According to the market assessment report titled ‘Spinal Implant Market Size By Product Type (Artificial Discs {Cervical, Lumber}, Dynamic Stabilization Devices, Spinal Fusion Implants {Rods, Pedicle Screws, Intervertebral Body Fusion Device (IBFD), Plates, Cages}), Application (Cervical, Thoracic, Lumber), By Material (Stainless Steel, Titanium, Cobalt Chrome, Polyetheretherketone (PEEK)), By Surgery (Open Surgery, Minimally Invasive Surgery), By Indication (Spinal Trauma, Deformity), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, the spinal implant market is predicted to record a robust growth rate through 2027.

Conclusive findings by industry analysts and researchers opine that technological advancements, growing inclination towards minimally invasive surgeries, geriatric population boom, and rising prevalence of spinal injuries are aiding the augmentation of spinal implant market.

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Notably, spinal implants are used by surgeons to stabilize and strengthen the spine, treat deformity, and ease fusion during surgery.

Moving on to product segmentation, the spinal fusion implants sub-market is expected to surpass a valuation of USD 6,379.5 million by 2027.

Speaking of application scope, the cervical sub-segment exceeded a valuation of USD 927 million in 2020 and is predicted to record a substantial growth rate during the study period.

Considering surgery, the minimally invasive surgical procedure segment amassed a sizable revenue share in 2020 and is anticipated to garner a valuation of around USD 4,191.5 million by 2027.

In terms of indication, the deformity indicator segment is slated to exceed 9,354.8 million by the end of 2027.

From a regional frame of reference, Latin America accounted for 4.5% industry share in 2020 and is expected to grow exponentially over the forecast period end. Meanwhile, Middle East and Africa is touted to expand at a CAGR of 1.5% and amass a considerable valuation during the assessment timeline. 

The competitive framework of this business sphere is defined by major players such as Zimmer Biomet Holdings N.V., Alphatec Holdings Inc., Stryker Corporation, Nuvasive Inc., Johnson & Johnson, Medtronic plc, Globus Medical, Inc., Surgalign Holdings, SeaSpine Holdings Corporation. and B Braun Melsugen AG.

These companies are constantly taking efforts to improve their position by undertaking strategies like product launches, investments, mergers, acquisitions, and partnerships. For instance, in October 2021, Intelligent Implants Ltd, a bioelectronics company, secured a funding of USD 8.7 million to advance ways to minimize pain in spinal surgeries through smart implant options.