Spinal Fusion Market, Size, Share, Global Forecast 2022-2027, Growth, Size, Share, Outlook, Company Analysis
According to Renub Research, report titled “Spinal Fusion Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Company Analysis” the Global Spinal Fusion Device Market was USD 7.48 Billion in 2021. Surgical procedures and implant-device (cage) technologies for spinal fusion have evolved dramatically over 40 years. Furthermore, design and materials have developed with a single purpose in mind: to create implants that satisfy all three critical concerns of the procedure: stability, lordosis restoration, and osteointegration. As a result, spinal fusion remains the gold standard for treating spinal instability, deformity, and degenerative illness. Spinal fusion, also known as spinal arthrodesis, is a surgical operation that involves joining two or more vertebral bodies in the spine.
Worldwide Spinal Fusion Device Market is anticipated to grow at a CAGR of 4.8% from 2021-2027
The global spinal fusion devices market is predicted to increase moderately, opening up a slew of new prospects. The increase in the elderly population and the rise in the frequency of spinal illnesses are driving the market's expansion. In addition, the market is expected to rise as the number of indications for spinal fusion surgery grows. For example, spinal fusion was once reserved for scoliosis and spinal tuberculosis, but it is now used to treat 14 other disorders. It's also worth noting that technological advancements are helping to drive the business forward.
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The Thoracolumbar Devices Segment Is the Market Leader:
By product type, Cervical Device, Thoracolumbar Device, Interbody Device, and Biologics are covered in our report. According to our research, the thoracolumbar devices category dominates the spinal fusion device market. The segment is being driven even further by the rising incidence of spinal problems such as spinal stenosis, severe kyphosis, and vertebral fracture. In most of these cases, surgery is the only choice for treatment. Furthermore, thoracolumbar fractures can be the most common reason for surgical intervention. Road accidents or bone insufficiency are the two most common causes of fractures. Bone insufficiency is caused by underlying conditions such as osteoporosis and tumors, weakening the bone and leading to fractures.
The Degenerative Disc Segment Is Rapidly Growing:
In our report, we have studied Degenerative Disc Disease, Complex Deformity, and Traumas & Fractures as disease indicator types. Over the projection period, the complex deformity segment would dominate the market for spinal fusion devices. On the other hand, expanding reasons for lower back and neck discomfort in adults and an increase in the older population are the main factors driving the degenerative disc segment. In addition, the evolution of sports and daily activities is predicted to contribute to category expansion. As a result, according to our analysis, the degenerative disc section of the spinal fusion market is expected to multiply.
End-user Perspectives on the Spinal Fusion Device Industry:
Our report covers Ambulatory Surgical, Specialty Clinics, and Hospitals. For decades, one of the elements propelling the hospital segment has been the increasing number of spine procedures conducted in hospitals. Furthermore, in developing countries such as India, significant government measures to enhance healthcare infrastructure and develop the middle-class population result in augmented demand for excellent healthcare services offered by hospitals, assisting segment expansion. As a result, according to our analysis, hospitals are expected to dominate the market for spinal fusion devices by the end-user.
The Market for Spinal Fusion Devices in Different Regions:
Our analysis divides the world into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The growing geriatric population in North America and the increased incidence of sports injuries and fatal accidents are among the primary drivers driving demand for spinal fusion devices in the North American region. Furthermore, the region's well-developed healthcare infrastructure will likely drive market expansion for spinal fusion devices. Furthermore, essential player advancements are projected to enhance market growth by creating substantial untapped opportunities.
Insights for Key Players:
Alphatec Holdings, Inc., B. Braun Group, Johnson & Johnson, Globus Medical, Medtronic, NuVasive, ORTHOFIX MEDICAL INC, Stryker, and Zimmer Biomet Holdings are some of the leading companies in the spinal fusion device market. With numerous large and small industry participants, the market for spinal fusion devices is very competitive. To get a more extensive market share, these companies pursue strategies such as geographical expansion, new product releases, partnerships, and collaborations.
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COVID-19's Impact on the Global Spinal Fusion Device Market:
The COVID-19 epidemic has had an impact on just about every business. The market for spinal fusion devices, like other healthcare industries, has been completely impacted. The COVID-19 epidemic situation in several nations has created obstacles for spinal fusion devices used in hospitals and clinics to provide orthopedic services. One of the problems preventing clinics and hospitals from providing spine fusion services is the enormous strain on hospitals to offer COVID-19 patients.
• Product Type: We have covered Cervical Device, Thoracolumbar Device, Interbody Device an Biologics as product type.
• Surgery Type: In our report we have studied, Open Surgery, Minimally Invasive
• Disease Indicator Type: We have studied, Degenerative Disc Disease, Complex Deformity, Traumas & Fractures and Other
• End-Users: Hospitals, Specialty Clinics and Ambulatory Surgical are the end-users covered in our report
• Regions: In our report we have covered, North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
• Company Analysis: The key players covered are Alphatec Holdings, Inc., B. Braun Group, Johnson & Johnson, Globus Medical, Medtronic, NuVasive, Orthofix Medical Inc, Stryker, Zimmer Biomet Holdings)
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