The spine pain market is forecasted to experience significant growth between 2023 and 2033, with an anticipated compound annual growth rate (CAGR) of 5%. This surge is projected to reach a value of US$12.47 billion, primarily propelled by the growing usage of anti-inflammatory drugs with minimal side effects like diclofenac, ibuprofen, and naproxen.
The market expansion is largely driven by individuals grappling with chronic spine pain, particularly in North America, where advanced healthcare systems and increased awareness of spine-related issues are fueling demand for treatment.
In the APAC region, the spine pain market is expected to exhibit the swiftest growth due to improving healthcare infrastructure, rising incomes, an ageing population, and an escalating prevalence of chronic pain. The UN’s report on global population ageing forecasts a substantial increase in Asia’s elderly population by 2030.
Key findings include nearly 65 million Americans experiencing recent spine pain, with around 16 million adults facing persistent or chronic spine pain that hampers their daily activities. Additionally, Asia is anticipated to witness a significant surge in its elderly population from 395 million in 2019 to 587 million by 2030. The market’s value is predicted to soar to US$12.47 billion, with the current estimate standing at US$7.65 billion. Healthcare practitioners are introducing innovative approaches to address spinal issues, contributing to the market’s growth.
Regarding market competition, notable players include Medtronic plc., DePuy Synthes, Inc, Stryker Corporation, NuVasive, Inc, Zimmer Biomet Holdings, Inc., Globus Medical, Inc., Alphatec Spine, Inc, Orthofix International N.V., Difusion Technologies, Inc., and ZimVie Inc. Recent industry developments involve Zavation Medical introducing versatile lumbar plates for spinal fixation and WishBone Medical Inc. acquiring assets from Back 2 Basics Direct and Orbbo Surgical, specialized in spinal fusion research and surgical tools.