TORONTO, Nov. 9, 2010 /PRNewswire/ — According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the spinal implant market in Brazil, India, and China, valued at over $850 million in 2010, will continue to skyrocket through 2015.
Revenues in all three countries will be driven by strong economic growth, boosting the prosperity of the average citizen and improving their ability to pay for costly spinal implant surgery. Greater wealth will also cause a shift in product usage from domestically manufactured spinal implants toward the more expensive imported spinal implants, which surgeons and patients perceive to be of higher quality.
In Brazil, economic growth and prosperity has led to higher employment rates and, consequently, a rising proportion of people who are covered by private health insurance. Patients treated in the private health care sector typically receive treatment more quickly and receive higher-priced imported implants. Similarly, China’s economy has also developed tremendously, due partly to increased foreign investment and government initiatives to transition the country toward a more market-based economy. Furthermore, the Chinese government has committed to reforming the health care system to improve citizen access to affordable medical coverage, which will contribute to a growing demand for spinal implant procedures.
“India’s economy is also growing at a very high rate,” says Andrew Lee, Analyst at MRG. “Discretionary spending is increasing in general because the middle class is expanding quickly. Much like the current situation in China, in India, most people are not privately insured and must pay for medical expenses themselves. The growing proportion of those who can afford treatment will boost demand for spine procedures and contribute to gains in the Indian market for spinal fusion and nonfusion implants. With similar trends occurring in Brazil and China, by 2015, the market for spinal implants in all three countries will reach over$2 billion.
MRG’s Brazilian, Indian, and Chinese Markets for Spinal Implants 2011 report provides critical insight into trends that will fuel and limit market growth for spinal implants in Brazil, India, and China. The report includes a breakdown of procedure volumes, average selling prices, and market values for traditional cervical and thoracolumbar fixation instrumentation, interbody devices, cervical and lumbar artificial discs, pedicle screw-based dynamic stabilization devices, interspinous process decompression devices, as well as vertebroplasty and vertebral augmentation treatments through 2015.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer behavior tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources, Inc.
Decision Resources, Inc. is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources, Inc. at www.DecisionResourcesInc.com.
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