The global spinal biologics industry is projected to reach $2.3 billion by 2027, growing at a compound annual growth rate of 2.8 percent, according to ReportLinker.com.
Five notes:
1. The spinal biologics market is estimated at $1.9 billion for 2020, with the U.S. accounting for $504 million.
2. The revised report reduced previously communicated projections due to the economic implications caused by the COVID-19 pandemic.
3. The bone graft market segment is expected to rise at a CAGR of 2.6 percent and reach $1.4 billion by 2027.
4. China is anticipated to see a 5.2 percent CAGR in the spinal biologics market, hitting $457.7 million by the end of the forecast period.
5. Japan, Canada and Germany are highlighted as noteworthy market competitors.