(PRWEB) October 15, 2004
Artificial Discs and Minimally Invasive Surgery to Drive Growth in Spine Markets Over Coming Years
October 13, 2004ÂAs millions of Americans and people around the world continue to suffer from severe back pain, new technologies are emerging to bring relief to those in need of therapy. According to a new report by Millennium Research Group (MRG), the US market for spinal implants will grow by almost $2 billion over the next five years, reaching annual sales of $4.5 billion in 2009. This growth makes spine one of the fastest-growing markets in medical technology. In terms of procedures, over 450,000 Americans had spinal fusion surgery in 2003. This number is forecast to increase to over 600,000 by 2009, driven to a large degree by aging baby boomers.
Two technologies that are expected to drive much of the growth in spinal implants are nonfusion technologies, led by artificial discs, and advances in minimally invasive surgery (MIS). In 2005, all eyes will be on the Food and Drug Administration to see if approval is granted for DePuy SpineÂs SB Charite III artificial discÂa decision that could change the way thousands of Americans are treated next year. Over the next five years, the market for nonfusion technologies is forecast to grow 75% annually to reach $1 billion by 2009. A number of new players are planning to enter this market, including Medtronic Sofamor Danek (MDT), Synthes Spine, and Stryker Spine (SYK). Similarly, the market for MIS spinal fusion is expected to grow fourfold over the next five years to over $400 million.
MRGÂs US report is part of its Global Markets for Spinal Implants series, which includes analysis on Europe, Asia Pacific, and key industry competitors. The global report series covers over 40 competitors including MDT, DePuy Spine (JNJ), Synthes Spine, Zimmer Spine (ZMH), SYK, Osteotech (OSTE), Interpore Cross (BMET), Spinal Concepts (ABT), Aesculap, and ScientÂX.
A leading source of competitive intelligence, MRG is now the largest provider of medical device market research in the world. Located in Toronto, Canada, MRG covers global markets and has pioneered reporting of numerous emerging products.
Millennium Research Group Inc.,
(416) 364-7776 ext.101