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Dec-2021

Global Spinal Fusion Devices Market Size To Grow USD 8.76 Bn By 2026

The global spinal fusion devices market was worth USD 6.49 billion in 2020.

As per our research report, the global spinal fusion devices market size is predicted to be growing at a CAGR of 5.12% from 2021 to 2026 and is valued at USD 5.82 billion in 2021.

The impact of the COVID-19 pandemic has been observed in almost every industry. COVID-19 has resulted in postponing or deferring elective surgeries and lowering the sales of spinal fusion devices. The decline in surgical procedures for correction and repair has dramatically reduced the demand for spinal fusion devices. Due to these factors, the market has seen a sharp decrease in sales for 2020. Currently, local markets and governments are taking initiatives to improve sales from retail and E-commerce paths. The spinal fusion devices market is expected to recover in the years to come.

The increasing number of spine disorders and the growing geriatric population are driving the growth of the global spinal fusion devices market. According to the CDC report, approximately 34.5% of the adult population and 62.8% of the older people were affected by spinal deformities in 2019. Common causes of spinal fusion injuries are trauma, falls, collisions, or traffic accidents. Meanwhile, spinal disorders such as spinal stenosis are the most common problem in men and women over the age of 50, and lumbar spinal stenosis (LSE) and cervical myelopathy were frequent over 70 years. The aging population is at high risk for spinal disorders, including those with co-morbidities. According to an article published in 2016, approximately 23.15% of the Japanese population was over 65 years old, and 11.48% was over 75 years old at the end of 2010. By 2025, it is estimated that 30.58% of the world population will be more than 65 years old.

The growing demand for minimally invasive surgeries by surgeons will further increase the spinal fusion devices market. According to 2019, minimally invasive surgery is adopted to treat a wide range of bone disorders. Approximately 400,000 spinal fusion cases are performed each year in the United States, and it has proven to be one of the most commonly used and established treatment options for spinal cord injuries, degenerative disorders, and structural abnormalities. Additionally, advancements in spinal fusion surgical procedures and the increased incidence of spinal deformities are other factors that are predicted to impact the growth of the spinal fusion devices market positively.

However, the high cost of spinal fusion surgery, strict government regulations regarding the use of devices in surgical procedures, and complications from surgeries are expected to restrain the market growth throughout the forecast period. Complications of spinal fusion surgery include infection, bleeding, blood clots, numbness, poor healing of wounds, damage to the blood vessels, and prolonged pain from graft space.

KEY MARKET INSIGHTS:

Based on the product, the thoracic fusion and lumbar fusion devices accounted for the majority segment of the studied market in 2020. Much of this segmental growth can be attributed to the increasing incidence of the degenerative lumbar disc disease and the wide range of product availability.
Based on technology, the spinal fusion and fixation technologies segment accounted for most revenues in 2020. This segment is driven by the increasing incidence of diseases, the growing geriatric population, an increasing number of spinal fusion procedures with technological advancements in spinal fusion techniques and bone grafting procedures.
Based on the surgical outlook, the open surgery segment accounted for the majority share of the market in 2020. Much of this segment can be attributed to the growing preference of healthcare professionals to perform open spinal surgeries, the high incidence of spinal cord deformities, and technological advancements.
On the other hand, the minimally invasive spine surgery segment is anticipated to register the highest CAGR during the forecast period. Factors responsible for its growing popularity are the plethora of advantages over traditional open surgery, such as minor discomfort, shorter hospital stays, less damage, and faster recovery with lesser pain.
By region, the Asia-Pacific market is expected to grow at the highest CAGR during the forecast period mainly due to improving healthcare infrastructure, increased awareness, favorable reimbursement scenario, large patient base, and growing medical tourism sector. In addition, the rapid aging of the population and the low cost of spinal procedures in countries like India have further increased the demand for spinal fusion devices. However, the North American region held the dominant market share in 2020.
Stryker Corporation, Medtronic, Zimmer Biomet, Depuy Synthes Companies, Globus Medical, B. Braun Aesculap, Nuvasive, K2M, MicroPort, Orthofix International N.V., Alphatec Spine, Integra LifeSciences, Invibio, and Weigao Orthopaedic are currently playing a leading role in the global spinal fusion devices market.

MARKET SEGMENTATION:

By Product:

Thoracolumbar Devices
- Lumbar fusion
- Pedicle Screw and Rods
- Others
Cervical Fixation Devices
- Anterior Cervical Plates
- Hook Fixation Systems
- Others
Interbody Fusion Devices