Spinal Fusion Device Market Size, Share & Trends Analysis Report By Product, By Surgery (Complex Deformity, Degenerative Disc), By Disease Type, By End User (Hospitals, Specialty Clinics)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Spinal Fusion Device market gathered revenue around USD 7.1 Billion in 2020 and market is set to grow USD 11.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.7% during the prediction period 2021 to 2027.
The market Increasing numbers of spinal disorders and the growing geriatric population are boosting the market growth. According to the CDC report, around 35.0% of the adult population and 63.0% of the elderly population got affected by spinal deformities as of 2019. The common causes of spinal fusion injuries are found to be trauma, falls, collisions, or road traffic accidents.
The growth of this market can be attributed to the increasing advancements in surgical technology. The improvements in surgical technology have made spinal fusion surgeries more effective, which has resulted in the increasing adoption of spinal fusion surgeries and devices by healthcare professionals. Increasing preference among patients towards surgeries, which will cause speedy recovery, less pain, and shorter hospital stays, has resulted in the increasing demand for minimally invasive spine surgeries. The rising adoption of surgical robots for spine fusion surgeries to make the surgeries more efficient is expected to drive the growth of the spinal fusion devices market.
The risks associated with spinal fusion surgeries and the high cost of the surgery is expected to hamper the demand for spinal fusion devices. Stringent government regulations on device approval might be a restraining factor to the growth of the spinal fusion devices market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Spinal Fusion Device market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Spinal Fusion Device market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 11.4 Billion by 2027|
|Growth Rate||CAR 5.7% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Segments Covered||Product, disease type, surgery, end-user, and Region|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Companies Mentioned||Johnson & Johnson Services, Inc. (DePuy Synthes); 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.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Spinal Fusion Device market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the spinal fusion devices market and accounted for the largest revenue share of over 42.0% in 2020. The rising geriatric population, growing spinal disorder and increasing incidence of sports injuries and fatal accidents are among key factors boosting the demand for spinal fusion devices in North America. In addition, the presence of well-established healthcare infrastructure is expected to propel market growth in the region. Moreover, developments by key players are expected to boost market growth with huge untapped opportunities. In April 2019, Orthofix launched M6-C artificial cervical disc, the first commercial implant to increase its market penetration.
In Asia Pacific, the market for spinal fusion devices is expected to grow fast over the forecast period. The growth can be attributed to an increased number of medical tourism and government initiatives. Moreover, the growing target population in this region is further increasing the risk of spinal diseases and joint problems. In India, the market for spinal fusion devices is expected to show lucrative growth over the forecast period. The growth can be attributed to increased medical tourism in India for spinal fusion surgeries. There has been a 15 to 20% increase in the patient footfall in India for spinal fusion surgeries in the last 5 years, thus propelling demand.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Spinal Fusion Device Market include: Johnson & Johnson Services, Inc. (DePuy Synthes); 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.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- By Product
- Thoracolumbar Devices
- Anterior Lumbar Plates
- Pedicle Screw and Rods
- Cervical Fixation Devices
- Anterior Cervical Plates
- Hook Fixation Systems
- Interbody Fusion Devices
- By Disease Type
- Degenerative Disc
- Complex Deformity
- Trauma & Fractures
- By Surgery
- Open spine surgery
- Minimally Invasive Spine Surgery
- By End-user
- Specialty Clinics
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Spinal Fusion Device market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Spinal Fusion Device market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Spinal Fusion Device markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Spinal Fusion Device market Study:
- Growth of Spinal Fusion Device in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Spinal Fusion Device and How to Navigate
- Key Product Innovations and Regulatory Climate
- Spinal Fusion Device Consumption Analysis
- Spinal Fusion Device Production Analysis
- Spinal Fusion Device and Management