May 11, 2022 07:28 ET | Source: Research and Markets Research and Markets
Dublin, May 11, 2022 (GLOBE NEWSWIRE) -- The "Global Spinal Fusion Market, Size, Share, Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
This report provides a detailed analysis of the global spinal fusion device Industry. The global spinal fusion device market is projected to reach US$ 9.93 Billion by 2027, US$ 7.48 Billion in 2021.
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:
Apart from this, increased research on biologics, especially Bone Morphogenetic Proteins (BMPs), is expected to favor the adoption of spinal fusion implants. According to this 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.
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.
Key Topics Covered: 1. Introduction 2. Research Methodology 3. Executive Summary 4. Market Dynamics 4.1 Growth Drivers 4.2 Challenges 5. Global Spinal Fusion Device Market 6. Market Share - Global Spinal Fusion Device Market 6.1 By Product Type 6.2 By Surgery Type 6.3 By Disease Indicator Type 6.4 By End Users 6.5 By Regions 7. Product Type - Global Spinal Fusion Device Market 7.1 Cervical Device 7.2 Thoracolumbar Device 7.3 Interbody Device 7.4 Biologics 8. Surgery Type - Global Spinal Fusion Device Market 8.1 Open Surgery 8.2 Minimally Invasive 9. Disease Indicator Type - Global Spinal Fusion Device Market 9.1 Degenerative Disc Disease 9.2 Complex Deformity 9.3 Traumas & Fractures 9.4 Other 10. End Users - Global Spinal Fusion Device Market 10.1 Hospitals 10.2 Specialty Clinics 10.3 Ambulatory Surgical 11. Regions - Global Spinal Fusion Device Market 11.1 North America 11.2 Europe 11.3 Asia-Pacific 11.4 Latin America 11.5 Middle East & Africa 12. Porter's Five Forces 12.1 Threat of New Entrants 12.2 Threat of Substitutes 12.3 Bargaining Power of Buyers 12.4 Bargaining Power of Suppliers 12.5 Degree of Competition 13. Company Analysis 13.1 Alphatec Holdings 13.1.1 Overview 13.1.2 Recent Development 13.1.3 Sales Analysis 13.2 B. Braun Group 13.2.1 Overview 13.2.2 Recent Development 13.2.3 Sales Analysis 13.3 Johnson & Johnson 13.3.1 Overview 13.3.2 Recent Development 13.3.3 Sales Analysis 13.4 Globus Medical 13.4.1 Overview 13.4.2 Recent Development 13.4.3 Sales Analysis 13.5 Medtronic 13.5.1 Overview 13.5.2 Recent Development 13.5.3 Sales Analysis 13.6 NuVasive 13.6.1 Overview 13.6.2 Recent Development 13.6.3 Sales Analysis 13.7 Orthofix Medical Inc 13.7.1 Overview 13.7.2 Recent Development 13.7.3 Sales Analysis 13.8 Stryker 13.8.1 Overview 13.8.2 Recent Development 13.8.3 Sales Analysis 13.9 Zimmer Biomet Holdings 13.9.1 Overview 13.9.2 Recent Development 13.9.3 Sales Analysis
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