Global MIS Scaroiliac Joint Fusion Market 2022-2028

Global MIS Scaroiliac Joint Fusion Market 2022-2028

Global MIS Scaroiliac Joint Fusion Market Size, Share & Trends Analysis Report by Application (Hospital and Ambulatory Surgical Centers (ASC) Forecast Period (2021-2028)

The global minimally invasive surgery (MIS) sacroiliac joint fusion market was valued at $266.1 million in 2021 and is estimated to reach $615.6 million in 2028, growing at a CAGR of 10.2%, during the forecast period (2021-2028). The pivotal factors that are contributing to the growth of the global MIS sacroiliac joint fusion market include a significant rise in the incidences of spine disorders and injuries, increasing demand for minimally invasive spine procedures over open-source surgeries, and advancement in the fusion systems by the market players. As per the data published by the National Spinal Cord Injury Statistical Center, as of 2021, in the US, the annual incidence of spinal cord injury is approximately 54 cases per one million people, or nearly 17,730 new SCI (Spinal Cord Injury) cases each year. As of 2021, the estimated number of people with SCI living in the US was approximately 291,000 persons, with a range from 249,000 to 363,000 person. The average age at injury has increased from 29 years during the 1970s to 43 years in 2021. This offers a substantial need for infusion implants and further contribute to the market growth. Further, several conditions affect the spine which includes lower back pain, sciatica, radiculopathy, spinal stenosis, and degenerative disk disease. As per the National Institutes of Neurological Disorders and Stroke, nearly 80% of adults experience lower back pain at some point in their lifetimes, owing to sedentary lifestyle habits. Normally, treating back pain involves exercise, physical therapy, and medications. However, the growing lower back pain that stems from the sacroiliac joint may be candidates for surgery with a fusion system that further provide significant growth to the market.

Moreover, a growing preference for minimally invasive surgical procedure across the globe further acts as a driver for the market growth. Minimally invasive techniques are evolving rapidly to perform more precise, less disruptive spine-related surgical procedures. The benefits of minimally invasive surgery include minimal incisions, reduced blood loss and increased precision. Several hospitals are focusing on these kinds of surgery to deliver better patient care. For instance, the neurosurgeons in the Spine Hospital at the Neurological Institute of New York, perform minimally invasive surgery on pediatric and adult patients. As compared to open spine procedure, minimally invasive surgical techniques can be safer and require less recovery time. Owing to the reduced trauma to the soft tissues and muscles than open procedures, the potential advantages of the minimally invasive surgery include minimizing the risk of infection and post-operative pain, reduced blood loss from surgery, reduced risk of muscle damage, and faster recovery from surgery, which in turn, reduced rehabilitation duration. As a result, the market players have shifted their focus towards the development of devices that are used to facilitate minimally invasive procedures. They are working to advance the area through new technology and advanced implant materials that can contribute to the make the procedure more precise and patient specific. For instance, the iFuse system provided by SI BONE Inc. is the minimally invasive product for sacroiliac joint fusion commercially available in the US.

However, the COVID-19 pandemic has adversely affected the economies and their financial markets, which resulted in a period of global economic slowdown or recessions that curtail or delay spending by hospitals and affect demand for fusion implant products as well as increased risk of customer defaults or delays in payments. These market disruptions may further impact the company’s revenue for the MIS sacroiliac joint fusion and thus impacted the market in 2021. For instance, the overall demand for SI BONE’s products decreased at certain points during the year as a result of the pandemic, which impacted company’s operating results for the year ended December 31, 2021. Many state and local governments in the US and foreign governments issued orders that temporarily precluded elective procedures to conserve scarce health system resources in view of the pandemic. The decrease in hospital admission rates and elective surgeries decreased the demand for elective procedures using the iFuse implants that further impact the market in 2021.

SEGMENTAL ANALYSIS

The global MIS sacroiliac joint fusion market is analyzed on the basis of application. Based on the application, the market is sub-segmented into hospitals, and ambulatory surgical center (ASC).

Among application, the hospitals (in-patient) segment dominated the market in 2021 with 65.0% of the share and generated $173.0 million. This value is further projected to reach $394.6 million in 2028, growing at a CAGR of 10.0% during the forecast period. Increasing preferences for MIS joint fusion procedures at hospitals will drive the segmental growth of the market. Moreover, ASC segment is estimated to project the fastest CAGR of 10.5% during the forecast period. The market for ASC was valued at $93.1 million in 2021, which is further estimated to reach $221.0 million in 2028. As the surgical procedures capable of being safely performed in an ambulatory setting increases, the number of fusion implants in ASC is also increasing across the globe owing to its efficiency and cost advantages combined with comparable clinical results.

REGIONAL ANALYSIS

North America held a dominant position in the global MIS sacroiliac joint fusion in 2021. As per OMR analysis, the North American MIS sacroiliac joint fusion market was valued at $176.1 million in 2021, which is estimated to reach $413.0 million in 2028, by projecting a modest CAGR of 10.3% during the forecast period. In North America, the US held around 95.0% market share in 2021 and is estimated to grow at a CAGR of 10.2% in the North America MIS sacroiliac joint fusion market during the forecast period. The growth of the market is attributed to the increasing per capita healthcare expenditure in the region, the growing number of procedures that are performed minimally invasive along the regulatory environment. As per the National Center for Biotechnology Information in 2021, 86% of SI (sacroiliac) joint injuries are due to acute trauma and over 90% of spinal cord injuries cases are also present in the region. So, the rising number of injuries is also considered to be the significant factor affecting the growth of the market in the region.Moreover, the presence of major market players in the US such as SI BONE Inc., Medtronic PLC, Zimmer Biomet and others, contribute significantly to the market growth.

Market Players Outlook

The report covers the analysis of various players operating in the global MIS sacroiliac joint fusion landscape. The major players of MIS sacroiliac joint fusion include SI BONE Inc., Medtronic PLC, Zimmer Biomet, Globus Medical, Inc., Orthofix Medical Inc., and others. These market players are contributing to the market growth by adopting various market strategies such as product launch, mergers and acquisitions, partnerships, collaborations, and product approvals for gaining a strong position in the market. For instance, in June 2021, Orthofix Medical Inc. announced the FDA clearance and the first patient implants of the FIREBIRD SI Fusion System. The system is mainly designed to compress and stabilize the sacroiliac joint (also called the SI joint) during fusion. The FIREBIRD SI Fusion System is the first 3D printed titanium bone screw to launch in the US for treating SI joint dysfunction. With this approval, the company is projected to sustain significant growth in MIS sacroiliac joint fusion market during the forecast period.