The global kyphoplasty market size was valued at USD 605.61 million in 2021 and is projected to reach USD 1013.09 million by 2030 at a CAGR of 5.28% from 2022 to 2030. Kyphoplasty is a form of Vertebral Augmentation used to treat Compression Fractures. This surgical procedure is used to alleviate the pain caused by a spinal fracture, stabilize the bone, and restore the height of the vertebral body that was lost due to the compression fracture. In vertebroplasty, bone cement, also known as polymethyl-methacrylate, is injected into the fractured bone through a hollow needle. Before filling the space with bone cement, a balloon is inserted and inflated to restore the compressed vertebra to its normal height during kyphoplasty. Kyphoplasty is a modern spine surgical procedure for stabilizing vertebral compression fractures caused by osteoporosis, cancer, and other conditions.
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More than 1 million fractures have been treated using the balloon kyphoplasty technique for over 20 years. In clinical studies, balloon kyphoplasty has been shown to restore vertebral body height and reduce vertebral body deformity more effectively than non-surgical procedures. In addition, improved quality of life, mobility, and ability to perform daily activities reduced back pain, making this procedure more advantageous than others, which in turn encourages market expansion.
Increasing demand for minimally invasive surgical procedures in orthopedics, rising health expenditures, and improved health reimbursements are expected to drive market growth over the forecast period. For instance, in September 2020, the U.S. Centers for Medicare & Medicaid Services (CMS) approved a new technology add-on payment for the SpineJack implantable fracture reduction system as part of the 2021 inpatient prospective payment system.
It is anticipated that an increase in the number of spine fractures will also contribute to the expansion of the global kyphoplasty market. The Centers for Medicare & Medicaid Services (CMS) is concentrating its efforts on enhancing price transparency, holding hospitals accountable, and ensuring that consumers have the information they need to make fully informed decisions about their health care. However, product recalls such as the Device Recall of KyphX HVR Bone Cement may hinder market expansion.
The growth rate of the kyphoplasty market will be hindered by the high costs associated with minimally invasive ablation procedures.
On the other hand, strict government regulations and approval of kyphoplasty technology will present obstacles to the kyphoplasty market. In addition, the emergence of unfavorable conditions due to the COVID-19 outbreak and the risk of cement leakage, which can damage the surrounding nerves, will restrain and further inhibit the market's growth rate during the forecast period of 2022-2030.
The increasing number of research and development activities will create opportunities for the expansion of the kyphoplasty market.
In addition, an increase in the introduction of new products, as well as an increase in collaborations and the number of emerging markets, will create growth opportunities for the kyphoplasty market over the forecast period. In addition, manufacturers' increasing emphasis on adopting cutting-edge technologies will increase demand for kyphoplasty in the coming years.
This market can be segmented on the basis of product, application, indication, end-users, regions, and competitors. Under the product segment, in 2021, the segment of bone access devices had the highest revenue share at 42.0%. During treatments for vertebral compression fractures, needles offer control and versatility in gaining access to the vertebral body and administering bone cement. The incidence of spine fractures and back pain is increasing exponentially on a global scale. Approximately 2% of American workers suffer compensable back injuries each year, amounting to approximately 500,000 cases. Low back pain accounts for 19 percent of all U.S. claims for workers' compensation. Thus, it is anticipated that the prevalence of such diseases will drive market growth.
In contrast, the balloon catheters segment is anticipated to experience lucrative growth over the forecast period due to the increasing number of technological advancements with the advent of next-generation kyphoplasty balloons, which enable efficient procedures in the market. Additionally, the introduction of new products contributes to the expansion of the market.
Under the application segment, due to the widespread adoption of kyphoplasty procedures for the treatment of spinal fractures, the spinal fractures subsegment is projected to account for the largest market share and to have experienced the most lucrative growth. The market has expanded as a result of the escalating incidences of spinal compression caused by cancer and trauma. Due to the fact that the bones of people with cancer and the elderly are susceptible to breaking with no or minimal force, the incidence of cases has increased, resulting in an increase in demand for kyphoplasty procedures.
Numerous individuals worldwide suffer from compression fractures. Vertebral compression fractures (VCFs) are the most common fracture in patients with osteoporosis, affecting approximately 750,000 people per year. Approximately forty percent of women aged 80 and older are estimated to be affected by this condition. Therefore, promotes market expansion.
In 2021, the osteoporosis segment accounted for more than 57.0% of total revenue. The increasing incidence of osteoporosis can be attributed to the segment's large market share in comparison to other segments. Osteoporosis is a chronic bone disease characterized by low bone mineral density, which leads to diminished bone quality and increased susceptibility to fracture. According to studies conducted among women in India, it is estimated that 46 million Indian women will have osteoporosis among the 230 million Indians expected to be over 50 years of age.
Alternately, the growth of the other segment is anticipated to be profitable over the forecast period. Kyphoplasty is frequently employed in the palliative treatment of vertebral tumors with metastasis. Kyphoplasty is more cost-effective than nonsurgical treatment for aging patients in the United States. According to a study published by the National Library of Medicine, cancer patients with VCFs who underwent kyphoplasty experienced a significant and rapid decrease in pain.
The hospitals' segment held the largest market share in 2021 and is projected to maintain its dominance throughout the forecast period. Due to the fact that hospitals are the first point of care for all types of health problems, this market segment is anticipated to have the largest size. Hospitals are a vital component of the healthcare industry and the sector's primary revenue generator, which drives research and innovation. Consequently, numerous corporations are exerting substantial revenue and marketing strategies to promote their products and services in hospitals.
Over the forecast period, the Ambulatory Surgical Centers (ASC) segment is anticipated to experience the highest growth. An ambulatory surgery center provides an alternative to hospitals that is more convenient and less expensive for patients. Additionally, the rise in outpatient admissions can be attributed to the growing acceptance of technologically advanced techniques in centres, which make treatment more cost-effective and expedient. In such settings, innovative surgical techniques permit tests and procedures to be performed without hospitalization. This is anticipated to promote segment expansion.
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North America had the largest revenue share in 2021 as a result of high levels of awareness and improved healthcare infrastructure. The dominance is attributable to the increasing prevalence of osteoporosis, back pain, and vertebral fractures. This disease has been observed more frequently in women than men in the region. The increase in kyphoplasty usage and the prevalence of vertebral compression fractures are driving the market expansion. Key companies such as Medtronic and Stryker, as well as major revenue contributors, are currently engaging in acquisitions and partnerships to drive market growth.
The Asia-Pacific market is anticipated to experience the most rapid expansion due to the region's expanding patient population and expanding healthcare infrastructure. The growing older population and rising acceptance of the procedure are contributing to the expansion of the market. Similarly, factors such as the availability of advanced methods in fracture stabilization, the limitations of the conventional approach, the increasing incidence of vertebral compression fracture, the rising cases of osteoporosis, the improvement in health care infrastructure, and the increase in patient compliance as a result of technological advancements are also driving the Asia-Pacific market.