Global Spinal Fusion Device Market by Surgery (Degenerative Disc, Complex Deformity), by End User (Specialty Clinics, Hospitals) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global spinal fusion market value was USD 6.3 billion in 2020. It is expected to grow at a compound annual rate (CAGR of 4.4%) between 2021 and 2028. The market is growing due to increasing numbers of spinal disorders, and the aging population. According to the CDC report, approximately 34.0% of adults and 62.0% in the elderly were affected by spinal deformities in 2019. Trauma, falls, collisions or road traffic accidents are the most common causes of spinal deformities.

Nearly every industry has seen the impact of COVID-19. The market for spinal fusion products has been affected as well, just like other healthcare markets. COVID-19 has caused postponement or deferred elective surgery, a decrease in sales and a dampened growth rate. Due to the decrease in surgical procedures, there was a significant drop in demand for products and devices for spinal fusion. Although there were some urgent and emergency surgeries, the overall number of procedures fell sharply. According to reports, there was a shortage of ICU beds and surgical areas. In the first quarter of 2020, industry players saw slow growth and low net revenues.

Companies and governments began taking corrective measures to aid the recovery of the economy and businesses after the initial effects of the pandemic. These included policy and monetary stimuli, the easing of restrictions, conditional exclusions, and other strategic initiatives. Many companies saw positive future projections and reported sales recovery by Q3 2020. Stryker's spine revenue grew by 11.3% in Q1 2021 compared with 2020.

Spinal Fusion Devices Market: The suspension and delay of elective surgery due to COVID-19 has had a significant impact

An increasing number of minimally-invasive surgeries (MIS), is driving demand for spinal fusion devices. MIS is preferred over open surgery due to its many advantages, including less pain, shorter post-operative time and less tissue injury. Mini-invasive Surgery 2019 reports that minimally invasive procedures are being used to treat a variety of bone disorders. In the United States, approximately 400,000 spinal fusions are performed annually. It has proven to be one the most well-recognized and commonly used treatment options for spinal trauma, degenerative diseases, and structural abnormalities.

Product Insights

Thoracolumbar devices dominated the market for spine fusion devices in 2020 and had a greater revenue share than 55.0%. This segment is also being driven by the increasing prevalence of spinal disorders like excessive kyphosis and spinal stenosis. Surgery is often the only option for these conditions. Fractures in the thoracolumbar region can also be a reason to have surgery. These fractures can be caused by bone insufficiency or road accidents. Bone insufficiency can be caused by bone deficiency or underlying conditions like osteoporosis, tumors, and other factors that eventually weaken bones and cause fractures.

Due to an increase in cervical spondylosis among corporate professionals, the market for spinal-fusion devices is expected to expand rapidly in the cervical segment. Cervical spondylosis, a common condition, is expected to account for 2% in all U.S. hospital admissions. This is the leading cause of spinal cord dysfunction among patients over 55 years old. Radiologic evidence shows that 90% of older women and 90% of older men have cervical spine degenerative changes. This is expected to support segment growth over the next few years.

Disease Type Insights

In 2020, the degenerative disc segment was the dominant market for spinal-fusion devices. It accounted for over 42.0% of the total revenue. The segment is driven by growing reasons for neck pain and lower back pain in adults, as well as an increase in the elderly population. Segment growth is also expected to be aided by an increase in daily sports and activities.

Over the forecast period, the complex deformity segment of the spinal fusion market is expected to grow rapidly. As medical care improves and life expectancy rises, the demographics of the U.S. elderly population are changing fundamentally. The baby boomers are the fastest growing demographic in the U.S. and their projected number of 65-year-olds and older will reach 89 millions by 2050. This is more than twice its current size, which further boosts the revenue.

Surgery Insights

Minimally invasive surgery was the dominant segment in the spinal fusion market. It accounted for 64.0% of the total revenue share for 2020. This is because it's the preferred option for spinal fusion surgery. A survey conducted in the U.S. in 2019 found that the three most important parameters for patients in deciding between MIS or open surgery were the surgeon's recommendation and the risk of complications. Compared to MIS surgery, open surgery is perceived as more painful, more complication-prone, longer recovery times, and require heavier sedation. If required, spine surgery would be preferred by most patients. These factors will drive revenue growth over the forecast period.

End-user insights

Hospitals dominated the spinal fusion market and held the largest revenue share at over 57.0% in 2020. This segment is driven by the increasing number of spine surgeries performed in hospitals. The segment is growing because of the increasing demand for high-quality healthcare services provided by hospitals.

Over the forecast period, the specialty clinics segment will grow rapidly in the spinal fusion market. These clinics are becoming more popular over the years. Many specialty clinics have been launched in response to the increasing demand for better access to healthcare. There are also new opportunities to provide affordable healthcare services due to the growing demand for quality healthcare services. By providing high-quality care, specialty clinics could help bridge the gap between demand and supply. The above factors will support segment growth over the forecast period.

Regional Insights

North America was the dominant market for spinal fusion devices in 2020, accounting for over 41.0% of the total revenue. North America's growing geriatric population, increasing incidence of spinal disorder, and increased number of fatal accidents and sports injuries are some key factors driving demand for spinal-fusion devices. Market growth is expected to be accelerated by the existence of a well-established healthcare infrastructure. Market growth will be boosted by the development of key players, which is expected to open up huge opportunities. Orthofix's M6-C artificial cervical disk was launched in April 2019. This is the first commercial implant to expand its market penetration.

The market for spinal fusion products in Asia Pacific is expected to expand rapidly over the forecast period. This growth can be attributed largely to the increased use of medical tourism and government initiatives. The growing population of this region is also increasing the risk for spinal diseases and joint problems. The Indian market for spinal-fusion devices is forecast to grow at a lucrative rate over the next few years. This growth can be attributed largely to the increased medical tourism in India for spine fusion surgeries. In India, there has been an increase of 15 to 20% in patient footfall for spinal fusion surgery in the past five years. This is driving demand.

Market Share Insights & Key Companies

Many large and small players are competing for the spinal fusion market. To increase market penetration, these players are taking initiative with regional expansion, product launches, partnerships and collaborations. In November 2020, Aurora Spine Corporation introduced the SOLO ALIF standalone cage systems that will ultimately reduce the time to have surgery. Medtronic purchased Stimgenics LLC in January 2020 to expand its product range. Zavation Medical Products launched the Z-Span Expandable Lateral Lumbar Plate plates in July 2020. These plates are intended to be used in the lumbar spine and as an additional fixation device. The market leader in spinal fusion devices is:

• Johnson & Johnson Services, Inc.

• Stryker

• Zimmer Biomet

• Orthofix Medical, Inc.

• B. Braun Melsungen AG

• Medtronic

• NuVasive, Inc.

• Globus Medical

• ATEC Spine, Inc.

• Captiva Spine, Inc

• SeaSpine

• Spinal Elements, Inc.

• Spine Wave, Inc.

• Spineology, Inc.

• Xtant Medical Holdings, Inc.

Up Market Research published a new report titled “Spinal Fusion Device Market research report which is segmented by Surgery (Degenerative Disc, Complex Deformity), by End User (Specialty Clinics, Hospitals), By Players/Companies Spinal Elements Inc, B Braun Melsungen AG, Stryker, NuVasive Inc, Medtronic, Spineology Inc, Orthofix Medical Inc, Spine Wave Inc, Globus Medical, Captiva Spine Inc, Johnson & Johnson Services Inc (DePuy Synthes), Xtant Medical Holdings Inc, ATEC Spine Inc, SeaSpine, Zimmer Biomet”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Spinal Fusion Device Market Report Segments:

The market is segmented by Surgery (Degenerative Disc, Complex Deformity), by End User (Specialty Clinics, Hospitals).

Spinal Fusion Device Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Spinal Fusion Device Market

Overview of the regional outlook of the Spinal Fusion Device Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Spinal Fusion Device Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Spinal Fusion Device Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Degenerative Disc

                2. Complex Deformity

                1. Specialty Clinics

                2. Hospitals

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Spinal Fusion Device Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Spinal Fusion Device Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.