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Spinal Fusion Devices Market Size to Reach Valuation of $7.43 Billion by 2022 | Thoracolumbar Devices, Cervical Fusion Devices, Fusion Devices

05-06-2021 04:43 PM CET | Health & Medicine

Press release from: Allied Market Research

Spinal Fusion Devices Market

Spinal Fusion Devices Market

Increase in adoption of minimally invasive spine surgery (MISS) presents lucrative opportunities for key players in the spinal fusion devices market. MISS is preferred to conventional techniques, owing to its associated benefits such as minimal cut or incision, which in turn reduces the chances of damage caused to the adjacent muscles.

Spinal fusion devices market was valued at $5,867 million in 2015, and is projected to reach $7,435 million by 2022, growing at a CAGR of 3.4% from 2016 to 2022.

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COVID-19 scenario-

1) The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.

2) The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.

3) However, as the world has been recovering from the pandemic, the market is estimated to get back on track.

Spine fusion devices are used to treat the disorders associated with the spine. These devices restore the functionality and maintain the normal alignment of the spine. Spine fusion devices are categorized into thoracolumbar devices, cervical fixation devices, and interbody fusion devices.

The global spinal fusion devices market is driven by factors such as advent of minimally invasive spine surgery techniques and rise in incidence of spinal disorders. In addition, surge in geriatric population is anticipated to fuel the demand for spinal fusion devices, globally. However, unfavorable reimbursement scenario and stringent regulatory approval process hamper the market growth.

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The thoracolumbar fusion devices segment generated the highest revenue in the global market, and accounted for more than two-fifths share of the global market. In addition, the interbody fusion devices segment is expected to grow at a CAGR of 3.6% during the forecast period.

North America accounted for the majority revenue share in 2015, and is expected to maintain this trend during the forecast period. However, the Asia-Pacific region is projected to grow rapidly, registering a CAGR of 4.6% during the forecast period. Improving healthcare infrastructure and increase in expenditures in the emerging markets, such as India and China, to cater to the unmet medical needs in these countries have bolstered the market growth.

The key players in the spinal fusion devices market have focused on expanding their business operations in the fast-growing economies by adopting the product launch strategy.

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The major companies profiled Are:

• Alphatec Holdings, Inc.
• B. Braun Melsungen AG
• Depuy Synthes (Johnson & Johnson)
• Exactech, Inc.
• Globus Medical, Inc.
• Medtronic plc,
• NuVasive, Inc.
• Orthofix International N.V.
• Stryker Corporation
• Zimmer Biomet Holdings, Inc.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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