According to the report, the global spinal fusion devices market was pegged at $5.87 billion in 2015 and is expected to garner $7.44 billion by 2022, growing at a CAGR of 3.4% during the forecast period.
Rise in geriatric population, increase in prevalence of spinal disorders, and shift toward invasive spine procedures are the major drivers of the global spinal fusion devices market. However, high initial cost and unfavorable reimbursement scenario hamper the market. On the contrary, emerging markets are expected to create lucrative opportunities in the near future.
Global spinal fusion devices market is divided on the basis of product, surgery, and geography. Based on product, the market is segmented into thoracolumbar devices, cervical fusion devices, and interbody fusion devices. The thoracolumbar fusion devices segment held the largest share in 2015, contributing more than two-fifths share of the global market. However, the interbody fusion devices segment is projected to manifest the fastest CAGR of 3.6% during the forecast period.
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The interbody fusion devices segment is further divided into non-bone interbody fusion devices and bone interbody fusion devices. The non-bone interbody fusion devices segment held more than two-thirds of the total market share in 2015. On the basis of surgery, the market is divided into open spine surgery and minimally invasive spine surgery.
Based on geography, the market is segmented into North America, Asia-Pacific, Europe, and LAMEA. North America region held the largest share in 2015 and is estimated to maintain its trend throughout the market period. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 4.6% during the forecast period, owing to improving healthcare infrastructure and rise in expenditure in developing the market. Additionally, Japan was the major shareholder in the Asia-Pacific market and contributed about one-third of the total region share. The growth of the market in India is expected to grow at a rate of 6.2% during the forecast period. Moreover, France and Germany collectively accounted for nearly two-fifths of the total European spinal fusion devices market in 2015.
Global spinal fusion devices market report includes an analysis of the major market players such as Alphatec Holdings, Inc., Depuy Synthes (Johnson & Johnson), B. Braun Melsungen AG, Globus Medical, Inc., Exactech, Inc., NuVasive, Inc., Medtronic plc, Stryker Corporation, Orthofix International N.V., and Zimmer Biomet Holdings, Inc.
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