According to QY Research Medical, the spinal fusion devices market size is expected to reach $11,434.1 million by 2030 and growing at a registered CAGR of 4.6% from 2021 to 2030.
According to QY Research Medical, the spinal fusion devices market size is expected to reach $11,434.1 million by 2030 and growing at a registered CAGR of 4.6% from 2021 to 2030.
Growth of the market is driven by increase in geriatric population and rise in incidences of spinal disorders. Spinal fusion devices are used for treatment of spinal deformities such as degenerative disc disease and spondylolisthesis. Growth of the market is driven by increase in geriatric population and rise in incidences of spinal disorders. In addition, expansion in indications for which spinal fusion surgery is performed boosts the market growth. For instance, originally spinal fusion was performed solely for scoliosis and spinal tuberculosis, however, there are 14 conditions for which spinal fusion procedure is currently indicated. In addition, in 2020 there were 1,53,288 anterior cervical discectomy and fusions were performed in the U.S and the volume is expected to increase by 13.3% by 2040.
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Spinal disorders such as spinal stenosis is the most common problem in men and women over 50 years. Ageing population is at a high risk for spinal impairments, including those with comorbidities and/or compromised immunity. Spine level treatment options are continuously evolving with introduction of new age spine fusion and devices. Further, use of these implants and devices is being one of the effective and recommended options for treatment of spine misalignments or degenerative changes. Major factor that contributes toward growth of the spinal fusion devices market include shift toward minimally invasive spins procedures, increase in prevalence of spinal disorders, and advancements in spine surgery. Spinal fusion devices market forecast from 2020 to 2030.
Asia-Pacific possesses high market potential for spinal fusion devices, owing to rise in incidences of spinal disorders and increase in healthcare expenditure. Furthermore, rapidly aging population, low cost of spinal procedures in countries such as India as compared developed countries such as the U.S. have further increased demand for spinal implants. Spinal surgery is performed at over 2,000 hospitals in India, with complex and sophisticated surgeries such as microscopic spine surgery being performed in at least 500 multi-faculty spinal surgery hospitals and super specialty hospitals. Therefore, the aforementioned factors are projected to propel demand for spinal fusion devices.
Major players such as Alphatec Holdings, Inc., B.BarunMelsungen AG, and Stryker Corporation. are adopting acquisition strategy to improve their product portfolio to maintain competition in the market. For instance, in December 2020, Alphatec entered into an agreement to acquire EOS imaging, S.A., which is globally recognized for biplanar full body imaging and 3D modeling capabilities. This acquisition aims to improve the inventory efficiency and product portfolio. Such instances are expected to provide lucrative opportunities for major players for growth of the market. Spinal fusion devices market size are reported from 2020 to 2030.
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The coronavirus disease (COVID-19) has spread across the globe. Further, owing to increase in number of corona virus patients, governments have imposed several rules and lockdown across the globe, which has resulted into closure of manufacturing and production operations of companies operating in the spinal fusion devices market. In addition, hospitals have also independently announced reduction, postponement, or cancelation of elective surgeries, including many orthopedic and spine cases as practitioners and surgeons are engaged in treating corona patients. This discontinuity in proceedings of business operations and other related procedures directly influences revenue drift of the market. Therefore, the aforementioned factors are expected to hamper the spinal fusion devices market growth.
However, unfavorable reimbursement scenario and stringent regulatory approval procedure of these devices are expected to limit the market growth. On the contrary, emerging markets are expected to drive demand for spinal implants and devices. In addition, advancements in augmented and virtual reality, endoscopic surgery, and 3D printed implants for minimally invasive surgery is also expected to fuel the market growth.
The global spinal fusion devices market is segmented into product, surgery, and end user. By product, the market is divided into thoracolumbar devices, cervical fusion devices, and interbody fusion devices. Thoracolumbar devices having the largest share for spinal fusion devices industry.
By surgery, it is classified into open spine surgery and minimally invasive spine surgery. By end user it is divided into hospitals, specialty clinics, and others. Hospitals segment having the largest spinal fusion devices market share.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to hold the highest market share during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the spinal fusion devices market analysis from 2020 to 2030 to identify the prevailing spinal fusion devices industry opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Spinal fusion devices market opportunity are reported from 2020 to 2030.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the spinal fusion devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global spinal fusion devices market trends, key players, market segments, spinal fusion devices market size, application areas, and market growth strategies.
Key Market Segments
- By Type
- Cervical Fixation Devices
- Interbody Fusion Devices
- Thoracolumbar Devices
- By Surgery
- Minimally Invasive Spine Surgery
- Open Spine Surgery
- By End User
- Hospitals
- Specialty Clinics
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- Spain
- Rest of Europe
- Asia-Pacific
- Rest Of Asia Pacific
- China
- Japan
- India
- South Korea
- LAMEA
- Rest of Latin America
- Middle East
- Africa
- North America
Key Market Players
- Zimmer Biomet Holdings, Inc.
- Alphatec Holdings Inc
- B. Braun Melsungen AG
- ExactechInc
- Globus Medical Inc
- Johnson & Johnson
- Medtronic Plc
- NuvasiveInc
- Orthofix International N.V.
- Stryker Corporation
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