The market value for spinal implants and devices is expected to reach $22.39 billion by 2032, Straits Research reported.
The report also projects the spine device market to grow at a compound annual growth rate of 5.5%, up from a market value of $13.97 billion in 2023.
Factors driving the projected growth include increased demand for advanced robotics for screw placement, robotics-assisted navigation during spinal surgery, minimally invasive surgical techniques, and a rise in spinal injuries and back pain in the U.S. Medtronic, Globus Medical, Alphatec Spine and Johnson & Johnson are some of the top players in this growing market.