Increasing numbers of spinal disorders, growing geriatric population, and increasing advancements in surgical technology are some key factors expected to drive market growth
According to Emergen Research, the global spinal fusion devices market size was USD 6.88 billion in 2019 and is expected to reach USD 8.90 Billion in 2027 and register a revenue CAGR of 3.5% during the forecast period, 2020-2027.
Spinal fusion is a procedure that permanently joins two or more vertebrae in your spine, preventing them from moving. In medical terms, spinal fusion is referred to as arthrodesis, anterior spinal fusion, posterior spinal fusion, and vertebral interbody fusion. The procedure of spinal fusion is used to treat or improve the symptoms of a variety of spinal disorders. The treatment eliminates movement between the two treated vertebrae. Although this reduces flexibility, it is beneficial in the treatment of spinal disorders such as degenerative disc disease, tumors, spinal stenosis, herniated discs, kyphosis and many others. Increasing incidence of spinal disorders due to unhealthy lifestyles and increasing awareness regarding effectiveness of spinal fusion treatments are factors expected to drive market revenue growth during the forecast period.
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In addition, advancements in spine fusion surgical procedures, increasing adoption of minimally invasive spine surgeries, and rising incidence of spinal deformities are some other factors expected to positively impact revenue growth of the market over the forecast period. However, high cost of spinal fusion surgery, stringent government regulations regarding the use of devices in surgical procedures and complications in surgeries are some factors expected to restrain market revenue growth over the forecast period. Complications in spinal fusion surgery include infection, bleeding, blood clots, poor wound healing, injury to blood vessels around the spine, and pain in the area from which the bone graft is taken.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Minimally Invasive Spine Surgery Segment Revenue to Expand at a Rapid CAGR:
Minimally invasive spine surgery segment is expected to register a rapid revenue CAGR over the forecast period due to its growing popularity and numerous advantages as compared to open surgery. Minimally invasive spine surgery leads to lesser discomfort, shorter hospital stay, less muscle and soft tissue damage, less post-operative pain, and speedier recovery as compared to traditional open back surgery. Large muscle dissection are used in conventional surgery, which promotes spread of bacteria, causing infection. Minimally invasive procedures uses smaller incisions which prevent infections and allow patients to heal faster.
Hospitals & Ambulatory Surgery Centers to Register Significant Revenue Growth:
Hospitals & ambulatory surgery centers segment is expected to register significant revenue growth over the forecast period owing to favorable government and private health insurance coverage policies for spinal treatments, adoption of advanced surgical technology, presence of skilled spine surgeons, and growing popularity of surgical robots for spine fusion surgeries.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing need for spine care, growing geriatric population, and availability of technologically advanced healthcare systems. In addition, favorable health reimbursement policies, growing medical tourism and increasing incidence of spine disorders are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Braun Melsungen
- Alphatec Holdings, Inc.
- Exactech, Inc.
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.)
- Medtronic PLC
- Globus Medical, Inc.
- NuVasive, Inc.
- Stryker Corporation
- Orthofix International N.V.
- Zimmer Biomet Holdings, Inc.
For the purpose of this report, Emergen Research has segmented the spinal fusion devices market on the basis of product, surgery, end use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Cervical Fixation Devices
- Thoracolumbar Devices
- Interbody Fusion Devices
Surgery Outlook (Revenue, USD Billion; 2017-2027)
- Minimally Invasive Spine Surgery
- Open Spine Surgery
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Specialty Clinics
- Hospitals & Ambulatory Surgery Centers
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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