Published Date : Jul 17, 2017
ALBANY, New York, July 17, 2017: A new report has been published by MarketResearchReports.biz. The report is titled “MediPoint: Kyphoplasty Devices - Global Analysis and Market Forecasts.” According to the report, the global kyphoplasty device market will rise from US$881.4 mn in 2016 to US$1.6 bn by 2023, expanding at a healthy CAGR of 9.3% between 2017 and 2023. The main factors responsible for the growth of this market are growing incidences of osteoporosis and increasing demand for minimally invasive procedures. The growing geriatric population base is also a factor which is aiding the growth of the global kyphoplasty device market. In addition to this the high prevalence of osteopenia is also expected to fuel the demand for these devices in the forecast period.
The global kyphoplasty devices industry is consolidated with the top three players namely, Stryker, DePuy Synthes, and Medtronic dominating the market in 2016. With well established orthopedic portfolios, these three companies are making fullest use of their wide distribution networks, allowing them to cross sell their products. In addition to these big players, there are several smaller players, operating in this market at the regional and domestic level. These local players manufacture cheap products and are capable of threatening the demand for authentic devices manufactured by established companies. This is especially true for the cost sensitive areas in developing countries.
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On the basis of geography, the North American kyphoplasty devices market will expand at the fastest rate, exhibiting a CAGR of 11.1% between 2017 and 2023. The U.S. accounted for over 90% of the market in North America and will remain the highest contributor to the revenues, in the coming years. The market in Middle East and Africa is anticipated to follow the steps of the North American market and witness a high CAGR of 10.4% during the same forecast period. Asia Pacific will expand at a 8.6% CAGR and South America at 7.5%. The European kyphoplasty devices market will exhibit a 4.9% CAGR during the period from 2017 to 2023.
The global increase in the number of patients suffering from vertebral compression fractures or VCFs is increasing and this is boosting the demand for kyphoplasty devices. A loss of bone mass and low bone mineral density is fueling the growth of this market. These fractures are treated non-surgically at first and if the treatment does not prove to be effective, kyphoplasty technique is used. Kyphoplasty is a minimally invasive fluoroscopy-guided surgical technique which utilizes acrylic cement to stabilize the fracture. Acrylic cement is injected in the vertebral that is damaged. The short duration of surgery is one of the key factors driving an increasing number of patients to opt for this procedure, as patients are released from the hospital within the same day. In addition to this, patients can quickly return to their normal life and carry out their regular activates, post procedure. All these factors will drive the demand for kyphoplasty devices.
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