Spinal Fusion Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Company Analysis

Spinal Fusion Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Company Analysis

Global Spinal Fusion Device Market is projected to reach US$ 9.93 Billion by 2027. The incidence of spinal cord injuries has grown significantly in the last couple of years. According to the World Health Organization (WHO), every year, around the world, between 250,000 and 500,000 people suffer an (SCI) spinal cord injury, which raises the demand for spinal fusion devices worldwide. Spinal fusion devices are utilized to provide stability to the spinal structure, which has lost stability due to degenerative disorders, fracture of the spine, trauma, tumors, and deformity. Besides, spinal fusion devices have innovative locking screw systems and mechanisms which can have self-tapping functions and self-drilling. They are made from modern manufacturing material such as titanium alloy and single and double holes per vertebrae through which the screw fixation is done.

The primary factors attributing to the global spinal surgery market's growth are:

• Advances in spinal surgery tools.
• Growing geriatric and obese population with spinal deformities.
• Increasing demand for non-invasive spinal surgery procedures elements driving the market's growth.

Apart from this, increased research on biologics, especially Bone Morphogenetic Proteins (BMPs), is expected to favor the adoption of spinal fusion implants. According to Renub Research report, Global Spinal Fusion Device Market Size was US$ 7.48 Billion in 2021.

Thoracolumbar Device holds the Biggest Market Share

The global spinal fusion device market includes Cervical Device, Thoracolumbar Device, Interbody Device, and Biologics on the ground of product type. Thoracolumbar devices hold the largest market share owing to the increasing incidence of spinal disorders such as degenerative disc disease, complex deformity, traumas & fractures, and others. In these cases, surgery is the only cure option.

Moreover, fractures in the thoracolumbar area can be essential for surgical intervention. This contribution is mainly because of the number of thoracolumbar disorders and technological advancements. Bone insufficiency is caused for reason of underlying settings such as osteoporosis and tumors that eventually weaken the bone and cause fractures.

The spinal fusion device market is segmented into minimally invasive surgeries, open surgeries, and Breath based on surgery. Open surgery is a significant market; this segment can be attributed to the increasing preference for open spine surgeries among medical professionals, rising incidence of spinal deformities, and technological advancements in spinal fusion devices.

Worldwide Spinal Fusion Device Industry will grow with a CAGR of 4.8% during 2021 to 2027

On the basis of the end-user, the spinal fusion device market is classified into Hospitals, Specialty Clinics, and Ambulatory Surgical. The hospitals & specialty clinics segment is to witness remarkable growth due to the rapid adoption of advanced spine surgery products and the gradual rise in robotic spine surgery. Also, the popularity of specialty clinics has been increasing over the years. With the demand for improved access to care, numerous types of specialty clinics have come to market over the last two decades. Specialty clinics would specifically help bridge the gap between the demand and supply of healthcare services and facilities by providing superior care.

North America is a significant Spinal Fusion Device Market

Regionally, North American is the significant spinal fusion device market, owing to increased spinal disorders. By (NCHS) National Center for Health Statistics, more than 65 Million Americans suffer from lower back problems every year. With evolving lifestyle and food consumption methods in the region, such figures will increase further. The degenerative spinal disorders are also to grow, along with a likely increase in spinal problems in obese populations due to increased obesity, further boosting the spinal fusion device market growth. Moreover, the Asia Pacific spinal fusion devices market is to significantly growing due to the rising awareness, improving healthcare infrastructure, enhancing reimbursement scenario, and the growing insurance coverage in several APAC countries.

COVID-19 Impact Analysis:

The effect of the COVID-19 pandemic has been witnessed in about every industry. Like other healthcare industries, the market for spinal fusion devices has also been entirely affected. The COVID-19 outbreak situation across countries has shown some challenges on the spinal fusion devices owed to hold on orthopedic services by the hospitals and clinics. The immense pressure on the hospitals in providing services to COVID-19 patients is also one of the factors, which has been inhibiting the clinics and hospitals in delivering spine fusion services.

Key Market Players:

The prominent companies in the global spinal fusion devices industry are Alphatec Holdings, Inc., B. Braun Group, Johnson & Johnson, Globus Medical, Medtronic, NuVasive, Orthofix Medical Inc, Stryker, Zimmer Biomet Holdings.

Renub Research latest report “Global Spinal Fusion Device Market by product type (Cervical Device, Thoracolumbar Device, Interbody Device an Biologics), Surgery Type (Open Surgery, Minimally Invasive), Disease Indicator Type (Degenerative Disc Disease, Complex Deformity, Traumas & Fractures and Other), End-Users (Hospitals, Specialty Clinics and Ambulatory Surgical), Regions (North America, Europe, Asia-Pacific, Latin America and MEA), Company Analysis (Alphatec Holdings, Inc., B. Braun Group, Johnson & Johnson, Globus Medical, Medtronic, NuVasive, Orthofix Medical Inc, Stryker, Zimmer Biomet Holdings)” provides a detailed analysis of Global Spinal Fusion Device Industry.

Product Type – Market Breakup has been covered from 4 viewpoints

1. Cervical Device
2. Thoracolumbar Device
3. Interbody Device
4. Biologics

Surgery Type – Market Breakup has been covered from 2 viewpoints

1. Open Surgery
2. Minimally Invasive

Disease Indicator – Market Breakup has been covered from 4 viewpoints

1. Degenerative Disc Disease
2. Complex Deformity
3. Traumas & Fractures
4. Other

End Users – Market Breakup has been covered from 3 viewpoints

1. Hospitals
2. Specialty Clinics
3. Ambulatory Surgical

Regions – Market Breakup has been covered from 5 viewpoints

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East Africa

Company Insights:

• Overviews
• Strategic Initiatives
• Financial Performance

Company Analysis:

1. Alphatec Holdings
2. Inc., B. Braun Group
3. Johnson & Johnson
4. Globus Medical
5. Medtronic
6. NuVasive
7. Orthofix Medical Inc
8. Stryker
9. Zimmer Biomet Holdings