Rise in prevalence of spinal disorders, advancements in spine surgery, and shift toward minimally invasive spine procedures drive the growth of the global spinal fusion devices market.
PORTLAND, Ore., April 25, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “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, 2020-2030.” According to the report, the global spinal fusion devices industry generated $7.03 billion in 2020, and is expected to reach $11.43 billion by 2030, witnessing CAGR of 4.6% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in prevalence of spinal disorders, advancements in spine surgery, and shift toward minimally invasive spine procedures drive the growth of the global spinal fusion devices market. However, unfavorable reimbursement scenarios and stringent regulatory approval procedure restrain the market growth. On the other hand, advancements in augmented and virtual reality, endoscopic surgery, and 3D printed implants create new opportunities in the coming years.
Owing to disrupted supply chain and prolong lockdown across many countries, manufacturing activities and sales of spinal fusion devices were impacted considerably.
Many hospitals announced postponement or cancelation of elective surgeries, including various orthopedic and spine surgeries as practitioners and surgeons were engaged in treatment of rising number of patients infected with Covid-19. The demand is expected to recover post-lockdown.
The thoracolumbar devices segment to maintain its leadership status during the forecast period
Based on product type, the thoracolumbar devices segment accounted for the highest market share in 2020, contributing to more than two-fifths of the global spinal fusion devices market, and is projected to maintain its leadership status during the forecast period. This is due to rise in usage by surgeons to decompress and stabilize the thoracic and lower back and utilization within interbody spaces or onto the spine to facilitate stabilization. However, the interbody fusion devices segment is expected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to utilization in disc space, which enables spinal fusion with less post-operative discomfort.
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The minimally invasive spine surgery segment to maintain its lead position during the forecast period
Based on surgery, the minimally invasive spine surgery segment held the largest market share in 2020, contributing to more than half of the global spinal fusion devices market, and is expected to maintain its lead position during the forecast period. Moreover, this segment is estimated to register the largest CAGR of 6.5% from 2021 to 2030, owing to adoption of simple spinal procedures such as decompression and spinal fusion and reduced cost of the surgery & hospitalization. The report also analyzes the open spine surgery segment.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global spinal fusion devices market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to rise in incidence of lower back pain and spinal injuries in the region. However, LAMEA is projected to portray the fastest CAGR of 7.3% during the forecast period, owing to increase in awareness among patients regarding minimally invasive procedures.
Leading Market Players
Zimmer Biomet Holdings, Inc.
Alphatec Holdings Inc
B. Braun Melsungen AG
Globus Medical Inc
Johnson & Johnson
Orthofix International N.V.
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