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Growth factors Spinal fusion devices market analysis

David by David
March 9, 2023
Home Uncategorized

Spinal fusion is a neurosurgical or orthopedic surgical treatment that binds two or more vertebrae together. To stop any movement between the fused vertebrae, the fusion procedure is performed at the cervical, thoracic, or lumbar spine levels. There are numerous spinal fusion treatment options that use allograft or bone grafting.

In 2021, the market for spinal fusion devices was worth USD 6.86 billion, and by 2030 it will be worth USD 9.63 billion, growing at a 3.83% CAGR during the forecast period.

The market for spinal fusion devices is expanding as a result of several key causes, including an increase in the number of invasive surgeries performed to treat injuries sustained in accident or trauma cases and an aging global population.

Market Dynamics

Drivers

Due to different lifestyle factors like nutrition and smoking, the number of people with spinal diseases is rising. The NCBI estimates that spinal diseases affect 28.1% of people worldwide. As the number of seniors and those with spinal problems rises, the market trend for spinal fusion devices has changed in a good direction.

The rising use of surgical robots for spinal fusion aids in the upward trending growth of the world market for spinal fusion equipment. Because they are more successful at minimally invasive surgery, surgical robots are in higher demand. A study found that 80% of patients were happy with the outcome of a minimally invasive transforaminal lumbar interbody fusion, with a success rate between 60% and 70%.

Restraints

Expensive procedures and equipment severely constrain the industry’s expansion. The average cost of a spinal fusion surgery ranges from $14,000 to $150,000. An NCBI study found that posterior or transforaminal lumbar interbody fusion costs $ 66,000, and anterior lumbar interbody fusion costs roughly $76,000.

Opportunity 

Throughout the forecast period, prominent market participants will launch more products. For instance, Spine Wave reported in December 2021 that the Defender Anterior Cervical Plate and the Stronghold C 3D Titanium Interbody Device, including TiCell 3D advanced surface technology, had been released immediately. During anterior cervical fusion procedures, fixation is provided by the Defender Anterior Cervical Plate, a titanium plate and screw system.

Market Segmentation

By Product

In 2020, the thoracolumbar devices segment ruled the entire market with a more than 55% revenue share. The need for thoracolumbar devices has increased because of the rising incidence of spinal problems like severe kyphosis, spinal stenosis, and vertebral fracture. A study found that between 250,000 and 500,000 Americans, or 1 in 1000 persons over 65 and 1 in 200 people over 50, exhibit symptoms of spinal stenosis.

By Disease Type

In 2020, the degenerative disc category ruled the market with a revenue share of over 42.0%. The primary factors driving the category are an increase in older population and growing reasons for lower back and neck discomfort in adults. The expansion of sports and daily activities will also boost segment growth.

By Surgury

In 2020, the minimally invasive surgery segment led the entire market with the largest revenue share of nearly 64%. People believe open spine surgery is more painful, requires more anesthesia, has a longer recovery period, and has a higher chance of complications. After open spine surgery, patients need three to four months to recuperate entirely, but following minimally invasive spine surgery, they can return to normal activities in just two weeks.

By End-User

With a revenue share of more than 57.0% in 2020, hospitals controlled the market for spinal fusion devices. One of the variables influencing the segment is the rise in hospital spinal procedures. The demand for high-quality healthcare services provided by hospitals is rising as a result of expanding government attempts to upgrade the healthcare infrastructure and an expanding middle-class population in developing countries like India, supporting sector growth.

Regional Overview 

In 2020, North America held the greatest revenue share of over 41.0% in the market for spinal fusion devices. A number of important variables, including an aging population, an increase in spinal disorders, and an increase in sports injuries and fatal accidents, are driving the need for spinal fusion devices in North America. Also, the region’s developed healthcare infrastructure will fuel market expansion. Moreover, advancements by major companies are anticipated to spur market expansion by creating enormous unrealized potential.

Asia Pacific will witness rapid spinal fusion device market growth due to a surge in medical tourism and government initiatives. Also, the region’s expanding target population increases the danger of joint and spinal conditions.

Key Players 

  • SeaSpine
  • Globus Medical
  • DePuy Synthes (a subsidiary of Johnson & Johnson, Inc.)
  • Braun Melsungen AG
  • Orthofix Medical, Inc.
  • Medtronic
  • Zimmer Biomet
  • NuVasive, Inc.
  • Spine Wave, Inc.
  • ATEC Spine, Inc.
  • Stryker
  • Captiva Spine, Inc.
  • Xtant Medical Holdings, Inc.
  • Spineology
  • Spinal Elements, Inc.

In 2021, the market for spinal fusion devices was worth USD 6.86 billion, and by 2030 it will be worth USD 9.63 billion, growing at a 3.83% CAGR during the forecast period. Spondylolisthesis, scoliosis, spinal stenosis, degenerative disk disease, fractured vertebra, and other conditions are all treated effectively with spinal fusion. It is becoming more popular because of improvements in surgical instruments and spinal fusion therapy.

Related Reports:

Single-use Bioprocessing Market Report -The global single-use bioprocessing market will witness a robust CAGR of 15.86%, valued at $14.83 billion in 2021, expected to appreciate and reach $55.78 billion by 2030, confirms Strategic Market Research. As a result, the SMR Report covering market Forecast suggests that the market size will likely reach around USD 55.78 billion by 2030. North America held the most significant portion of the market share in 2021.

Author Bio:

This is Aryan, I am a professional SEO Expert & Write for us technology blog and submit a guest post on different platforms- Technoohub provides a good opportunity for content writers to submit guest posts on our website. We frequently highlight and tend to showcase guests

Tags: Spinal fusion
David

David

I am a professional writer and blogger. I’m researching and writing about innovation, Blockchain, technology, business, and the latest Blockchain marketing trends.

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