A report from Transparency Market Research estimates that the total value of the spinal fusion device industry will reach US$11.0 billion (£8.2 billion, €9.3 billion) within the next eight years. The increase will be primarily fuelled by the rising incidence of back pain and spine disorders, innovation, and technological advancement, the report says.
This growth, in a market worth US$7.1 billion in 2016, is based on a compound annual growth rate (CAGR) of 4.25%, led by the “lucrative” North American market. This region leads due to a greater awareness of treatment options for spine disorders and a focus from industry on introducing novel products.
“The region is anticipated to hold on to its dominant position in terms of revenue over the forecast,” says the market research company.
As the North American population ages, the prevalence of spine disorders and degenerative spine diseases is expected to rise, creating “considerable demand” for spinal fusion devices.
The report also notes that while open surgery dominated the market in 2016, is it likely to have a smaller CAGR than minimally invasive surgery over the next eight years. The report explains that there is increased demand for minimally invasive surgeries among both surgeons and patients due to the likelihood of shorter hospital stays and decreased risk of postoperative complications. Market players are also focused on innovative products designed for use in the procedures.
In 2025, thoracolumbar devices—in particular interbody fusion devices—are expected to continue their dominance of revenue in the market due to their efficiency, and “ongoing research and development for advanced interbody fusion implants manufactured of PEEK titanium,” the report says.
The report, “Spinal fusion devices market by product type, surgery, end-user: Forecast 2017–2025”, anticipates that for end-users, although hospitals will continue to lead the market in 2025, clinics and orthopaedic centres will see an increase in CAGR. The growth of this segment, says the report, is due to the “rising demand for minimally invasive surgeries” and a “preference among patients for clinics”, where length of stays are commonly shorter than in hospitals.
According to a press release from the company, the leading players in the global spinal fusion device industry include Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings Inc., Medtronic plc, K2M Group Holdings Inc., Alphatec Holdings Inc., Exactech Inc., Depuy Synthes, B. Braun Melsungen AG, Titan Spine LLC, Invibio Biomaterial Solutions, and Cerapedics, Inc.