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  • Spinal Fusion Devices Market Growth Analysis | 2022-2023

    Spinal Fusion Devices Market Growth Analysis | 2022-2023

    Spinal Fusion Devices Market Growth Analysis | 2022-2023
    Report code - SR2541 Delivery - 2 Weeks
    Spinal Fusion Devices Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysi See more...

    "The spinal fusion devices market was valued at US$ 6.9 billion in 2022 and is projected to reach US$ 9.07 billion by 2028, growing at a CAGR of 4.64% during the forecast period".

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    Market Dynamics

    Introduction

    Spinal fusion devices are used in spinal surgeries. Degenerative Disc Disease (DDD) and herniated disc are some spinal diseases for which spinal surgeries take place across the world. In the United States, there are ~17,000 new cases of spinal cord injury each year, and approx. ~282,000 persons are estimated to be living with spinal cord injury.

    Spinal Fusion Devices Market Report Overview

    Market Size in 2022

    USD 6.9 billion

    Market Size in 2028

    USD 9.07 billion

    Market Growth (2022-2028)

    4.64% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

     

    Market Drivers

    Spinal fusion devices are implanted into the spinal cord during surgery in injured patients. The global spinal fusion devices market is witnessing growth over the forecast period. Some of the key drivers influencing the market growth are the aging world's population as a result of declining birth rates and improving life expectancy.

    The demographic shift of populations toward aging indicates an increasing demand for therapy of spine disorders such as spinal nerve issues, osteoporosis, neck pain, low back pain, chronic back pain, and spondylolisthesis.

    Spinal fusion devices are also used in fusion treatment and anterior cervical discectomy to reduce chronic neck and back pain. Moreover, disc replacement is a key factor driving the market growth. The disc replacement process includes bone grafting which means removing or replacing a damaged spinal disc with an artificial disc.

    Additional factors contributing to the growth of the spinal fusion devices market are advancements in spine surgery, the increase in the prevalence of spinal disorders, and the shift towards minimally invasive spine procedures. However, the high cost of spinal fusion surgeries and lack of awareness in underdeveloped areas are some key challenges in the global marketplace.

    Spinal stenosis is the most common spinal disorder in men and women in 50+ years. The geriatric population, co-morbidities, and/or compromised immunity are at high risk for spinal impairments. Spine-level treatment options are witnessing technological developments with novel age spine fusion and devices. Also, the use of these devices and implants is one of the most effective recommended options for the treatment of spine degeneration and misalignments.

    COVID-19 Impact:

    The COVID-19 pandemic impacted the revenue generation of spinal fusion device manufacturers around the globe. The sales impact of manufacturers is due to prolong lockdown implemented globally and halted supply chains across the globe. This impacted the overall market negatively. Hospitals have also announced cancelation, postponement, and reduction of elective surgeries, including many spine and orthopedic cases, resulting in discontinuity of business operations and other related procedures that directly influence the revenue generation of the spinal fusion devices market.

    Segment Analysis

    By Product Type

    "Thoracolumbar devices segments hold the largest share for spinal fusion devices industry"

    The market is divided into thoracolumbar devices, cervical fusion devices, interbody fusion devices, and Biologics. Studying the spinal fusion devices market shows that thoracolumbar device segments hold the largest share of the spinal fusion devices industry.

    By End-User Type

    "Hospitals segment holds the dominant position in the global spinal fusion devices market"

    The market is segmented into hospitals, specialty clinics, and others. In this market, the Hospitals segment holds the dominant position in the global spinal fusion devices market. 

    By Surgery Type

    The open surgery segment is witnessing a decline in overall revenue generation over the forecast period. Open surgery has many side effects such as high invasiveness, and increased operational time which may result in excessive blood loss posing a high risk of infection or damage to normal tissues.

    Regional Analysis

    "Asia-Pacific spinal fusion devices market possesses a high share in the global market"

    Asia-Pacific spinal fusion devices market possesses a high share in the global market. The regional dominance is attributed to constant growth in healthcare expenditure coupled with a rise in incidences of spinal disorders in the region. Also, the region witnesses a rapid growth of the geriatric population in China and India along with the low cost of spinal procedures in the same countries as compared to developed countries across the globe. India witnessed a significant number of spinal surgeries. As per the data, spinal surgeries are performed in over 2,000 hospitals in India, with complex and sophisticated surgeries such as microscopic spine surgery.

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    Market Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.

    By Type

    • Thoracolumbar Device
    • Cervical Fixation Device
    • Interbody Fusion Devices and Biologics

    By Surgery Type

    • Minimally Invasive Spine Surgery
    • Open Spine Surgery

    By End-User Type

    • Hospital
    • Specialty Clinic
    • Other

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Key Players

    The following are the key players in the Spinal Fusion Devices Market (arranged alphabetically)

    • Abbott (US)
    • Alphatec Holdings, Inc. (US)
    • ATEC Spine, Inc. (US)
    • Boston Scientific Corporation (US)
    • Captiva Spine, Inc. (US)
    • Exactech, Inc. (US)
    • Globus Medical (US)
    • GPC Medical Ltd. (India)
    • Integra LifeSciences (US)
    • Jayon Implants (India)
    • Medtronic (US)
    • Meditech Spine, LLC (US)
    • Norman Noble, Inc. (US)
    • Orthofix Medical Inc. (US)
    • Stryker Corporation (US)
    • Spine Wave, Inc. (US)
    • SINTX Technologies, Inc. (US)
    • Tecomet, Inc. (US)
    • Wenzel Spine (US)
    • Xtant Medical (US)
    • Zimmer Biomet (US)

    The global spinal fusion devices market is fairly fragmented in the competitive landscape. The market witnessed the presence of various large and medium-sized players accounting for a significant share of global market revenue. Major players are adopting various competitive strategies to improve their product portfolio and to maintain competitiveness in the global marketplace. For instance:

    • In December 2020, Alphatec announced the acquisition of EOS Imaging, S.A., a company that deals in biplanar full-body imaging and 3D modeling. This acquisition focused on improving the portfolio and inventory efficiency of Alphatec.
    • In February 2021, NuVasive acquired Simplify Medical, a privately held company and developer of the Simplify Cervical Artificial Disc for cervical total disc replacement (cTDR) for  US$ 150 million to expand its cervical spine technology portfolio. 
    • In March 2021, IMPLANET acquired a majority stake in Orthopedic & Spine Development (OSD) specializing in spine surgical implants. This acquisition will allow IMPLANT to create a benchmark in orthopedic surgery in France.

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides intelligence most fully. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Spinal Fusion Devices Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the lithium-ion battery market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Spinal fusion devices are used in spinal surgeries. Degenerative Disc Disease (DDD) and herniated disc are some spinal diseases for which spinal surgeries take place across the world.

    The market is expected to grow at a CAGR of 4.64% during 2022-2028.

    The market size was estimated at US$ 7.03 billion in 2020 and is projected to reach US$ 10.20 billion by 2028.

    Some major players included in the global spinal fusion devices market report are: Medtronic (US), Stryker Corporation (US), Zimmer Biomet (US), Globus Medical (US), Exactech, Inc. (US), Orthofix Medical Inc. (US), ATEC Spine, Inc. (US), Integra LifeSciences (US), Norman Noble, Inc. (US), Xtant Medical (US), Spine Wave, Inc. (US), Captiva Spine, Inc. (US), Wenzel Spine (US), Jayon Implants (India), Tecomet, Inc. (US), SINTX Technologies, Inc. (US), Abbott (US), Meditech Spine, LLC (US), Boston Scientific Corporation (US), Alphatec Holdings, Inc. (US), GPC Medical Ltd. (India).

    Asia-Pacific spinal fusion devices market possesses high share in the global market.

    The global spinal fusion devices market is witnessing a growth over the forecast period. Some of the key drivers influencing the market growth are aging world's population as a result of declining birth rates and improving life expectancy.