by The Spinal Fusion Devices Market is poised for significant growth in the short term, with promising developments on the horizon. A comprehensive report reveals insights into the anticipated trajectory of this market in the coming years.
Robotics in Spinal Fusion Opening New Growth Avenues
The rising incidence of spinal cord injuries, often attributed to factors such as sedentary lifestyles and poor weight management, has become a global concern. According to the 2020 report from the National Health Portal of India, between 250,000 to 500,000 individuals suffer from spinal cord injuries worldwide. This has led to an upsurge in spinal procedures aimed at restoring spinal stability and balance, consequently driving the demand for spinal fusion devices and fostering growth in the market.
In the quest for reduced human errors and enhanced patient outcomes, medical device companies are harnessing technology to develop surgical robots. The integration of surgical robotics in the spinal industry has empowered hospitals and healthcare facilities to treat various spinal disorders more effectively. Companies are diligently working on surgical robots that can be employed in spinal fusion procedures, in conjunction with implants and navigation tools. This groundbreaking technology is expected to significantly reduce the time required for complex procedures, ultimately contributing to higher patient success rates. The growing adoption of robotics in the spinal domain is poised to offer substantial growth opportunities for the spinal fusion devices market.
Lumbar Fusion Devices: A Key Contributor to Revenue Growth
The demand for lumbar fusion devices is projected to witness substantial growth due to the increasing number of spinal fusion surgeries performed worldwide. Lumbar fusion procedures, known for their complexity and extended post-procedure recovery periods, have fueled the need for advanced lumbar fusion devices capable of providing critical support to the spinal structure and vertebrae. Notably, lumbar fusions are among the most commonly performed surgeries in the United States, with approximately 210,000 procedures conducted annually, a number expected to rise in the years ahead.
Furthermore, companies are obtaining FDA clearances to bring their lumbar fusion devices to market. For example, in 2020, 4WEB Medical received 510(k) clearance from the FDA for its standalone Anterior Lumbar Interbody Fusion Device. The increasing prevalence of lumbar procedures and the introduction of new products in this sector are expected to drive the adoption of lumbar fusion devices, thereby bolstering the growth of the spinal fusion devices market.
North America Continues to Drive Demand
The demand for spinal fusion devices in developed countries in North America is set to surge in the coming years, primarily due to the increasing incidence of spinal cord injuries and spine-related issues, such as lower back pain. In the United States, for instance, the National Spinal Cord Injury Statistical Center reports approximately 54 cases of spinal cord injuries per one million individuals, translating to roughly 17,800 new cases each year. This has placed a growing mental and economic burden on individuals in the region, spurring the demand for spinal fusion devices. These devices play a vital role in stabilizing the entire spinal structure during injuries or trauma, making them indispensable in developed nations like the United States and driving growth in the spinal fusion devices market in North America.
Moreover, the region is home to numerous major players in the spinal fusion devices market, thanks to robust economic growth, a stable increase in GDP per capita, a preference for advanced medical devices to reduce trauma, a well-developed healthcare infrastructure, and a growing geriatric patient population. To sustain this growth, spinal fusion device manufacturers are actively pursuing strategic initiatives. For example, in 2021, Spectrum Spine acquired the proprietary and unique surface technology BIOBraille for spinal trauma treatment. Additionally, in 2020, the FDA approved Spineology Inc.s OptiMesh Expandable Interbody Fusion System, further propelling market growth.
Competitive Landscape
The spinal fusion devices market is witnessing a flurry of new product launches, collaborations, acquisitions, and partnerships. For instance, in July 2021, Fusion Robotics LLC and Integrity Implants Inc. completed their merger, rebranding themselves to promote their minimally invasive spinal care services. In 2020, Royal Biologics acquired FIBRINET, expanding its portfolio to support spinal fusion through novel biologic solutions. In June 2022, Aurora Spine received FDA clearance for DEXA SOLO-L, and Camber Spine announced the initiation of the next launch phase of SPIRA-P, their posterior lumbar spacer, alongside the commercialization of SPIRA-T, an oblique posterior lumbar spacing device. These developments are key drivers in propelling the growth of the spinal fusion devices market.
Key Players in the Spinal Fusion Devices Market
Notable players in the spinal fusion devices market include Zimmer Biomet, Johnson and Johnson, NuVasive Inc., Globus Medical Inc., Stryker, Medtronic, Alphatec Spine Inc., RTI Surgical Holdings Inc., DePuy Synthes, and Aesculap Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/spinal-fusion-devices-market
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COMTEX_442430689/2840/2023-10-25T09:54:59
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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