With the emergence and long-term Impact of COVID-19, the Global Kyphoplasty Market is to reach USD 957.27 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Kyphoplasty Market is poised to raise up to USD 957.27 Million by 2030. Kyphoplasty is a medical procedure used to treat vertebral compression fractures, which are fractures in the bones of the spine (vertebrae) that result in a collapse or loss of height of the affected vertebra. These fractures can be caused by conditions such as osteoporosis, spinal tumors, or trauma. Kyphoplasty is primarily performed to relieve pain caused by vertebral compression fractures, stabilize the spine, and improve the patient’s mobility and quality of life. The Kyphoplasty market is expanding because of factors such as the rising prevalence of osteoporosis worldwide and the rising Geriatric Population.
According to a study published in the journal Frontiers in Endocrinology in May 2022, 200 million women globally have osteoporosis. The incidence of hip fractures was predicted to rise by 240% for women and 310% for men globally by 2050. The same study stated that adults who already have one form of fracture are 50% to 100% more likely to get a different type of fracture, independent of the type and that practically all types of fractures increase in patients with low bone mineral density. This demonstrates that the most severe result of osteoporosis is a fracture and that the rising incidence of osteoporosis will ultimately spur market growth.
Furthermore, according to the United Nations Department of Economics and Social 2022 research, which predicts that 771 million people would be 65 or older worldwide in 2022, the senior population will increase to 994 million by 2030 and 1.6 billion by 2050. Therefore, it is projected that the need for kyphoplasty would increase with the expanding senior population due to the loss of bone mass that occurs as part of aging in the elderly. In addition, increasing advancements in technology and increasing health expenditure are creating new opportunities for the market. However, the stringent regulatory framework and availability of alternative treatments stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Kyphoplasty Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, rising disease prevalence, rising favorable government reimbursement policies, and rising development of new products and healthcare expenditure in the region. Whereas, Asia Pacific is projected to grow at the fastest pace owing to factors such as a rising geriatric population, rising prevalence of various diseases, rising number of partnerships and coloration of product development activities, and rising healthcare expenditure in the region.
The global Kyphoplasty Market is highly competitive owing to the presence of several key manufacturers such as Alphatec Holdings Inc, Medtronic Plc, IZI Medica Products LLC, Globul Medical Inc, Jhonson and Jhonson Pvt Ltd, Swawon Meditech Co., Ltd., Stryker Corporation, and others.
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Global Kyphoplasty Market Size study & Forecast, by Product (Balloon Catheters, Bone Access Devices, Cement Application Products, Bone Cement, Cement Mixing Systems, Instruments) by Application (Vertebral Alignment Restoration, Spinal Fractures, Kyphosis), by Indication (Osteoporosis, Others), by End-use (Hospitals & Clinics, Ambulatory Surgical Centers) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Kyphoplasty Market is anticipated to grow with a healthy growth rate of more than 5.3% over the forecast period 2023-2030.
- In the product segment, bone access devices emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to favorable government reimbursement policies.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
- Balloon Catheters
- Bone Access Devices
- Cement Application Products
- Bone Cement
- Cement Mixing Systems
- Vertebral Alignment Restoration
- Spinal Fractures
- Hospitals & Clinics
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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