Pune, Nov. 28, 2019 (GLOBE NEWSWIRE) — The global Spinal Fusion Devices Market is projected to reach USD 8.45 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period. A rapidly rising global geriatric population will be a critical factor driving the growth of this market. According to the United Nations, around 16% of the world’s population will be over the age of 65 by 2050. In North America and Europe, close to 25% of the population will be aged. Aged people are highly vulnerable to various kinds of injuries and spinal cord injuries are one of the most common afflictions of old age. For instance, a study published in the Lancet journal showed that in the US, the average age of patients who suffered from spinal cord damage rose from 40 years to 50 years in just two decades. This shows that as geriatric population increases, the risk of spinal cord injuries also rises in tandem, thereby spiking the demand for spinal arthrodesis devices in the long-run.
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According to a new report published by Fortune Business Insights, titled “Spinal Fusion Devices Market Size, Share & Industry Analysis, By Product Type (Cervical Devices, Thoracolumbar Devices, Interbody Devices, and Biologics), By Disease Indication (Degenerative Disc Disease, Complex Deformity, Traumas & Fractures, and Others), By End User (Hospitals & Ambulatory Surgery Centers, Specialty Clinics and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 6.37 billion in 2018. Within the report is also contained an exhaustive evaluation and analysis of the drivers, restraints, and other dynamics that will influence the market in the forecast period. Besides this, the report also provides a macroscopic overview of the general industry trends that will enable businesses to align their strategies with the needs of the market.
A spinal fusion device or implant is an orthopedic surgical mechanism which is used to join or keep in place two or more vertebrae. They consist of interbody devices, biologics, cervical fixation devices, and thoracolumbar fixation devices.
Growing Adoption of Surgical Robots for Spinal Injuries to Prove Favorable for the Market
There is an increasing demand for minimally invasive surgical procedures, prompting many hospitals to adopt robots for performing surgical procedures for the spinal treatments. As a result, manufacturers are now increasingly engaging in developing novel robotic technologies to aid surgeons perform tricky spinal cord surgeries with greater ease and accuracy. Thus, emergence of robotics in healthcare is, therefore, expected to shape the Spinal Fusion Devices Market trends during the forecast period.
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North America to Hold a Commanding Position; Europe to Display Healthy Growth Pattern
With a revenue generation of USD 3.02 billion in 2018, North America is poised to dominate the Spinal Fusion Devices Market share. This will be a result of increasing incidence of chronic pain in the U.S. and a ready adoption of advanced spinal fusion implant devices. In Europe, a rising demand for 3D printed medical devices and a growing proclivity towards minimally invasive procedures will drive the market for spine fusion implants in the continent. Asia-Pacific is anticipated to experience soaring demand for spinal fusion devices owing to the rising prevalence of degenerative spinal disorders and steadily evolving reimbursement policies. In Latin America and the Middle East and Africa, improving healthcare infrastructure will mainly fuel the market for spinal fusion implants in these regions.
Wide Availability of Opportunities to Innovate to Stimulate Competition
The Spinal Fusion Devices Market is set to receive a new influx of energy as competition in this market tightens. Major players are looking to gain momentum in this burgeoning market by increasing their investment in research to launch novel products and diversify their product portfolio.
Key industry developments include:
- August 2019: NuVasive, Inc. commercially launched its Modulus TLIF-A which is a porous titanium spinal implant designed to aid the transforaminal lumbar interbody fusion procedure. This will be the final installment in the company’s Advanced Materials Science product line aimed for all posterior interbody fusion techniques.
- July 2019: Alphatec Spine unveiled its titanium interbody implant system called IdentiTi. The device is engineered for performing anterior lumbar interbody fusion procedures.
Fortune Business Insights identifies some of the prominent competitors in this market:
- DePuy Synthes (Johnson & Johnson Services, Inc.)
- Aesculap, Inc. (B. Braun Melsungen AG)
- Alphatec Spine, Inc.
- RTI Surgical Holdings, Inc.
- Zimmer Biomet
- NuVasive, Inc.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Spinal Diseases – For Key Countries/Regions
- Regulatory Scenario – For Key Countries/Regions
- Reimbursement Scenario – For Key Countries/Regions
- New Product Launches
- Key industry Developments – Mergers, Acquisitions and Partnerships
- Key Industry Trends
- Global Spinal Fusion Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Cervical Devices
- Thoracolumbar Devices
- Interbody Devices
- Market Analysis, Insights and Forecast – By Disease Indication
- Degenerative Disc Disease
- Complex Deformity
- Traumas & Fractures
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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