Spinal Fusion Devices Market Segmentation and Forecast to 2024

Global Spinal Fusion Devices Market: Snapshot

 

The global spinal fusion devices market is expected to display moderate growth in the upcoming years. The growth of this market is primarily driven by the rising number of individuals suffering from back pain and due to the rising incidence of spinal disorders which is mainly age-related and due to sedentary lifestyle. As per statistics of the U.S. Census Bureau, the number of individuals above the age of 65 years is estimated to be over 16.7% of the total population in the country in 2050. This population susceptible to spine disorders and degenerative spine diseases is expected to account for considerable demand for spinal fusion devices in future.

Technological advances and strong focus of market players for product innovation are also key factors acting in favor of the market’s growth.

A report by Transparency Market Research (TMR), forecasts the global spinal fusion devices market to become worth US$10,965.7 mn in 2025 at a CAGR of 4.65% from 2017 to 2025.

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Preference among Patients Accounts for Clinics to Emerge Attractive

 

The global spinal fusion devices market has been segmented on the basis of product type, surgery, end-user, and geography. On the basis of product type, the market has been segmented into thoraco-lumbar fixation devices, interbody fusion devices, and cervical fixation devices. Thoraco-lumbar fixation devices segment is further sub-segmented into lumbar plates, rods, hooks, pedicle screws, and others. Interbody fusion devices comprise non-bone fusion devices and bone fusion devices. Among them, interbody fusion devices segment is anticipated to rise at a significant CAGR during the forecast period, mainly because of efficiency of these procedures, their use in thoraco lumbar fusion procedures and ongoing research and development for advanced interbody fusion implants manufactured of PEEK and titanium.

Based on surgery, the segments into which the global spinal fusion devices market is divided are open surgery and minimally-invasive surgery. Of the two, in 2016, open surgery led the market in terms of revenue. However, the segment of minimally-invasive surgery is anticipated to surpass open surgery segment in terms of growth rate over the forecast period. The growth of minimally-invasive surgery segment is mainly because of rising demand for minimally-invasive surgery as it involves less risk of post-surgery complications and due to strong focus of market players to develop newer products that find applications in minimally invasive surgery.

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In terms of end-user, the market has been classified into hospitals, ambulatory surgical centers, and clinics and orthopedic centers. Vis-à-vis revenue, hospitals segment led the market in 2016 and is anticipated to hold on to its dominant position over the forecast period. However, clinics and orthopedic centers is anticipated to rise at a significant CAGR over the forecast period. The growth of this segment is mainly because of rising demand for minimally-invasive surgeries and preference among patients for clinics as it involves shorter duration of stay.

North America to Continue to Lead in Forthcoming Years

Based on geography, the market has been segmented into five regions, namely North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In 2016, North America led the market on the basis of revenue; going forward, the region is likely to remain dominant over the forecast period. The North America spinal fusion devices market is primarily driven due to a high level of awareness regarding treatments for spine disorders and increasing focus of market players to introduce novel products.

Leading players in the global spinal fusion devices market include Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings Inc., Medtronic plc, K2M Group Holdings Inc., Alphatec Holdings Inc., Exactech Inc., Depuy Synthes, B. Braun Melsungen AG, , and Titan Spine LLC.

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This release was published on openPR.