Rockville, MD, Sept. 23, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global spinal fusion stimulator market is estimated to reach a valuation of US$ 627.2 billion in 2024 and is expected to grow at a CAGR of 6.3% during the forecast period of (2024 to 2034).
The rise in the working population, sedentary lifestyle, aging population, and technological advancement are driving the market growth. Further, companies manufacturing patient-specific devices to treat chronic back pain have intensified competition among the leading players and emerging startups. Companies have been investing in research and development in innovating technologically advanced solutions for spinal cord fusion surgeries.
For instance, in August 2024, DePuy Synthes (J&J) and eCential Robotics collaborated to launch the FDA-approved device Velys Spine, which is a robotic-assisted system that assists in instrumenting and planning surgical procedures.
These factors and the interest of manufacturers in device development are shaping the market growth significantly.
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Key Takeaways from the Market Study
- The global spinal fusion stimulator market is projected to grow at 3% CAGR and reach US$ 1,155.4 million by 2034
- The market created an opportunity of US$ 528.2 million growing at a CAGR of 3% between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 1% in 2034
- Predominating market players include Boston Scientific Corporation, Abbott Laboratories, Cirtec Medical, and NeuroSigma, Inc.
- North America and East Asia are expected to grow at a CAGR of 5.6% and 5.2% respectively in the forecast period.
“Government Recommendations and Rising Awareness in Treating and Management of Spinal Cord Injuries to Augment Market Configuration in coming years,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Spinal Fusion Stimulator Market:
Boston Scientific Corporation; Abbott Laboratories; Cirtec Medical; NeuroSigma, Inc.; Synapse Biomedical, Inc.; Greatbatch, Inc.; Beijing PINS Medical Co., Ltd.; Medtronic; Nevro Corp.; Saluda Medical Pty Limited; Stimwave Technologies, Inc.; Other Prominent Players.
Market Development
Recently, companies have been focusing on research and development, and understanding the product advantages along with unmet needs and opportunities in emerging regions have been major market trends. Top mergers and acquisitions have been driving the market growth as leading players are putting port demand of acquiring tier 2 or tier 3 players to hold market share globally.
Recent interest in motion preservation is trending in the spine as novel technologies have been incorporated into commercialization and clinical setups. Alternative technologies have been coming up for spinal cord fusion procedures. for instance, 3Spine (clinical phase company) is focused on developing a total joint replacement solution for the lumbar joint.
Big players have been incorporating collaborative strategies in spinal cord fusion procedures. Medtech pioneers, NanoHive Medical, and DirectSync Surgical partnered in 2023 to develop Hive Soft Titanium, a 3D-printed interbody fusion cage which comes with upgraded technologies. These implants have been transforming the medical device industry and will improve patients' quality of life and serve as an affordable treatment plan in the spinal care field.
The above-mentioned factors have been and will show robust market growth in the forecast period at a CAGR of 6.3%.
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Spinal Fusion Stimulator Industry News:
- In April 2024, Xstim received FDA premarket approval for their spine fusion stimulator device.
- On January 2024, 3Spine completed clinical trial enrollment by pulling off 325 surgeries in 2023.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global spinal fusion stimulator market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on the product type (implantable bone growth stimulators {lumbar fusion stimulators, cervical fusion stimulators}, external bone growth stimulators {combined magnetic field (CMF) devices, capacitive coupling (CC) devices, pulsed electromagnetic field (PEMF) devices), application (cervical fusion, thoracic fusion, lumbar fusion, others (e.g., sacral fusion)), surgery type (open surgery and minimally invasive surgery), end user (hospitals, ambulatory surgical centers, specialty clinics, and orthopedic clinics) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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