The expected value of the worldwide spinal fusion market in 2023 is US$ 9,945.5 million. Between 2023 and 2033, spinal fusion adoption is anticipated to increase at a 5.4% CAGR, hitting US$ 16,771.8 million by that year.
Spine-level therapeutic options are consistently widening owing to the development of modern spine fusion technologies and advanced techniques. The age group under the geriatric population needs devices that cause less pain and higher compliance which is responsible for market expansion in the projection period.
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There is a widening demand for spinal fusion owing to the rising prevalence of spine-related injuries. There are several patients with multiple spinal diseases such as herniated discs and degenerative disc disease (DDD), spinal devices market growth are used during spinal surgeries to correct a deformity, increase stability and reduce pain. Spinal fusion permanently associates with the need for spinal fusion.
Key Takeaways:
- The worldwide spinal fusion market is predicted to be driven by frequent approvals and drastic product launches of novel spinal fusion products. Spinal anomalies can be caused by smoking, poor diet, excess weight, and other lifestyle factors. It has been analyzed that; the young population is more likely to smoke. The presence of high levels of toxins in cigarette smoke, directly harms the spine’s cartilage, resulting in the early onset of degenerative spinal anomalies that will ultimately lead to the need for spinal surgery. Owing to the aforementioned factors, the demand for equipment utilized in spinal fusion procedures is expected to have high demand during the forecast period.
- The majority of spinal injuries these days have led to preventable events such as automobile accidents, falls, and violence. It has been revealed from the data released by the Indian government that people worldwide are affected by spinal cord injuries (SCI). This is considered one of the major factors fueling the growth of the spinal fusion market.
- Surging usage of minimally invasive procedures is because of the increase in the cases of spinal fusion injuries. In order to accelerate rehabilitation and improve expedited procedures for younger patients, minimally invasive surgeries are expensively growing in popularity.
- In spinal fusion, advanced navigation technology has been utilized in order to guarantee precise component location without any outliers and the associated danger of higher wear and implant failure. This driver is responsible for the increased market demand for spinal fusion throughout the projection period.
- The demand for spinal fusion is on the surge at a global level owing to the surging incidents of spine-related injuries. Spinal fusion is expected to stabilize and decompress the spine including the cervical, lumbar, and thoracic regions. In addition to that, common indications for spinal fusion incorporate spondylolisthesis, scoliosis, and spinal stenosis. This spinal disease assistance by spinal fusion devices for better treatment will increase sales during the assessment period.
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Competitive Landscape:
The market for the production of spinal fusion is expected to be scattered and fragmented all over the globe with several competitors. The key market players are anticipated to employ strategies including collaborations, partnerships, mergers, acquisitions, and new product releases to satisfy consumer demand and increase their client base. Government take initiative to invest in spinal fusion equipment.
Key Companies Profiled:
- Zimmer Biomet Holdings, Inc.
- Stryker Corporation, Inc.
- Exactech, Inc.
- Medtronic Plc
- Johnson & Johnson Services, Inc (Depuy Synthes)
- Wenzel Spine, Inc.
- Centinel Spine, Inc.
- Spineart Geneva SA
- K2M, Inc.
- MicroPort Scientific Corporation
- Integra Lifesciences Holdings Corp
- Orthofix Holdings, Inc.
- Shandong Weigao Group Medical Polymer Company Limited
- Bonovo Orthopedics, Inc.
More Insights into the Spinal Fusion Market:
The U.S. is expected to dominate the global market over the projection period as it accounted for about 88.6% of the market share in 2021. The global spinal fusion market is expected to expand in the U.S. market attributed of the high prevalence of spinal cord injuries.
Germany is the second largest market to hold around 23.8% of the global market in 2021. The rising obesity rates in Germany, it has caused Germans to live 2.6 years shorter on average. This is one of the major driving factors propelling the demand for the spinal fusion market in Germany.
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Key Segments Covered in Spinal Fusion Market Research Report:
By Product:
- Interbody Cages
- Pedicel Screws and Rods
- Spinal Fusion Plates
By Procedure:
- Posterolateral Fusion
- Interbody Fusion
- Anterior Lumbar Interbody Fusion (ALIF)
- Extreme Lateral Interbody Fusion (XLIF)
- Posterior Lumbar Interbody Fusion (PLIF)
- Transformational Lumbar Interbody Fusion (TLIF)
- Others
By End User:
- Hospitals
- Speciality Clinics
- Ambulatory Surgical Centers
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