Spinal Fusion Market - Forecast(2024 - 2030)

Key Takeaways

·         North America dominates the Spinal Fusion Market owing to well established healthcare facilities, favorable reimbursement policies, and availability of advanced technologies.

·         Increasing geriatric population and rising number of road accidents and advancements in the surgical procedure along with surge in healthcare expenditure is likely to aid in the market growth of spinal fusion.

·         Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Spinal Fusion Market report.

·         High cost associated with the treatment and stringent regulatory approval procedure of these devices can create a hurdle for the growth of the market. Spinal Fusion market,

Device Type - Segment Analysis

Based on the device type, pedicle screw systems held the largest share in the spinal fusion market in 2019 and will grow at a CAGR of 2.6% during the forecast period 2020-2025.This is mainly owing to the benefits associated with the use of these device such as ease of use, lesser recovery time, and cost efficiency. However, Interbody Cages segment is estimated to be the fastest growing segment during the forecast period 2020-2025, owing to its availability in various materials such as titanium, stainless steel, polyether ether ketone (PEEK) and bio-absorbable material. Bio-absorbable or resorbable materials (poly-L-lactic acid) are becoming increasingly popular owing to their special property of being absorbed in the body over time. This eliminates repeat surgery required to remove the implant after the bones have healed. Moreover bio-absorbable materials does not suffer from effects of magnetic field or magnetic resonance (MR) effect and facilitate better imaging. Demand for minimally invasive procedures has increased as are less painful and allow quick recovery.

End User - Segment Analysis

Hospitals accounted for the major share in the spinal fusion market in 2019 and is estimated to grow at a CAGR of 3.7% during the forecast period 2020-2025. Growing patient pool and rising demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment in the spinal fusion market. The availability of advance technologies and demand for minimally invasive surgical procedure is also contributing in the growth of this segment. Recently, ambulatory surgical centers are also gaining popularity in the spinal fusion market.

Geography - Segment Analysis

North America dominated the spinal fusion market share accounting for more than 36.4% of the overall market. Robust healthcare infrastructure combined with focus on development of new devices along with improved diagnosis among the patients are helping in this region growth. Medicare estimates that more than $200 million was spent on improperly indicated spinal fusion procedures in 2011. The favorable reimbursements policies and presence of key players in this region is also supporting the growth of the spinal fusion market. However, a decrease in the market share of the North American region is being anticipated in the forecast period as compared to the historic period.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is owing to the rise in in incidence of spinal disorders and increase in healthcare expenditure. Furthermore, rapidly aging population, low cost of the spinal procedures in countries such as India as compared to that of developed countries such as the U.S. have further increased the demand for spinal implants. Spinal surgery is performed at over 2,000 hospitals in India, with complex and sophisticated surgeries such as microscopic spine surgery being performed in at least 500 multi-faculty spinal surgery hospitals and super speciality hospitals. According to an article published in “Tohoku Journal of Experimental Medicine” in February 2016, approximately 23.1% of the Japanese population was aged above 65, and 11.4 % was aged above 75 by end of 2010.The same study stated that in 2012, approximately half of the patients with lumbar spinal stenosis (LSS) and cervical myelopathy were more than 70 years of age.

Drivers – Spinal Fusion Market

·         Rising number of aging population

The rising number of aging population across the globe is a major factor in the growth of the spinal fusion market. According to the American Association of Neurological Surgeons, more than 65 million Americans suffer from lower back pain, annually, while according to the Chicago Institute of Neurosurgery and Neuroresearch, by the age of fifty, 85% of the population is likely to show evidence of disc degeneration. So, with the growing geriatric population, the number of people suffering from lower back pain and other degenerative spinal conditions is expected to increase during the forecast period. By 2025, 30.5% of the population is estimated to be over 65 years. Rapidly ageing population has major impacts on the society, particularly in the medical field.

·         Advancements in surgical procedure and surge in healthcare expenditure

Currently, surgeons follow traditional approach for surgery, increasing knowledge of minimally invasive techniques among surgeons and patients will accelerate the growth of the market. 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. Increasing awareness towards treatment in both developed and developing countries and preference towards preventive healthcare over reactive and external partnerships in research are driving development and growth of spinal fusion market.

Challenges – Spinal Fusion Market

·         High cost associated with the treatment

High price of the spinal fusion surgeries and high setup cost is and unavailability of proper healthcare infrastructure in some regions of the world can hinder the growth of the market. However, unfavorable reimbursement scenario and stringent regulatory approval procedure of these devices are expected to limit the market growth. Growing research on alternative treatment options are some factors expected to hamper the growth of the global spinal fusion market over the forecast period.  

Spinal Fusion Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the spinal fusion market. In 2019, the spinal fusion market share is consolidated by the top ten players. Spinal fusion top 10 companies are 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 among others.

Acquisitions/Product Launches

• 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 a 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.
• In September 2018, Johnson & Johnson Medical Devices Companies announced that they have acquired Emerging Implant Technologies GmbH (EIT) so that they can expand their portfolio for both minimally invasive and open spinal fusion surgery. The main aim is to provide more interbody solutions options to the surgeons, so that they can provide better treatment to the patients.
• In June 2018, CoreLink announced that they have acquired an Israeli medical device company so that with use of FLXfit and FLXfit 15 titanium transforaminal lumbar interbody fusion systems they can expand their orthopedics portfolio. The main aim is to provide customers with advanced technology for the better treatment and will also help them to expand their business.