The spine market is healthy and expected to continue to be for some time as procedure volumes increase and new technology enters the market. That was the response we heard from spine companies at the North American Spine Society (NASS) Annual Meeting.
We estimated that worldwide spine sales grew 5.5% to $10.4 billion in 2023 and would grow about 4% in 2024. Executives from top-tier companies echoed those numbers, saying that procedure volumes and supply chains have become more predictable and sales will maintain in the mid-single digits for the next few years.
“The pent-up procedure demand post-Covid has normalized,” said Skip Kiil, President of Cranial and Spinal Technologies at Medtronic. “The technology adoption curve has flattened out the opportunity for surgical candidates. We’re going to see a durable market, which is exciting because spine was a low-growth, no-growth space for years. We need to bring data and technology into the workplace and in partnership and collaboration with surgeons who are delivering quality care.”
Mr. Kiil said companies must drive innovation in enabling technologies and implants — it’s not an either/or situation — and products must provide value for surgeons and patients. As the largest player in spine, Medtronic has touted its expansive portfolio for years. It was evident at NASS that medium and small companies believe they too need enabling technology to compete in today’s spine market.
By Carolyn LaWell | ORTHOWORLD
Image Credit: Carolyn LaWell / ORTHOWORLD
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