Global spinal fusion devices market was valued at $5,867 million in 2015, and is projected to reach $7,435 million by 2022, growing at a CAGR of 3.4% from 2016 to 2022.
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Spine fusion devices are used to treat the disorders associated with the spine. These devices restore the functionality and maintain the normal alignment of the spine. Spine fusion devices are categorized into thoracolumbar devices, cervical fixation devices, and interbody fusion devices.
The global spinal fusion devices market is driven by factors such as advent of minimally invasive spine surgery techniques and rise in incidence of spinal disorders. In addition, surge in geriatric population is anticipated to fuel the demand for spinal fusion devices, globally. However, unfavorable reimbursement scenario and stringent regulatory approval process hamper the market growth.
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The thoracolumbar fusion devices segment generated the highest revenue in the global market, and accounted for more than two-fifths share of the global market. In addition, the interbody fusion devices segment is expected to grow at a CAGR of 3.6% during the forecast period.
Key Findings of the Spinal Fusion Devices Market
- The interbody fusion devices segment is expected to grow at a CAGR of 3.6%, owing to the ability to conduct spinal fusion with less post-operative discomfort.
- The non-bone interbody fusion devices segment accounted for more than two-thirds share of the global interbody fusion devices market in 2015.
- France and Germany jointly accounted for almost two-fifths share of the European spinal fusion devices market in 2015.
- Japan was the major shareholder in the Asia-Pacific spinal fusion devices market, accounting for more than one-third share in 2015.
- The spinal fusion market in India is poised to grow at a CAGR of 6.2% during the forecast period.
North America accounted for the majority revenue share in 2015, and is expected to maintain this trend during the forecast period. However, the Asia-Pacific region is projected to grow rapidly, registering a CAGR of 4.6% during the forecast period. Improving healthcare infrastructure and increase in expenditures in the emerging markets, such as India and China, to cater to the unmet medical needs in these countries have bolstered the market growth.
The key players in the spinal fusion devices market have focused on expanding their business operations in the fast-growing economies by adopting the product launch strategy. The major companies profiled in the report include Alphatec Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic plc, NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.