The global spinal fusion market is expected to reach US$ 16,771.8 million by 2033, growing at a CAGR of 5.4% from an estimated US$ 9,945.5 million in 2023, according to a recent market analysis. This growth is attributed to the development of modern spine fusion technologies, expanding treatment options, and a rising geriatric population seeking minimally invasive procedures.
“The market for spinal fusion is witnessing significant advancements, driven by the introduction of innovative technologies and techniques that offer less pain and improved patient compliance,” says Future Market Insights. “This is particularly crucial for the growing geriatric population, who often require minimally invasive solutions for their spinal conditions.”
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The increasing prevalence of spinal disorders, such as degenerative disc disease, spondylolisthesis, and scoliosis, is further fueling the demand for effective treatment options like spinal fusion. Additionally, the growing awareness of these conditions and the availability of advanced medical facilities are expected to contribute to the market’s expansion in the coming years.
Key Findings of the Market Analysis:
- The market is expected to grow at a steady pace, driven by the development of advanced spine fusion technologies and increasing adoption of minimally invasive procedures.
- The geriatric population is a key driver of the market, as they are more susceptible to spinal disorders and require devices that offer minimal pain and higher compliance.
- Expanding treatment options and rising awareness of spinal disorders are further contributing to the market growth.
Key Takeaways:
- The worldwide spinal fusion market is predicted to be driven by frequent approvals and drastic product launches of novel spinal fusion products. Spinal anomalies can be caused by smoking, poor diet, excess weight, and other lifestyle factors. It has been analyzed that; the young population is more likely to smoke. The presence of high levels of toxins in cigarette smoke, directly harms the spine’s cartilage, resulting in the early onset of degenerative spinal anomalies that will ultimately lead to the need for spinal surgery. Owing to the aforementioned factors, the demand for equipment utilized in spinal fusion procedures is expected to have high demand during the forecast period.
- The majority of spinal injuries these days have led to preventable events such as automobile accidents, falls, and violence. It has been revealed from the data released by the Indian government that people worldwide are affected by spinal cord injuries (SCI). This is considered one of the major factors fueling the growth of the spinal fusion market.
- Surging usage of minimally invasive procedures is because of the increase in the cases of spinal fusion injuries. In order to accelerate rehabilitation and improve expedited procedures for younger patients, minimally invasive surgeries are expensively growing in popularity.
- In spinal fusion, advanced navigation technology has been utilized in order to guarantee precise component location without any outliers and the associated danger of higher wear and implant failure. This driver is responsible for the increased market demand for spinal fusion throughout the projection period.
- The demand for spinal fusion is on the surge at a global level owing to the surging incidents of spine-related injuries. Spinal fusion is expected to stabilize and decompress the spine including the cervical, lumbar, and thoracic regions. In addition to that, common indications for spinal fusion incorporate spondylolisthesis, scoliosis, and spinal stenosis. This spinal disease assistance by spinal fusion devices for better treatment will increase sales during the assessment period.
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Competitive Landscape:
The market for the production of spinal fusion is expected to be scattered and fragmented all over the globe with several competitors. The key market players are anticipated to employ strategies including collaborations, partnerships, mergers, acquisitions, and new product releases to satisfy consumer demand and increase their client base. Government take initiative to invest in spinal fusion equipment.
Key Companies Profiled:
- Zimmer Biomet Holdings, Inc.
- Stryker Corporation, Inc.
- Exactech, Inc.
- Medtronic Plc
- Johnson & Johnson Services, Inc (Depuy Synthes)
- Wenzel Spine, Inc.
- Centinel Spine, Inc.
- Spineart Geneva SA
- K2M, Inc.
- MicroPort Scientific Corporation
- Integra Lifesciences Holdings Corp
- Orthofix Holdings, Inc.
- Shandong Weigao Group Medical Polymer Company Limited
- Bonovo Orthopedics, Inc.
More Insights into the Spinal Fusion Market:
The U.S. is expected to dominate the global market over the projection period as it accounted for about 88.6% of the market share in 2021. The global spinal fusion market is expected to expand in the U.S. market attributed of the high prevalence of spinal cord injuries.
Germany is the second largest market to hold around 23.8% of the global market in 2021. The rising obesity rates in Germany, it has caused Germans to live 2.6 years shorter on average. This is one of the major driving factors propelling the demand for the spinal fusion market in Germany.
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Key Segments Covered in Spinal Fusion Market Research Report:
By Product:
- Interbody Cages
- Pedicel Screws and Rods
- Spinal Fusion Plates
By Procedure:
- Posterolateral Fusion
- Interbody Fusion
- Anterior Lumbar Interbody Fusion (ALIF)
- Extreme Lateral Interbody Fusion (XLIF)
- Posterior Lumbar Interbody Fusion (PLIF)
- Transformational Lumbar Interbody Fusion (TLIF)
- Others
By End User:
- Hospitals
- Speciality Clinics
- Ambulatory Surgical Centers
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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