The global Spinal Fusion Device market size is expected to be worth around US$ 18.8billion by 2030, according to a new report by Vision Research Reports.
The global Spinal Fusion Device market size was valued at US$ 10.3 billion in 2020 and is anticipated to grow at a CAGR of 8.4% during forecast period 2021 to 2030.
Growth Factors
The increasing number of spinal-related disorders and technological advancement in spinal fusion surgeries are boosting the market growth. The market experienced a slight decrease in growth rate in 2020 due to delays or cancellations of elective surgeries.
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Increasing numbers of spinal disorders and the growing geriatric population are boosting the market growth. According to the CDC report, around 34.0% of the adult population and 62.0% of the elderly population got affected by spinal deformities as of 2020. The common causes of spinal fusion injuries are found to be trauma, falls, collisions, or road traffic accidents.
Nuvasive reported a decrease in the revenue by 5.4% in 2020 Q1 as compared to 2020 Q1. However, the market experienced recovery during the 3rd quarter of 2020 due to the ease of lockdown and resumption of surgeries. In May 2021, Orthofix received FDA 510 (k) clearance for the Forza Ti spacer system for transforaminal lumbar interbody fusion procedures. In March 2021, ATEC launched the InVictus Occipital-Cervical-Thoracic Spinal Fixation System to enhance the spine portfolio. The aforementioned factors are expected to boost market revenue over the forecast period.
Report Highlights
The thoracolumbar devices segment dominated the market for spinal fusion devices and accounted for the largest revenue share of more than 65.0% in 2020. The increasing incidence of spinal disorders such as spinal stenosis, excessive kyphosis, and vertebral fracture is further driving the segment. In most of these cases, surgery is the only treatment option. Moreover, fractures in the thoracolumbar area can be the most important reason for surgical intervention. These fractures are either caused by road accidents or bone insufficiency. Bone insufficiency is caused for the reason of underlying settings such as osteoporosis and tumors that eventually weaken the bone and cause fractures.
The degenerative disc segment dominated the market for spinal fusion devices and accounted for the largest revenue share of over 52.0% in 2020. Growing reasons for lower back pain and neck pain in adults and an upsurge in elderly population are the major aspects driving the segment. In addition, rise in sports and daily activities is expected to augment segment growth.
The complex deformity segment is expected to grow fast in the market for spinal fusion devices over the forecast period. The demographics of the elderly population in the U.S. are experiencing a fundamental shift as medical care improvements and life expectancy increases. Moreover, the baby boomers represent the fastest rising demographic in the U.S and the number of individuals 65 years and elder are projected to reach 89 million by 2050, more than double its existing size which is further boosting the revenue.
The minimally invasive surgery segment dominated the market for spinal fusion devices and accounted for the largest revenue share of 74.0% in 2020 as it’s the first preference for spinal fusion surgeries. According to a survey in 2020 in the U.S., the 3 most significant parameters for patients when selecting between MIS and open surgery were: surgeon’s recommendation, complication risk, and long-term outcomes. When compared with MIS surgery, most patients experienced open surgery to be more painful, increased complication risk, increased recovery time, and need heavier sedation. Besides, if required to have spine surgery in the future, most of both patient groups would choose a minimally invasive approach. The aforementioned factors are expected to propel the revenue over the forecast period.
The hospitals dominated the market for spinal fusion devices and accounted for the largest revenue share of over 67.0% in 2020. The growing number of spinal surgeries performed at hospitals is one of the factors driving the segment. Growing government initiatives to improve the healthcare infrastructure and expanding the middle-class population in developing nations such as India are resulting in increasing demand for quality healthcare services delivered by hospitals, thereby aiding segment growth.
The specialty clinics segment is expected to grow fast in the market for spinal fusion devices over the forecast period. The popularity of these clinics is increasing over years. With the need for improved access to care, numerous types of specialty clinics have come to market over the last two decades. In addition, the increasing demand for better healthcare services has opened scope for new opportunities in delivering affordable healthcare services. Specialty clinics would mainly help in bridging the gap between the demand and supply of healthcare services and facilities by providing superior care. Hence, the aforementioned factors will support segment growth during the forecast period.
North America dominated the spinal fusion devices market and accounted for the largest revenue share of over 51.0% in 2020. The rising geriatric population, growing spinal disorder and increasing incidence of sports injuries and fatal accidents are among key factors boosting the demand for spinal fusion devices in North America.
| Report Coverage | Details |
| Market Size | US$ 18.8 billion by 2030 |
| Growth Rate | CAGR of 8.4% From 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Disease type, Surgery, End-User |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Johnson & Johnson Services, Inc. (DePuy Synthes); Stryker; Zimmer Biomet; Orthofix Medical, Inc.; B. Braun Melsungen AG; Medtronic; NuVasive, Inc.; Globus Medical; ATEC Spine, Inc; Captiva Spine, Inc; SeaSpine; Spinal Elements, Inc.; Spine Wave, Inc.; Spineology, Inc.; Xtant Medical Holdings, Inc. |
Key Players
Market Segmentation
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