10 Feb SeaSpine Holdings is leveraging Strategic Partnerships to Drive Double-Digit Growth in the Spinal Implants Market
SeaSpine Holdings Corporation (NASDAQ: SPNE), a Company leveraging technology to develop surgical solutions for spinal disorders, announced the signing of a strategic partnership with 7D Surgical Inc, a Toronto-based developer of advanced image guidance technologies and machine-vision-based registration algorithms. 7D Surgical’s proprietary Machine-vision Image Guided Surgery (MvIGS) platform will be used to develop SeaSpine-specific instrumentation, which can be used for spinal and cranial surgeries, in addition to integrating and co-marketing their product offerings. The integration will enable SeaSpine to offer customized, best-in-class navigational solution to its network of customers on a non-exclusive basis as per a Company statement.
The pioneering 7D Surgical MvIGS system utilizes proprietary machine-vision algorithms and camera-based technology to overcome the limitations offered by conventional surgical navigation systems. Most importantly its use of visible light instead of fluoroscopy eliminates exposure to intraoperative radiation, for the surgeon as well as the surgical team, enabling the surgeon to improve his efficiency and control the system from a sterile field.
Keith Valentine, SeaSpine President and Chief Executive Officer, commented
“We have been extremely impressed by 7D’s ability to improve surgical workflow and the timing of our collaboration is ideal. With over 12 product launches expected in 2020, including limited commercial launches of our initial 3D-printed offerings and full commercial launches of our foundational Mariner system in additional market segments, such as MIS and deformity, that give us access to over $2 billion in new market opportunities, the introduction of 7D’s best-in-class navigation system further enhances our ability to offer a complete, integrated and seamless procedural solution in spine. Equally important, by using visible light, rather than fluoroscopy, the 7D Surgical System does not expose operating room personnel to unnecessary, additional radiation.”
SeaSpine Holdings Corporation (NASDAQ: SPNE)
Market Cap: $288.39M; Current Share Price: 15.15 USD
Data by YCharts
The increasing incidents of Spinal Cord Injuries (SCI) and the advancement of technology in the Spinal Injuries market will drive the growth in the Spinal Implants and Surgical devices market as per a report by Markets and Markets. The market is projected to reach $17.27 billion by 2021, growing at a CAGR of 5.3%. SCI’s alone cost an estimated $40.5 billion annually in terms of healthcare costs; about $158 billion is spent on home care and nursing home services combined, with friends or family members providing care that is valued at $306 billion annually.
According to a report by the National Spinal Cord Injury Statistical Center, the number of people living with SCI’s is estimated to be approximately 288,000 persons, with a range from 247,000 to 358,000 persons, with the annual incidence of spinal cord injury estimated to be between 54 cases per one million people in the United States, or about 17,700 new SCI cases each year.
The global spinal cord trauma market which was valued at $2.28 billion in 2017 is projected to reach $3.04 billion by 2025 with a CAGR of 3.7 percent according to a report by Persistent Market Research. The increasing incidences of spine related injuries owing to motor accident, workplace injuries, stroke and cancer related motor disability along with hyperextension of the spine and vertebral dislocation will spur the growth in the market.
Increasing regulatory support to reduce SCI’s coupled with scientific advancements in the market as well as stem cell research will help the market grow. However the economic burden of the disease and lack of insurance coverage is a major challenge for those suffering from SCI, making it difficult for them to seek and adapt technological advancements in the field.
SeaSpine was created as a spin-off from a spinal implants and orthobiologics division into a spine company dedicated to creating innovative surgical solutions. The Company is committed to developing the most advanced spinal surgery solutions, by collaborating with leading surgeons, and leveraging its expertise in orthobiologics, interbody devices and modular spinal instrumentation systems.
The Company designs, develops and commercializes high-quality spine-fusion and orthobiologics products covering areas such as Throacolumbar solutions like Access Systems, Anterior/Lateral fixation, Tumor/ Trauma; Cervical solutions such as Anterior/Posterior fixation; orthobiologics such as allografts, graft delivery, synthetics and IsoTis Orthobiologics.
Furthermore, it offers procedures such as ACDF, ALIF, Corpectomy, Laminoplasty, MIS Decompression, LLIF, PLIF/TLIF, Posterior cervical fusion to name a few. The Company has an extensive intellectual property rights portfolio with patent protection for its products and services covering its Atoll system, Balboa Anterior Buttress Plate, BodyForm system, Manta Ray system, Steerable interbody system to name a few.
The Company offers three complimentary medical education programs to its partners including surgeons and the sales team under the name Coast, SeaSpine Institute and PIER (Physician Interaction and Education Resources). SeaSpine derives 90 percent of its revenues from the U.S Market and enjoys the number 2 position in demineralized bone matrix (DBM). In addition it has a robust surgeon collaboration and distribution network.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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