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 2015 at a CAGR of 4.65% from 2017 to 2025.
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.
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.
Global Spinal Fusion Devices Market: Overview
Spinal fusion can be defined as the orthopedic procedure which involves the fusion of two or more vertebrae to restrict the movement of the affected vertebrae and to reduce the pain suffered by the patient. A range of spinal fusion procedures are performed covering the thoracic, lumbar, and cervical areas of the spine.
The research is a combination of primary and secondary research, conducted for understanding and arriving at trends, used to forecast the expected revenue of spinal fusion devices employed in the near future. Primary research formed the bulk of our research efforts with information collected from in-depth interviews and discussions with a number of key industry experts and opinion leaders. Secondary research involved study of company websites, annual reports, press releases, investor presentations, analyst presentation and various international and national databases. The report provides estimated market size in terms of US$ Mn for product type, surgery, end-user, and geography for the period 2015 to 2025, considering the macro and micro environmental factors. The revenue generated from each product type and end-user was calculated by considering the number of spinal fusion procedures performed globally. In addition, the regional trends of these devices, the geriatric population, increasing obesity, and the rise in the number of spine diseases were considered.
Global Spinal Fusion Devices Market: Scope of Study
The market report comprises an elaborated executive summary, which includes market snapshot that provides information about various segments of the market. It also provides information and data analysis of the market with respect to market segments based on product type, surgery, end-user, and geography. The market overview section of the report analyzes market dynamics such as drivers, restraints and opportunities that influences the spinal fusion devices market in the current and future scenario. The report also provides the pipeline products, the CPT codes of reimbursement for the spinal fusion procedures, the regulatory approval process, porter’s five force analysis, and the key industry developments.
Market share analysis among the market players is analyzed to signify the contribution of these players in the market in terms of percentage share. All these factors will help the market players to decide about the business strategies and plans to strengthen their positions in the global market. Based on geography, the market has been analyzed for major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also covers detailed country analysis contributing majorly in the spinal fusion devices market.
Global Spinal Fusion Devices Market: Competitive Landscape
The report also profiles the major players in the market and provides various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. Companies profiled in the spinal fusion devices market report are Major players in the 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., B. Braun Melsungen AG, Depuy Synthes (a part of Johnson & Johnson), and Titan Spine, LLC, among others.
The Spinal Fusion Devices Market has been segmented as follows:
- Spinal Fusion Devices Market, by Product Type
- Thoraco-lumbar Fixation Devices
- Lumbar Plates
- Pedicle Screws
- Cervical Fixation Devices
- Anterior Cervical Plates
- Hook Fixation Systems
- Interbody Fusion Devices
- Non-bone Fusion Devices
- Bone Fusion Devices
- Thoraco-lumbar Fixation Devices
- Spinal Fusion Devices Market, by Surgery
- Open Surgery
- Minimally-invasive Surgery
- Spinal Fusion Devices Market, by End-user
- Ambulatory Surgical Centers
- Clinics & Orthopedic Centers
- Spinal Fusion Devices Market Revenue, by Region
- North America
- Rest of Europe
- Latin America
- Rest of Latin America
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America