Spinal fusion is a surgical technique in which one or more vertebrae of the spine are fused to stabilize an unstable portion of one or more vertebral segment, in order to stop the abnormal motion between the vertebrae. A typical fusion procedure involves the implantation of plate or screw fixation system or interbody devices to replace the intervertebral disc between the vertebral bodies to be fused, promoting fusion and increasing stability. Spinal fusion devices are used in several amalgamations in spinal fusion procedures to treat numerous ranges of degenerative spinal disorders and deformities.
The Global Spinal Fusion Devices Market Analysis by BIS Research projects the market to grow at a significant CAGR of 5.40% during the forecast period of 2019 to 2028. The North America region dominated the market in 2018 by acquiring the largest market share.
The spinal fusion devices market growth is majorly driven by factors such as increasing prevalence of spinal disorders including spondylolistheses, scoliosis, and spinal stenosis, the growing geriatric population, and the increasing number of spinal surgeries. However, risks and complications associated with spinal fusion surgeries, product recall, increased regulatory scrutiny, and high initial cost and cost of procedure are some of the restraining factors that are hampering the steady growth of the market.
Market Segmentation
The spinal fusion devices market segmentation (on the basis of product) is further segmented into screw, plates, cages, spacers, and others. The screw segment dominated the market in 2018. The market growth is primarily driven by increasing prevalence of spinal disorders.
The spinal fusion devices market segmentation (on the basis of end-user) is further segmented into hospitals, specialty clinics and ambulatory centers, and others.
The spinal fusion devices market segmentation (on the basis of region) is further segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America led the global spinal fusion devices market in 2018. Increase in healthcare expenditure, growing geriatric population, presence of sophisticated healthcare infrastructure, and high level of awareness about the treatment of spinal disorders promote the growth of spinal fusion devices market in North America.
Key Companies in the Global Spinal Fusion Devices Market
The key manufacturers who have been contributing significantly to the global spinal fusion devices market are: Medtronic, Plc, Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., NuVasive, Inc, Globus Medical Inc., RTI Surgical, Inc, SeaSpine Holdings Corporation, Spine Wave, Inc., Spinal Elements, Orthofix Medical, Inc., and B. Braun Melsungen AG, among others.
Key Questions Answered in this Report:
- What is the estimated global spinal fusion devices market size in terms of revenue from 2018-2028?
• What are the major market drivers, challenges, and opportunities in the global spinal fusion devices market?
• How is each segment of the global spinal fusion devices market expected to grow during the forecast period, and what revenue is expected to be generated by each of the segments by the end of 2028?
• What are the key developmental strategies implemented by the key players to stand out in this market?
• Which product segment is expected to register the highest CAGR for the spinal fusion devices market during the forecast period?
• Which geographical region is expected to contribute to the highest sales of the spinal fusion devices during the forecast period?
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North America Dominates the Spinal Fusion Devices Market
North America leads the global spinal fusion devices market in 2018, Growing geriatric population, sophisticated healthcare infrastructure, and increasing prevalence of spinal disorders in the region promotes the growth of the spinal fusion devices market in North America. North America held the largest market share in 2018 and accounted for over 47.25% of the revenue share owing to presence of sophisticated healthcare infrastructure and high level of awareness about the treatment of spinal disorders.” However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 8.95% from 2019 to 2028. Furthermore, owing to Increasing prevalence of spinal disorders and increasing medical tourism are propelling the growth of the spinal fusion devices in Asia-Pacific.
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