The market for Spinal Fusion Market is expected to reach US$ XX Bn by 2027.
The global spinal fusion market is growing competently and is expected to grow at a CAGR of 5.8%. Worldwide, increasing open and minimally invasive spine surgeries have significantly increased the revenue of spinal fusion devices. Growing geriatric populations are more vulnerable to spine disorders; increasing incidences of fracture, trauma, deformity, tumor, scoliosis and degenerative spine disorders globally will enhance the growth of the global spinal fusion market. Innovative product launches, along with improvements in anterior and posterior spinal fusion procedures, are factors driving the growth of the market.
The utilization of bioabsorbable materials is becoming popular owing to their superior properties of being absorbed into the human body over time. Moreover, this eradicates repeat surgical procedures necessary to remove the implant after the bones have recovered fully. Pedicle screw systems and rods will show significant growth. Increased lumbar fusion and cervical fusion rates will further spur revenue growth during the forecast period. The new launch of advanced plating systems, interbody cages, hook fixation systems, and other products with enhanced structural stability and integrity will drive the demand for open surgeries. Additionally, a wide range of spine products for deformity, minimally invasive surgery, lumbar degenerative, cervical, biomaterials, and vertebral body augmentation and replacement will further spur revenue growth during the forecast period.
Adult degenerative scoliosis, adult lumbar spondylolisthesis, broken vertebrae, herniated disc, and instability from conditions such as arthritis and spinal weakness will enhance the growth of anterior and posterior interbody fusion procedures globally. Even though the procedure is most commonly performed for the lumbar area, thoracic and cervical vertebrae can also be treated in cases of accidents. Other spinal-related conditions recommended by surgeons comprise spinal tumors, degenerative disc disease, vertebral fractures, and spondylosis. Increasing road accidents, an aging population, heavy investment in the multispecialty hospital infrastructure, and rising incidences of spinal cord injuries will drive the market growth globally.
According to the National Spinal Cord Injury Statistical Center, in the U.S., the number of individuals living with spinal cord injury is currently estimated to be around 288,000, with a range of 240,000 to 350,000 individuals. In 2018, North America generated the largest revenue share in the spinal fusion market due to an increase in the technological expansion of spinal fusion procedures and increased awareness about minimally invasive surgery. Product expansion in developing nations (mainly in the Asia Pacific), a higher patient pool for spinal-related disorders, the low cost of surgery, and medical tourism will drive the product segment during the forecast period.
Major players in the spinal fusion market are Zimmer Biomet, Johnson & Johnson Services, Inc., Stryker, Orthofix Holdings, Inc., B. Braun Melsungen AG, RTI Surgical Holdings, Inc., Life Spine, Inc., MicroPort Scientific Corporation, Integra LifeSciences, NuVasive, Inc., Exactech, Inc., K2M Group Holdings, Inc., Titan Spine LLC, and others. Major manufacturers are focused on producing top-quality bioabsorbable products. Partnership agreements, new product launches, acquisitions, and improved R&D will increase the expansion of the spinal fusion market in emerging nations in the near future.
This study report represents an analysis of each segment from 2017 to 2027, considering 2018 to be the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.
The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall spinal fusion market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
The market for Spinal Fusion Market is expected to reach US$ XX Bn by 2027.
The Spinal Fusion Market is expected to see significant CAGR growth over the coming years, at 5.8%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Johnson & Johnson Services, Inc., Stryker, Orthofix Holdings, Inc., B. Braun Melsungen AG, RTI Surgical Holdings, Inc., Life Spine, Inc., MicroPort Scientific Corporation, Integra LifeSciences, NuVasive, Inc., Exactech, Inc., K2M Group Holdings, Inc., Titan Spine LLC, are some of the major players in the global market.