FEATURED COMPANIES
- Alphatec Holdings, Inc
- Captiva Spine, Inc.
- Johnson & Johnson
- NuVasive, Inc.
- RTI Surgical, Inc.
- Spine Wave, Inc.
Key Questions Answered in this Report:
- What is the estimated global spinal fusion devices market size in terms of revenue from 2018-2028?
- What are the major market drivers, challenges, and opportunities in the global spinal fusion devices market?
- How is each segment of the global spinal fusion devices market expected to grow during the forecast period, and what revenue is expected to be generated by each of the segments by the end of 2028?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- Which product segment is expected to register the highest CAGR for the spinal fusion devices market during the forecast period?
- Which geographical region is expected to contribute to the highest sales of the spinal fusion devices during the forecast period?
Global Spinal Fusion Devices Market Forecast
The Global Spinal Fusion Devices Industry Analysis projects the market to grow at a significant CAGR of 5.40% during the forecast period of 2019 to 2028. The North America region dominated the global spinal fusion devices market in 2018 by acquiring the largest market share.
The spinal fusion devices market growth is majorly driven by factors such as the increasing prevalence of spinal disorders including spondylolistheses, scoliosis, and spinal stenosis, the growing geriatric population, and the increasing number of spinal surgeries. However, risks and complications associated with spinal fusion surgeries, product recall, increased regulatory scrutiny, and high initial cost and cost of the procedure are some of the restraining factors that are hampering the steady growth of the market.
Expert Quote on the Global Spinal Fusion Devices Market
“North America held the largest market share in 2018 and accounted for over 47.25% of the revenue share owing to the presence of sophisticated healthcare infrastructure and high level of awareness about the treatment of spinal disorders.” However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 8.95% from 2019 to 2028. Furthermore, owing to the increasing prevalence of spinal disorders and increasing medical tourism are propelling the growth of the spinal fusion devices in Asia-Pacific”.
Scope of the Market Intelligence on Global Spinal Fusion Devices Market
This research report aims at answering various aspects of the global spinal fusion devices market with the help of key factors driving the market, as well as the restraints and challenges that can possibly inhibit the overall market growth and the current growth opportunities that are likely to shape the future trajectory of the market expansion.
The report includes an in-depth examination of the key ecosystem players and key strategies and developments taking place in this market. In addition, the report includes a study of the market dynamics (market drivers, opportunities, and restrains), industry analysis, patent analysis, vendor analysis, detailed product mapping, and growth share analysis by product and by region.
Market Segmentation
The spinal fusion devices market segmentation (on the basis of product) is further segmented into screw, plates, cages, spacers, and others. The screw segment dominated the global spinal fusion devices market in 2018. The market growth is primarily driven by increasing prevalence of spinal disorders.
The spinal fusion devices market segmentation (on the basis of end-user) is further segmented into hospitals, specialty clinics and ambulatory centers, and others.
The spinal fusion devices market segmentation (on the basis of region) is further segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America led the global spinal fusion devices market in 2018. Increase in healthcare expenditure, growing geriatric population, the presence of sophisticated healthcare infrastructure, and high level of awareness about the treatment of spinal disorders promote the growth of spinal fusion devices market in North America.
Key Companies in the Global Spinal Fusion Devices Market
The key manufacturers who have been contributing significantly to the global spinal fusion devices market are: Medtronic, Plc, Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., NuVasive, Inc, Globus Medical Inc., RTI Surgical, Inc, SeaSpine Holdings Corporation, Spine Wave, Inc., Spinal Elements, Orthofix Medical, Inc., and B. Braun Melsungen AG, among others.
FEATURED COMPANIES
- Alphatec Holdings, Inc
- Captiva Spine, Inc.
- Johnson & Johnson
- NuVasive, Inc.
- RTI Surgical, Inc.
- Spine Wave, Inc.
Executive Summary
FEATURED COMPANIES
- Alphatec Holdings, Inc
- Captiva Spine, Inc.
- Johnson & Johnson
- NuVasive, Inc.
- RTI Surgical, Inc.
- Spine Wave, Inc.
According to this market intelligence report, titled “Global Spinal Fusion Devices Market - Analysis and Forecast, 2018-2028”, the global spinal fusion devices market was amounted to $7,519.2 million in 2018, and is estimated to grow over $12,728.6 million by 2028. The global spinal fusion devices market is expected to grow at a single-digit compound annual growth rate between the years 2019 and 2028, primarily driven by the increasing prevalence of spinal disorders. Growing geriatric population further leading to spinal degeneration and increase in the incidence of fall, is further bolstering the spinal fusion devices market.
Modern lifestyle has resulted in increasing physical inactivity among people, globally. Among various medical problems associated with physical inactivity, spinal disorders are the most critical. Spinal disorders are considered one of the primary causes of disability across the world, resulting in a substantial burden on the healthcare industry. Spinal fusion surgery is an established and widely adopted procedure for the treatment of low back pain.
Low back pain in the elderly population is due to age-related changes in the lumbar spine structure and these changes are further associated with the lifestyle of the patient. Spine fractures are one of the common injuries occurring due to fall in the geriatric population.
Moreover, technological evolution in the medical industry has given rise to a number of minimally invasive procedures for spinal surgeries. With minimally invasive techniques, patients are offered an option safer than open surgeries.
However, along with the benefits of spinal fusion surgery, are attached to the complications and risks associated with the spinal fusion surgery. Moreover, due to the higher demand for better and safer medical devices, the regulations on the device market have increased. This has led to challenges for the entry of products into the major U.S. and European markets as well as in the emerging market.
Research Highlights:
- Majority of companies i.e., NuVasive, Inc., Globus Medical, and SeaSpine Holdings Corporation are launching novel products into the market and sustaining the competition through the development of a wide range of products in the spinal fusion devices market.
- Companies i.e. Medtronic, Plc and Stryker Corporation are acquiring companies to improve their position in the spine market and to improve their product portfolio and global presence.
- Medtronic plc signed a definitive agreement to acquire Titan Spine, to alter spinal procedures and improve procedural solutions.
- Globus Medical, Inc. partnered with the Society of Lateral Access Surgery’s (SOLAS), to support key educational and research initiatives to advance lateral access surgery.
- APAC region, for spinal fusion devices, is expected to grow at a CAGR of 8.95% during the forecast period as this region is highly populated and its geriatric population is increasing, further leading to an increase in the medical tourism.
This market intelligence report provides a multidimensional view of the global spinal fusion devices market in terms of market size and growth potential. This research report aims at answering various aspects of the global spinal fusion devices market with the help of key factors driving the market, restraining factors that can possibly inhibit the overall market growth, and the current growth opportunities that are expected to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, partnerships, collaborations, business expansions as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the trend analysis by product and end-user analysis by geographical regions.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 30 leading companies, market participants, and vendors. The report also profiles 16 key companies, including Medtronic, Plc, Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., NuVasive, Inc, Globus Medical Inc., RTI Surgical, Inc, SeaSpine Holdings Corporation, Spine Wave, Inc., Spinal Elements, Orthofix Medical, Inc., and B. Braun Melsungen AG.
- Alphatec Holdings, Inc
- B. Braun Melsungen AG
- Captiva Spine, Inc.
- Globus Medical, Inc.
- Johnson & Johnson
- Medtronic, Plc.
- NuVasive, Inc.
- Orthofix Medical, Inc.
- RTI Surgical, Inc.
- SeaSpine Holdings Corporation
- Spinal Elements
- Spine Wave, Inc.
- Stryker Corporation
- Xtant Medical Holdings, Inc.
- Zimmer Biomet Holdings Inc.