opportunities in the emerging regions. For instance, in 2023, Zimmer Biomet expanded its footprint in Australia by acquiring an ambulatory surgery center. This allows Zimmer Biomet to offer comprehensive solutions to Australian surgeons and patients.

Market Key Trends

Rising adoption of minimally invasive spinal laminoplasty procedures is a key trend in the market. Advantages of minimally invasive techniques such as less pain, decreased blood loss, shorter hospital stay, and quicker recovery time compared to open surgeries have increased their adoption globally. Manufacturers are focusing on developing innovative product portfolios and surgical techniques to perform laminoplasty through small incisions thereby driving the trend.

Porter’s Analysis
Threat of new entrants: High capital requirements and technology needed to enter the spinal laminoplasty market size makes it difficult for new players to enter. Bargaining power of buyers: Individual customers have low bargaining power but large group purchasers like hospitals have higher bargaining power. Bargaining power of suppliers: Suppliers of raw materials and components have lower bargaining power due to availability of substitute suppliers. Threat of new substitutes: New minimally invasive spine surgeries are a constant threat. Competitive rivalry: Major multinational corporations dominate the market.

Geographically, North America accounts for the largest share of the global spinal laminoplasty market in terms of value. Factors such as the presence of major manufacturers, the increasing number of spine surgeries, innovations in surgical techniques, and rising healthcare expenditure drive the North American market. Asia Pacific is poised to grow at the fastest rate during the forecast period due to rising healthcare expenditure, growing orthopedic disease burden, availability of low-cost treatment options, and increasing medical tourism.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it