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Spinal Fusion Devices Market Expected to Reach $11.4 Billion by 2030

 
2022
Spinal Fusion Devices Market

Report Code : A01626

quote The global spinal fusion devices market witnessed significant growth over the past decade, owing to increase in adoption of minimally invasive spine surgery (MISS). Minimally invasive spine surgery (MISS) is a preferred conventional technique, owing to its associated benefits such as minimal cut or incision, which, in turn, reduces chances of damage caused to adjacent muscles. This expected to provide lucrative opportunities for growth of the spinal fusion devices market during the forecast period. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Spinal Fusion Devices Market," The spinal fusion devices market size was valued at $7,030.10 million in 2020, and is estimated to reach $11,434.10 million by 2030, growing at a CAGR of 4.6% from 2021 to 2030. 

The global spinal fusion devices market analysis is driven by factors such as advent of minimally invasive spine surgery techniques and rise in incidences of spinal disorders. In addition, surge in geriatric population is anticipated to fuel demand for spinal fusion devices, globally. However, unfavorable reimbursement scenario and stringent regulatory approval process hampers the market growth. Moreover, emerging markets are expected to drive demand for spinal implants and devices and advancements in augmented and virtual reality, endoscopic surgery and 3D printed implants for minimally invasive surgery are also expected to fuel the spinal fusion devices market growth.

Major players such as Alphatec Holdings, Inc., B.Barun Melsungen AG, and Stryker Corporation are adopting acquisition 0/to improve their product portfolio to maintain competition in the market. For instance, in September 2018, J&J acquired Emerging Implant Technologies GmbH company, which is a privately held manufacturer of 3D-printed titanium interbody implants for spinal fusion surgery to enhance global offering of interbody spine implants. Such instances are expected to provide lucrative opportunities for major players for growth of the market. Major players such as Alphatec Holdings, Inc., B.Barun Melsungen AG, and Stryker Corporation are adopting acquisition 0/to improve their product portfolio to maintain competition in the market. For instance, in September 2018, J&J acquired Emerging Implant Technologies GmbH company, which is a privately held manufacturer of 3D-printed titanium interbody implants for spinal fusion surgery to enhance global offering of interbody spine implants. Such instances are expected to provide lucrative opportunities for major players for growth of the market.

The global spinal fusion devices market is segmented on  product, surgery, end user, and region. On the basis of product, the market is classified into thoracolumbar devices, cervical devices, and interbody fusion devices. Thoracolumbar devices segment dominated the market in 2020. In addition, the interbody fusion devices segment is the fastest-growing sector in the spinal fusion devices market, registering a CAGR of 6.1% during the forecast period. The global spinal fusion devices market is segmented on  product, surgery, end user, and region. On the basis of product, the market is classified into thoracolumbar devices, cervical devices, and interbody fusion devices. Thoracolumbar devices segment dominated the market in 2020. In addition, the interbody fusion devices segment is the fastest-growing sector in the spinal fusion devices market, registering a CAGR of 6.1% during the forecast period.

On the basis of surgery, the market is categorized into open spine surgery and minimally invasive spine surgery. The minimally invasive spine surgery segment had highest revenue followed by open surgery in 2020. The open surgery segment is expected to grow at a CAGR of 3.5% during the forecast period.

On the basis of end user, the market is divided into hospitals, specialty clinic, and others. The hospital segment holds maximum spinal fusion devices market share in the global market, followed by the specialty clinics segment.

On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (India and China) to overcome the unmet medical needs. Moeover, technological advancements to develop cost-effective devices in these nations offer a lucrative opportunity for spinal fusion devices market forecast. 

The key players profiled in the market report include such as Alphatec Holdings, Inc., B. Braun Melsungen AG, Depuy Synthes (Johnson & Johnson), Exactech, Inc., Globus Medical, Inc., Medtronic Plc., NuVasive, Inc., Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.

Several manufacturers in the global spinal fusion devices industry stopped their business activities in 2020, owing to lockdowns implemented in developed and developing countries. This halt in production activities impacted revenue of spinal fusion devices manufacturing companies. For instance, net sales of Nuvasive dropped by 10.1% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global spinal fusion devices industry. However, the market is projected to recover from the 1st quarter of 2023, owing to reduced restrictions and reopening of the global spinal fusion devices market. Moreover, in 2021, with availability of vaccine against COVID-19, the market re-opened at full pace.

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quote Spinal Fusion Devices Market by Type (Thoracolumbar Devices, Cervical Fixation Devices, Interbody Fusion Devices), by Surgery (Minimally Invasive Spine Surgery, Open Spine Surgery), by End User (Hospitals, Specialty Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030 quote

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