Sarasota, FL -- (SBWire) -- 01/19/2019 --Zion Market Research has published a new report titled "Spinal Fusion Devices Market by Product (Thoracolumbar Fixation Devices, Cervical Fixation Devices, and Interbody Fusion Devices), by Surgery (Open Spine Surgery and Minimally Invasive Surgery), and by End-User (Hospital, Ambulatory Service Centers, and Orthopedic Centers) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, global spinal fusion devices market was valued at approximately USD 7.40 billion in 2017 and is expected to generate revenue of around USD 10.18 billion by the end of 2024, growing at a CAGR of around 4.67% between 2017 and 2024.
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Spinal fusion is a type of technique in which different types of devices are used to join two or more than two spine vertebrae. It eliminates the motion between the vertebrae and aligns the spine to its original form. The rapid increase in spinal disorders and an increase in the awareness of the different devices for spinal fusion is expected to fuel the market growth.
Spinal fusion devices market is segmented on the product, surgery, and end user. in terms of product, spinal fusion devices market is segmented into thoracolumbar fixation devices (TLFD), cervical fixation devices (CFD), and interbody fusion devices (IFD). TLFD are further divided into rods, lumbar plates, pedicle screws, hooks, and others. CFD are further segmented into hook fixation system, anterior cervical plates, screws, & others. IFD is sub-segmented into bone fusion devices and non-bone fusion devices. TLFD segment is anticipated to lead the market. The increasing spine disorder of thoracic & lumbar region is expected to fuel the growth of thoracolumbar fixation devices segment.
Based on the surgery, the spinal fusion devices market is further segmented into open spine surgery & minimally invasive surgery. Open spine surgery segment dominated the market in 2017; however, in the forecast period minimally invasive surgery segment is expected to witness the highest growth. Minimally invasive surgeries are expected to witness growth due to the less risk as compared to that of open surgeries and have fewer complications after surgery.
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On the basis of the end user, the spinal fusion devices market is segmented into ASCs, hospital, and orthopedic centers. Hospital segment is expected to dominate the spinal fusion devices market in the forecast period. The investment done by hospitals in the technology and a greater patient pool as compared to other end users are expected to fuel the growth of hospital segment.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the regional segments of spinal fusion devices market. North America is anticipated to lead the market in the forecast period due to an increase in awareness about the treatment of spinal disorders and well-established healthcare infrastructure. The rapid increase in investment in the healthcare industry and the rapid increase in the geriatric population is expected to fuel the growth of the market in the European region. Asia Pacific is expected to show the highest CAGR due to increase in healthcare expenditure and low cost required for spinal surgeries and the rapid increase in the geriatric & obese population. Latin America & the Middle East and Africa regions are anticipated to show a steady growth rate due to an increase in the occurrence of spinal disorders and growing expenditure on healthcare.
The main players involved in the global market of spinal fusion devices are NuVasive Inc., Globus Medical Inc., DePuy Synthes, Medtronic Plc, RTI Surgical Inc., Orthofix International N.V., Stryker Corporation, Zimmer Biomet Holdings Inc., K2M Group Holdings Inc., and Alphatec Holdings, Inc. The players are involved in the development of advanced spinal fusion devices which are cost-effective and highly upgraded.
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This report segments the global spinal fusion devices market as follows:
Global Spinal Fusion Devices Market: Product Segment Analysis
Thoraco-Lumbar Fixation Devices
Lumbar Plates
Rods
Hooks
Pedicle Screws
Others
Cervical Fixation Devices
Anterior Cervical Plates
Hook Fixation Systems
Screws
Others
Interbody Fusion Devices
Non-bone Fusion devices
Bone fusion Devices
Global Spinal Fusion Devices Market: Surgery Segment Analysis
Open Spine Surgery
Minimally Invasive Surgery
Global Spinal Fusion Devices Market: End-User Segment Analysis
Hospital
Ambulatory Service Centers
Orthopedic Centers
Global Spinal Fusion Devices Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Spinal Fusion Devices Market Set for Rapid Growth, to Reach Around $6.8 Bn by 2024
Global spinal fusion devices market expected to generate revenue of around USD 10.18 billion by the end of 2024, growing at a CAGR of around 4.67% between 2017 and 2024. Spinal fusion is a type of technique in which different types of devices are used to join two or more than two spine vertebrae.