Kyphoplasty Market to Reach US$ 3.2 Billion by 2027 Globally

According to UnivDatos Market Insights, the Global Kyphoplasty market is expected to grow at a CAGR of 14.5% from 2021-2027 to reach US$ 3.2 billion by 2027.

Market Overview

Proliferating prevalence of spinal cord injuries coupled with the rise in the aging populations who are more prone to osteoarthritis is resulting in rising spinal problems, therefore, generating the need for kyphoplasty. Kyphoplasty is a vertebral augmentation surgery that is used to treat a spinal compression fracture.

As per WHO, around the world, between 250,000 and 500,000 people suffer a spinal cord injury (SCI) Every year. Also, there were 703 million persons aged 65 years or over in the world in 2019 and the number of older persons is projected to double to 1.5 billion in 2050, as per the United Nations. Moreover, the International Osteoporosis Foundation (IOF) revealed that 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime globally.

Furthermore, half of the world’s population aged 65 and older suffer from Osteoarthritis, and 80 % of people with symptomatic Osteoarthritis have limitations in movement, while 25 % cannot perform their normal daily activities. Majority of the spinal cord injuries are due to preventable causes such as road traffic crashes, falls, or violence. Out of that around 39.3% of the spinal cord injuries happen due to motor vehicle crashes while 31.8% are due to falls.

COVID-19 Impact

The surging prevalence of COVID-19 across the globe has transformed the priorities for the healthcare service providers as the hospitals were overcrowded by COVID-19 patients and the spinal surgeons were on the duty for the care of COVID patients. In a study it was found that one in four surgeons reported working outside of their typical scope of practice Reasons for such cancellations are two-fold. Therefore, a sharp decline was witnessed in both orthopedic and spine surgeries as well.

In a study, it was revealed that hospitals in the united states experienced around 35% decline in the operations room volume during March-Jul 2020. However, the market for robotic spinal surgeries witnessed an uptick during the COVID period. Moreover, the demand for spinal surgery medical devices and equipment are also witnessed a sharp decline in demand. Zimmer Biomet Holdings, Inc., a company dealing in spinal products, and services company reported Q1 net sales of $1.784 billion, a 9.7% decrease from 2019.

By Product Type, the market is primarily bifurcated into

Balloon
Cement Mixing
Needle
X-Ray Device
Delivery Devices

The balloon segment dominated the by product type segment of the Kyphoplasty market in 2019 and will grow at 15.9% CAGR to reach US$ 1.4 billion by the year 2027.

By Applications, the market is primarily segmented into

Kyphosis
Spinal Fractures
Vertebral Alignment

Amongst application, spinal fractures accounted for the largest share and is expected to grow at 15.3% CAGR during the forecast period 2021-2027. In 2019, the spinal fractures segment accounted for a revenue share of almost 43.1%.

By End-Users, the market is primarily segmented into

Hospitals
Clinics
Ambulatory Surgical Centres

In 2019, the hospital segment dominated the global kyphoplasty market with nearly 61.4% of the market share and it is anticipated by 2027, the segment will garner US$ 1.9 billion of the market.

Kyphoplasty Market Geographical Segmentation Includes:

North America
Europe
Asia-Pacific
Rest of the World

Based on the estimation, the North America region dominated the kyphoplasty market with almost US$ 0.7 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 17.8% over the forecast period owing to the surging prevalence of orthopedics among elderly populations and rising motor vehicle accident which causes to spinal fractures.

The major players targeting the market includes