spinal fusion device market

Spinal Fusion Devices Market Analysis and Value Estimation

spinal fusion device market

The degenerative spine conditions, including scoliosis, spondylolisthesis, and in some cases trauma conditions, cause instability of spine, which is further thrusting the demand for spinal surgeries. Spinal fusion is a surgical technique, which has become common over the years for treating spinal disorders. It helps in fusing single or multiple vertebrae of the spine to stabilize the spinal cord.

The process of spinal fusion is the implantation of plates or screws in replacement of intervertebral disc between the vertebras to improve stability. Some of the most common spinal fusion devices used include plate, screw, rod and stem, pin and wire, hook, cage, and spacers. These devices are used in multiple combinations during the spinal fusion process for treating degenerative spinal deformities and disorders. At the time of spinal fusion, the device is chosen based on the medical problem, location on the anatomy, and the preference of the surgeon.

Based on the recent market intelligence report published by BIS Research on Global Spinal Fusion Devices Market – Analysis and Forecast, 2018–2028, the spinal fusion devices generated revenue of $7.51 billion in 2018. The market is projected to witness a growth of 5.40%, during the forecast period from 2018 to 2028.

The growth of the market is sponsored by factors such as increasing number of spinal fusion surgeries, increasing rate of obesity, growing geriatric population, increasing prevalence of spinal disorders, and increasing road injuries, sport injuries, and fall.

Additionally, various opportunities such as technological advancements in spinal surgeries, continuous launch of new product launches, massive scope for adoption of spinal fusion devices in emerging nations, and growing number of hospitals and ambulatory centers are further expected to augment the growth of the market.

To study the holistic view of the spinal fusion devices market, it has been segmented on the basis of product, end user, and region. The product segment of the market is further segmented into screws, plates, cages, pin and wire, rods and stem, hooks, and spacers.

The end user segment of the market is categorized into hospital, specialty clinics and ambulatory surgical center, and others. Lastly, the region segment is categorized into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

The spinal fusion devices market is highly competitive, with the increasing number of companies present in the market. However, to sustain the competition these companies are following different strategies, including product launches, approvals and clearance; agreements, partnerships, and collaborations; mergers and acquisition; expansion and divestitures.

Based on the evaluation conducted by BIS Research, from January 2015 to May 2019, maximum developments have been witnessed in the product launches, approvals and clearance segment. It accounted for 79.23% of the total developments occurred during this duration. Additionally, in 2018, Medtronic acquired market share of 28.03%, followed by Johnson & Johnson with 19.54% share.

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