The growing geriatric population and the subsequently rising need for spinal devices are projected to propel the global market growth.
The global spinal fusion devices market is expected to be valued at USD 8.90 Billion in 2027 from USD 6.88 billion in 2019, registering a CAGR of 3.5% through the forecast period. Spinal fusion, also known as spondylodesis or spinal arthrodesis, is a surgical procedure for treating spinal disorders that combine two or more vertebral bodies, such as interbody cages, pedicle screws, or spacers, in the vertebral column. The procedure is widely performed to treat degenerative disc disease, spondylolisthesis, abnormal spinal curvatures, and various other spinal conditions. The most commonly used spinal fusion techniques include posterior lumbar interbody fusion (PLIF) surgery and transforaminal lumbar interbody fusion (TLIF) surgery.
Rising incidences of spine degeneration, especially among the geriatric population, and increasing spinal fusion surgeries across the globe have significantly propelled the demand for spinal fusion devices, thereby spurring the global spinal fusion devices market growth. The growing prevalence of spinal deformities, increasing cases of road accidents and falls, rise in the number of hospital admissions due to spinal injuries, and the surging demand for technologically advanced spinal fusion devices and implants are the other vital factors promoting the global market growth. Moreover, the soaring need for minimally invasive spinal surgeries, the emergence of advanced bone grafting techniques, and increased government focus on formulating favorable healthcare insurance policies further fuel global market growth.
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Key Highlights from the Report:
- Based on the product type, the thoracolumbar devices sub-segment, which accounted for a 45.3% market share in 2019, is poised to dominate the global market through the forecast timeframe. The rapidly growing elderly population, rise in demand for improved spinal care, and increasing incidences of lumbar spine degeneration boost the growth of this segment.
- On the basis of surgery, the minimally invasive spine surgery sub-segment is foreseen to record the fastest CAGR of 4.0% over the projected timeline. The escalating demand for minimally invasive surgical procedures and high risks associated with open surgeries are key factors leading to this segment’s growth.
- The Asia Pacific spinal fusion devices market has emerged as the most prominent regional segment in the global market. The regional market growth is mainly accredited to increasing spinal fractures and injuries, the surging adoption of spinal fusion devices across hospitals and ambulatory surgical centers, the growing usage of spinal fusion implants and biologics, and the rising demand for advanced spine navigation tools and surgical robots. The region’s state-of-the-art healthcare infrastructure and increasing medical tourism are other crucial factors bolstering the growth of the market in the Asia Pacific.
- Leading market competitors include DePuy Synthes Companies (Johnson & Johnson Services, Inc.), Medtronic PLC, Zimmer Biomet Holdings, Inc., Orthofix International N.V., Braun Melsungen, Alphatec Holdings, Inc., Neo Medical SA, Globus Medical, Inc., NuVasive, Inc., Stryker Corporation, and Exactech, Inc.
- In October 2020, Spinal Elements, a globally renowned spine technology company in the U.S., expanded its MIS Ultra™ product line, with the launch of the new Lucent ® XP Wide expandable interbody device, indicated for use in the TLIF (transforaminal lumbar interbody fusion) procedure.
- In September 2020, Orthofix Medical Inc., a leading American medical device manufacturer, partnered with Neo Medical SA to develop sterile-packed, single-use solutions for cervical and thoracolumbar spine procedures. The companies said the new products would be specifically designed to augment operating room efficiency, mitigate infection risks, and enhance patient outcomes.
Emergen Research has segmented the global spinal fusion devices market on the basis of product type, surgery, end-user, and region:
By Product Type (Revenue, USD Billion; 2017-2027)
- Cervical Fixation Devices
- Interbody Fusion Devices
- Thoracolumbar Devices
- Biologics
By Surgery (Revenue, USD Billion; 2017-2027)
- Open Spine Surgery
- Minimally Invasive Spine Surgery
By End-user (Revenue, USD Billion; 2017-2027)
- Hospitals
- Specialty Clinics
- Ambulatory Surgery Centers
- Others
By Region (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of Middle East & Africa
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/spinal-fusion-devices-market
