Albany, NY, Jan. 25, 2018 (GLOBE NEWSWIRE) -- According to the report, the spinal fusion devices market is projected to reach US$ 10,965.7 Mn in 2025 at a CAGR of 4.65% from 2017 to 2025.
The report provides detailed analysis of the current and emerging trends in the spinal fusion devices market. The market size has been provided for product type, surgery, end-user, and geography. The report provides forecasts for revenue (US$ Mn) from 2017–2025. The number of people suffering from back pain and other spinal disorders has been growing owing to the rise in the geriatric population, and the growing sedentary lifestyles among people. According to WHO, over 80%-90% of the American population is known to be affected by degenerative spine diseases, the symptoms ranging from back to severe limitations in mobility. The aging population, that is the population aged over the age of 65 years is known to increase significantly over the years and is known to account for over 16.7% of the total population in 2050, according to the U.S. Census Bureau. The rising obesity in the population owing to the sedentary lifestyles among the people, new product launches by the market players, and the technological advances, among others also aid in the market growth.
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On the basis of product type, the market has been segmented into thoraco-lumbar fixation devices, cervical fixation devices, and interbody fusion devices. The thoraco-lumbar fixation devices segment is further sub-segmented into lumbar plates, hooks, rods, pedicle screws, and others. The cervical fixation devices segment is further sub-segmented into anterior cervical plates, hook fixation systems, screws, and others. Interbody fusion devices segment is further sub-segmented into non-bone fusion devices and bone fusion devices. Thoraco-lumbar fixation devices segment dominated the market in 2016 and is anticipated to remain dominant in terms of revenues in the forecast period. This segment is anticipated to grow at a sluggish rate in the forecast period owing to the rising demand for interbody lumbar fusion procedures. Cervical fixation devices segment is anticipated to record a considerable growth in the forecast period, owing to the rise in the number of surgeons trained in performing these surgeries. However, interbody fusion devices segment is anticipated to record a high CAGR growth in the forecast period owing to the technological advances leading to the development of non-biological non-bone fusion devices using PEEK and titanium that are efficient in enhancing the success rate of the surgeries.
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On the basis of surgery, the market is segmented into open surgery and minimally-invasive surgery. Open surgery, also known as the traditional surgery dominated the market in 2016. However, minimally-invasive surgery segment is anticipated to grow at a high CAGR in the forecast period owing to the efficiency and effectiveness of these procedures. In addition, the shorter stay durations after the surgery, smaller incision required for the surgery, and the lesser post-operative medications, among others aid in the growth of this segment.
On the basis of end-user, the market has been segmented into hospitals, ambulatory surgical centers, and clinics and orthopedic centers. Hospitals segment dominated the market in 2016 in terms of revenues and market share. However, ambulatory surgical centers and clinics and orthopedic centers are anticipated to gain market share in the forecast period. This can be attributed to the changing scenario of reimbursement for the fusion procedures performed in the ambulatory surgical centers, the bundled payment options offered and the lower hospital stay duration, among others.
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Major players in the spinal fusion devices market include Stryker Corporation, NuVasive, Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings, Inc., Medtronic plc, K2M Group Holdings, Inc., Alphatec Holdings, Inc., Exactech, Inc., B. Braun Melsungen AG, Depuy Synthes (a part of Johnson & Johnson), and Titan Spine, LLC, among others.
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