The US market represents 72% of the world market (in dollar value), with 5% of the world population, and it is the fasted growing market with an expected average annual growth rate of 16% over the next decade.
Back pain is considered the second most common reason for physician visits in the US. Almost 80% of the general population suffers from low back pain at some point in their life, and approximately 18% of them have debilitating pain. As per U.S. government statistics, back pain is the most common reason for activity limitation among people below 45 years and the main cause for disability among people in the age group 45-65 years. According to the National Center for Health and Statistics, approximately 14% of the total new patient visits (13 million per annum) are because of low back pain complaints. The US spine care market has grown dramatically over the past 15 years. Annual revenues grew from $100 million in 1990 to $5.3 billion in 2005, a CAGR of 27%.
A multitude of factors are responsible for the phenomenal growth of the spinal sector:
While the sophistication of the technology associated with surgical treatment of spine disease has improved tremendously, the spinal implants and instrumentation market remains in its infancy, hence a real opportunity for companies such as Eden Spine.
The underlying market dynamics occurring in the spine industry over the last several years have created one of the fastest growing medical technology markets worldwide. Leaders in the spine industry have created significant value for their shareholders and investors.