The rise in demand for Global Spinal Fusion Devices is primarily attributed to the rising prevalence of spinal disorders such as degenerative disc disorders, spondylolisthesis, disc herniation, spinal stenosis among the growing old-age population worldwide, increase in demand for minimally invasive surgeries. In addition, technological advancement in the product line, and new product launches among others are also expected to drive the Spinal Fusion Devices market. It is anticipated that Global Spinal Fusion Devices market will grow at a CAGR of 4.57% during the forecast period from 2021 to 2026 to reach USD 8.08 billion by 2026.
DelveInsight’s Spinal Fusion Devices Market Insights and Forecast report provides the current and forecast Spinal Fusion Devices Market, upcoming innovation in the devices, individual market shares, challenges, drivers, and barriers, market growth trends, and key competitors in the Spinal Fusion Devices Market.
Spinal Fusion also called spondylodesis or spondylosyndesis is a neurosurgical or orthopedic surgical technique that joins two or more vertebrae. Now, Spinal Fusion Devices aim to connect two or more vertebrae in the spine to improve stability, correct a deformity or reduce pain. This procedure can be performed at any level in the spine (cervical, thoracic, or lumbar) and prevents any movement between the fused vertebrae.
Geographically, the Global Spinal Fusion Devices market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share North America currently leads the global market and is expected that it will remain constant during the forecast period. This domination is due to the improved healthcare infrastructure, favorable reimbursement scenario in the region. Further, in the United States, the rising prevalence of low back pain (LBP) among the population is expected to boost the Spinal Fusion Devices market in the region.
Moreover, the presence of key market players and rising spinal fusion surgeries in the region is also expected to bolster the Spinal Fusion Devices market. For instance, in March 2021, Aurora Spine Corporation successfully launched its Proprietary SiLO™ Posterior SI Joint Fusion System.
Recent Updates in the Spinal Fusion Devices Market
- In August 2020, Orion Biotech Inc. received the US Food & Drug Administration (FDA) approval for Thoracolumbosacral Pedicle Screw System intended to provide posterior, non-cervical immobilization and stabilization of spinal segments in skeletally mature patients as an adjunct to fusion in the treatment of the following acute and chronic instabilities or deformities of the thoracic, lumbar, and sacral spine.
- In 2019, Medtronic launched the Mazor X Stealth (TM) Edition for Robotic-Assisted Spine Surgery.
- In September 2020, Orthofix Medical Inc. and Neo Medical SA announced a partnership and investment agreement to develop and market innovative outcome-driven procedural solutions.
- In September 2020, Royal Biologics acquired FIBRINET. The acquisition comes as part of Royal Biologics’ strategic initiative to add novel technologies to its growing portfolio of autologous and live cellular solutions to support orthopedic and spinal fusion.
- In July 2020, Zavation Medical Products, LLC. launched Z-Span Expandable Anterior and Lateral Lumbar Plates.
- In April 2018, the Australian Government announced changes to Medicare-funded spinal surgery services by introducing new rules to ensure consistent and appropriate claiming.
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Some of the leading Spinal Fusion Devices companies include Medtronic, Johnson & Johnson Services, Inc., Zimmer Biomet, Stryker, B. Braun Melsungen AG, NuVasive®, Inc., Orthofix Medical Inc., XTANT MEDICAL, and others.
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Spinal Fusion Devices Market Dynamics
Spinal Fusion surgery is used to rectify disorders related to small bones in the spine. The procedure involves the fusion of two or more vertebrae in the vertebral column for the treatment of degenerative discs, fractured vertebra, spondylolisthesis, disc herniation, and spinal canal stenosis, among others. In recent years, the number of spine fusion surgeries has gradually increased. This is owing to the rising prevalence of various spine-associated deformities caused primarily due to aging, road traffic crashes falls, or violence which all are expected to increase the growth of the Spinal Fusion Devices Market. Furthermore, the rising burden of the geriatric population across the globe is also expected to contribute to the Spinal Fusion Devices market growth. This is because the old population is more susceptible to developing spine-associated disorders and ailments.
In addition, increasing demand for minimally invasive spine fusion surgeries due to advantages such as smaller incisions, less muscle damage, decreased blood loss, and length of hospital stay following surgery in comparison to the standard open approach will also contribute to the Global Spinal Fusion Devices market during the forecasted period.
Certain factors such as stringent regulation for the spinal devices, and few product recalls may pose a minor hurdle for the growth of the Spinal Fusion Devices market.
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Scope of the Spinal Fusion Devices Market Report
- Coverage: Global
- Study Period: 2021-2026
- Market Segmentation By Product Type – Thoracolumbar Devices, Cervical Devices, and Interbody Fusion Devices
- Market Segmentation By Indication – Degenerative Disc Disorders, Complex Deformity, Trauma & Fractures, and Others
- Market Segmentation By End-User– Hospitals, Orthopedic Clinics, and Others
- Market Segmentation By Geography – North America, Europe, Asia-Pacific, and Rest of the World
- Key Spinal Fusion Devices Companies – Medtronic (NYSE: MDT), Johnson & Johnson (NYSE: JNJ), Zimmer Biomet (NYSE: ZBH), Stryker (NYSE: SYK), B. Braun Melsungen AG, NuVasive® (NASDAQ: NUVA), Orthofix Medical Inc. (NASDAQ: OFIX), XTANT MEDICAL (NYSEAMERICAN: XTNT), and others.
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Delveinsight Analysis: Global Spinal Fusion Devices Market was valued at USD 6.21 billion in 2020, growing at a CAGR of 4.57% during the forecast period from 2021 to 2026 is expected to reach USD 8.08 billion by 2026.
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Table of Contents
|1||Spinal Fusion Devices Market Report Introduction|
|2||Spinal Fusion Devices Market Executive summary|
|3||Spinal Fusion Devices Market Regulatory and Patent Analysis|
|4||Spinal Fusion Devices Market Key Factors Analysis|
|5||Spinal Fusion Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Spinal Fusion Devices Market|
|7||Spinal Fusion Devices Market Layout|
|8||Spinal Fusion Devices Market Global Company Share Analysis – Key 3-5 Companies|
|9||Spinal Fusion Devices Market Company and Product Profiles|
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