Monday 22 July 2019, Amsterdam
According to a new market intelligence report, titled “Global Spinal Fusion Devices Market - Analysis and Forecast, 2018-2028”, the global spinal fusion devices market was amounted to $7,519.2 million in 2018, and is estimated to grow over $12,728.6 million by 2028. The global spinal fusion devices market is expected to grow at a single-digit compound annual growth rate between the years 2019 and 2028, primarily driven by the increasing prevalence of spinal disorders. Growing geriatric population further leading to spinal degeneration and increase in incidence of fall, is further bolstering the spinal fusion devices market.
Modern lifestyle has resulted in increasing physical inactivity among people, globally. Among various medical problems associated with physical inactivity, spinal disorders are the most critical. Spinal disorders are considered one of the primary causes of disability across the world, resulting in a substantial burden on the healthcare industry. Spinal fusion surgery is an established and widely adopted procedure for the treatment of low back pain.
Low back pain in the elderly population is due to age-related changes in the lumbar spine structure and these changes are further associated with the lifestyle of the patient. Spine fractures are one of the common injuries occurring due to fall in the geriatric population.
Moreover, technological evolution in the medical industry has given rise to a number of minimally invasive procedures for spinal surgeries. With minimally invasive techniques, patients are offered an option safer than open surgeries.
However, along with the benefits of spinal fusion surgery, are attached the complications and risks associated with the spinal fusion surgery. Moreover, due to the higher demand for better and safer medical devices, the regulations on the device market have increased. This has led to challenges for the entry of products into the major U.S. and European markets as well as in the emerging market.
According to Swati Sood, an analyst, “North America held the largest market share in 2018 and accounted for over 47.25% of the revenue share owing to presence of sophisticated healthcare infrastructure and high level of awareness about the treatment of spinal disorders.” However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 8.95% from 2019 to 2028. Furthermore, owing to Increasing prevalence of spinal disorders and increasing medical tourism are propelling the growth of the spinal fusion devices in Asia-Pacific”.
- Majority of companies i.e., NuVasive, Inc., Globus Medical, and SeaSpine Holdings Corporation are launching novel products into the market and sustaining the competition through the development of wide range of products in the spinal fusion devices market.
- Companies i.e. Medtronic, Plc and Stryker Corporation are acquiring companies to improve their position in the spine market and to improve their product portfolio and global presence.
- Medtronic plc signed a definitive agreement to acquire Titan Spine, to alter spinal procedures and improve procedural solutions.
- Globus Medical, Inc. partnered with the Society of Lateral Access Surgery’s (SOLAS), to support key educational and research initiatives to advance lateral access surgery.
- APAC region, for spinal fusion devices, is expected to grow at a CAGR of 8.95% during the forecast period as this region is highly populated and its geriatric population is increasing, further leading to an increase in the medical tourism.
This market intelligence report provides a multidimensional view of the global spinal fusion devices market in terms of market size and growth potential. This research report aims at answering various aspects of the global spinal fusion devices market with the help of key factors driving the market, restraining factors that can possibly inhibit the overall market growth, and the current growth opportunities that are expected to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, partnerships, collaborations, business expansions as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the trend analysis by products and end user analysis by geographical regions.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 30 leading companies, market participants, and vendors. The report also profiles 16 key companies, including Medtronic, Plc, Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., NuVasive, Inc, Globus Medical Inc., RTI Surgical, Inc, SeaSpine Holdings Corporation, Spine Wave, Inc., Spinal Elements, Orthofix Medical, Inc., and B. Braun Melsungen AG.
Key questions answered in the report:
- What is the global spinal fusion devices market size in terms of revenue from 2018-2028?
- Which spinal fusion device product is expected to be dominant in the forecast period?
- What is the revenue generated by the different products, and end users of spinal fusion devices market?
- What are the major market drivers, challenges, and opportunities in the global spinal fusion devices market?
- What is the market share of the leading segments of the global spinal fusion devices market in 2018 and 2028?
- How is each segment of the global spinal fusion devices market expected to grow during the forecast period and what is the revenue estimated to be generated by each of the segments by the end of 2028?
- What are the influencing factors that may affect the market share of the key players?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- Which product segment is expected to register the highest CAGR for the spinal fusion devices market?
- Which geographical location is expected to contribute to the highest sales of the spinal fusion devices during the forecast period?
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