Spinal Fusion Devices Market to Record Ascending Growth by 2025
Furthermore, the market players have quintessentially been focused towards introducing new products in the market to attract a wider consumer base and exert their influence in the market. The leading market players include Alphatec Holdings Inc., Titan Spine LLCZimmer Biomet Holdings Inc., Exactech Inc., Stryker Corporation, K2M Group Holdings Inc., Globus Medical Inc., NuVasive Inc., Medtronic plc, Depuy Synthes, and B. Braun Melsungen AG. These players are projected to expand their product portfolio in order to establish their soundness in the market.
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Transparency Market Research (TMR) forecasts a growth graph of the market over the period from 2017 to 2025. The market is expected to inflate at a steady CAGR of 4.65% over the forecast period, and he market is expected to be worth US$10,965.7 mn by 2025. Based on the type of product, the thoraco-lumbar fixation devices reigned over all other segments in this category in 2016. This segment is expected to harness positive results for the market in the coming years, and is anticipated to continue its lead in terms of revenue share. Based on regions, North America transcended as the most lucrative regional market in 2016, and is expected to continue its streak of supremacy over the coming years.
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The heavy instance of back pain amongst people has raised concerns amongst the medical circles to find swift and effective cures for it. This has brought the spinal fusion devices under the spotlight of attention and has popularized them across the globe. Cases of spinal disorders in recent times are greater than the previous number, mostly owing to the rising geriatric population. This has created demand for spinal fusion across the globe and has generated tremendous demand in the market. The sedentary lifestyles of the people have become the cause of several diseases, disorders, and ailments out of which the most common are spinal dysfunctions. As people become laidback in their demeanor, they are bound to experience spinal disorders. Hence, lifestyle changes have also played a major part in propelling demand within the market. Furthermore, patients who have suffered back pain for prolonged periods of time are quick to resort to any new treatment device that is introduced in the market. Hence, the research and development initiatives to make better spinal fusion devices are expected to contribute significantly to the market. The leading players in the market have offset a range of initiatives to produce technologically advanced products, which shall keep market demand soaring high.
The global market for spinal fusion devices is led by North America, and the regional market registered the highest market revenue in 2016. The region has outshone all other geographical segments on account of the impetus given to healthcare infrastructure. Furthermore, novel products introduced by key market players coupled with a high awareness quotient has also contributed to regional market growth. The other geographical segments are Latin America, the Middle East and Africa, Asia Pacific, and Europe.
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