13 Aug 2021
Posted in Medical Devices
South Korea minimally invasive spinal devices market to witness 11% growth through 2025, forecasts GlobalData
The minimally invasive spinal (MIS) devices market in South Korea is expected to grow at a compound annual growth rate (CAGR) of about 11% between 2020 and 2025, driven by the increase in the aging population with orthopedic problems, forecasts GlobalData, a leading data and analytics company.
As COVID-19 cases subside and vaccination continues, the backlog of non-elective orthopedic procedure volumes are expected to recover in the coming months.
GlobalData’s latest report, ‘South Korea Spinal Surgery Market Outlook to 2025 – Minimal Invasive Spinal Devices, Spinal Fusion, Spinal Non-Fusion, Vertebral Body Replacement Systems and Vertebral Compression Fracture Repair Devices’, reveals that Medtronic Plc, DePuy Synthes Inc, NuVasive Inc and Stryker Corporation are the major players in South Korea, together accounting for about 50% of the market in 2020.
Anusha Kaushik, Medical Devices Analyst at GlobalData, comments: “Minimally invasive spinal procedure technology is relatively new and is at a nascent stage. MIS is used as a treatment for orthopedic conditions that impact the spine such as degenerative disc disease, scoliosis, spinal stenosis, trauma, spinal tumors, and spondylolisthesis. The growth of MIS market in South Korea is driven by the increasing prevalence of orthopedic diseases in the aging population and better treatment options providing faster recovery.”
The market is mainly driven by the increase in access to healthcare, growing incidence of spinal diseases, strong reimbursement scenario for senior care and technological advancements. MIS surgeries provide advantages as they involve small incisions, which cause less damage to tissues, require less recovery time and provide a better quality of life. MIS procedures can be done in outpatient settings, which help reduce healthcare costs, as well as treat a greater number of patients driving the overall healthcare costs down.
Ms. Kaushik concludes: “Technological advancements such as increased use of computer navigation and robotics in surgeries and positive results from clinical trials are expected to drive the MIS procedure volumes. Robotic navigation systems and advanced imaging systems aim to ease the complexity of difficult procedures for surgeons to optimally treat a wider range of patients. The use of these technologies to reduce exposure to radiation, increase implant placement accuracy, and augment the surgical-field visualization are expected to further drive the demand for MIS procedures.”