According to FutureWise analysis the market for spinal stenosis implants in 2023 is US$ 3.7 billion, and is expected to reach US$ 5.77 billion by 2031 at a CAGR of 5.7%.
Spinal stenosis, which is the irregular narrowing of the spinal canal, is prominently observed in elderly patients. Some of its symptoms are numbness in legs, lower back pain and problem in balancing the body. A rise in the geriatric population is the key factor responsible for substantial market growth.
Based on the type of product, the market is bifurcated into interspinous spacer devices and pedicle screw-based stabilization systems. The interspinous spacer devices segment is further sub-segmented into static interspinous spacer devices and dynamic interspinous spacer devices.
Material-wise, the market is categorised as metallic and biomaterial. The metallic material segment is further segmented into titanium and stainless steel. Biomaterial segment is expected to dominate the global market as it is being confirmed by clinical expertise that spinal implants made of PEEK-optima polymer should be used. Using this material has various advantages like stress shield reduction, allowance of clear visual analysis of the fusion mass by X-ray, CT scan or MRI.
The market is regionally bifurcated into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounts for the major share of the market due to a rising geriatric population and in spinal injury cases due to obesity, accidents, etc.