SAN FRANCISCO, July 8, 2021 /PRNewswire/ — The global spinal fusion device market size is expected to reach USD 8.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. The increasing number of spinal-related disorders and technological advancement in spinal fusion surgeries are boosting the market growth. The market experienced a slight decrease in growth rate in 2020 due to delays or cancellations of elective surgeries.
Key Insights & Findings:
- The thoracolumbar devices dominated the product segment of the market in 2020. This contribution is mainly because of the increased number of thoracolumbar disorders and technological advancements
- The minimally invasive segment dominated the market and accounted for the largest revenue share of over 64.0% in 2020. The associated advantages such as less blood loss, less surgery time, increased recovery time are boosting the growth of the segment
- The degenerative disc segment held the largest revenue share of over 42.0% in 2020. The growth can be attributed to the growing target population and the increasing number of lower back pain and neck pain in adults
- The hospitals segment held the largest revenue share in 2020. The growth can be attributed to advanced treatment options and a large number of patient footfall
- North American dominated the market in 2020 in terms of revenue share. Increased target population, advanced healthcare infrastructure, and technological advancements are anticipated to contribute to the growth of the market in the region
Read 150 page market research report, “Spinal Fusion Device Market Size, Share & Trends Analysis Report By Product, By Surgery (Complex Deformity, Degenerative Disc), By Disease Type, By End User (Hospitals, Specialty Clinics), By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research.
Nuvasive reported a decrease in the revenue by 5.4% in 2020 Q1 as compared to 2019 Q1. However, the market experienced recovery during the 3rd quarter of 2020 due to the ease of lockdown and resumption of surgeries. In May 2021, Orthofix received FDA 510 (k) clearance for the Forza Ti spacer system for transforaminal lumbar interbody fusion procedures. In March 2021, ATEC launched the InVictus Occipital-Cervical-Thoracic Spinal Fixation System to enhance the spine portfolio. The aforementioned factors are expected to boost market revenue over the forecast period.
Grand View Research has segmented the global spinal fusion device market on the basis of product, disease type, surgery, end-user, and region:
- Spinal Fusion Device Product Outlook (Revenue, USD Million, 2016 – 2028)
- Thoracolumbar Devices
- Anterior Lumbar Plates
- Pedicle Screw and Rods
- Cervical Fixation Devices
- Anterior Cervical Plates
- Hook Fixation Systems
- Interbody Fusion Devices
- Spinal Fusion Device Disease Type Outlook (Revenue, USD Million, 2016 – 2028)
- Degenerative Disc
- Complex Deformity
- Trauma & Fractures
- Spinal Fusion Device Surgery Outlook (Revenue, USD Million, 2016 – 2028)
- Open spine surgery
- Minimally Invasive Spine Surgery
- Spinal Fusion Device End-User Outlook (Revenue, USD Million, 2016 – 2028)
- Specialty Clinics
- Spinal Fusion Device Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Spinal Fusion Device Market
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Zimmer Biomet
- Orthofix Medical, Inc.
- B. Braun Melsungen AG
- NuVasive, Inc.
- Globus Medical
- ATEC Spine, Inc
- Captiva Spine, Inc
- Spinal Elements, Inc.
- Spine Wave, Inc.
- Spineology, Inc.
- Xtant Medical Holdings, Inc.
Browse through Grand View Research’s Coverage of the Global Medical Devices Industry:
- Spinal Cord Stimulation Devices Market – The global spinal cord stimulation devices market size was valued at USD 1.83 billion in 2018 and is anticipated to expand at a CAGR of 8.7% during the forecast period.
- Orthobiologics Market – The global orthobiologics market size was valued at USD 5.0 billion in 2015 and is expected to witness a CAGR of 7.5% during the forecast period.
- Orthopedic Implants Market – The global orthopedic implants market is expected to reach USD 6.2 billion by 2024, according to a new report by Grand View Research, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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