Spinal Interbody Fusion Market to Reach Valuation of USD 8.6 Billion by 2028 - Emergence of Robotic Spine Fusion Surgeries to Fuel the Market to drive the Global Spinal Interbody Fusion Market Growth
From the period of 2022 to 2028, the Global Spinal Interbody Fusion Market is expected to reach USD 8.6 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 3.4%.
The market is developing due to the rising number of spinal illnesses and the growing elderly population. Trauma, falls, crashes, and traffic accidents are all common causes of spinal fusion injuries. The growing popularity of minimally invasive surgery (MIS) is driving up demand for spinal fusion devices. Surgeons are choosing MIS over open surgery for a variety of reasons, including less pain, a shorter recovery time, and less tissue damage. The expanding population of elderly people, combined with increasing lifestyle difficulties and healthcare service availability, is driving market expansion. The increasing number of the elderly in the general population demography has a substantial impact on market growth.
Furthermore, a hectic work life, poor sitting postures, and a complicated lifestyle have resulted in spine issues and problems among the young population and adults, necessitating the need for spinal fusion surgery in cases of severe and severe pains, thereby significantly increasing the market size. Furthermore, advances in healthcare infrastructure and technology have increased the number of options available to general patients, allowing for greater decision-making. However, the cost of the surgery and the possibility of complications raises worries. In addition, prominent players in the spinal fusion devices market are concentrating on strategic mergers and acquisitions to extend their product range and improve their presence in new geographies.
Key Highlights from the Report
- The growing prevalence of lumbar spine degeneration is expected to boost the Thoracolumbar Devices market. The market can be divided into four categories based on type: Cervical Fixation Devices, Interbody Fusion Devices and Thoracolumbar Devices. The thoracolumbar devices segment is expected to have the largest market share. The increasing availability of a variety of thoracolumbar fixation devices, as well as the rising prevalence of lumbar spine degeneration, are the primary factors attributed to the segment's growth. The rapid adoption of spine navigation software and favorable health insurance coverage are expected to propel the cervical devices segment.
- Hospitals and ASCs will grow due to favorable health reimbursement. Based on the end user, the market is split into hospitals, specialist clinics, and others. The hospitals and ambulatory surgery centers segment is likely to dominate the market throughout the forecast period due to the quick adoption of advanced spine surgery products and the gradual increase in the number of robotic spine procedures. Additionally, ambulatory surgery centers are seeing significant cost savings from spinal fusion procedures, which are projected to boost the market even higher.
- Asia Pacific is the fastest regional segment in terms of growth. The market for spinal fusion devices in Asia Pacific is predicted to increase rapidly over the forecast period. A rise in medical tourism and government initiatives are both contributing to the expansion. Furthermore, the region's growing target population raises the risk of spinal ailments and joint difficulties. Over the forecast period, the market for spinal fusion devices in India is expected to rise at a healthy rate. Increased medical tourism to India for spinal fusion operations is responsible for the upsurge.
Emergence of Robotic Spine Fusion Surgeries to Fuel the Market
The use of surgical robots in the spine industry is growing, with many hospitals now offering robotic surgery for the treatment of various spinal diseases. Many manufacturers are concentrating on the development of surgical robots that can be used in spinal fusion surgeries in conjunction with the company's implants and navigation tools. This has paved the way for numerous strategic collaborations and new product launches, which are expected to drive market growth. The system can be used in conjunction with the company's spine implants, navigation, and 3D imaging tools, providing healthcare professionals with a comprehensive solution. Deeper penetration of such robotic systems is expected to boost the growth of the spinal fusion devices market during the forecast period.
New Product Launches to Drive Spine Fusion Device Adoption
The market for spinal arthrodesis devices is fiercely competitive, with major competitors regularly developing new and sophisticated technologies to keep their market share. Furthermore, minimally invasive surgeries are gaining popularity around the world, prompting manufacturers to release technologies designed specifically for minimally invasive spinal fusion surgeries. The spinal fusion devices market is expected to be steered by such advancements.
North America is predicted to dominate the global spinal fusion devices market over the forecast period. A considerable growth in the number of spinal fusion procedures performed in ambulatory surgery centers and outpatient settings, as well as the rapid usage of spine navigation tools and surgical robots, are expected to fuel the market in North America. In emerging nations, the demand for spinal implants and devices is expected to rise. In addition, advancements in augmented and virtual reality, endoscopic surgery, and 3D printed implants for minimally invasive surgery are expected to boost market growth.
The Spinal Interbody Fusion is segmented as follows:
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Pages and in-depth TOC on "Spinal Interbody Fusion Market Size, Share & Trends Analysis Report by Type (Cervical Fixation Devices, Interbody Fusion Devices, Thoracolumbar Devices), by Surgery (Minimally Invasive Spine Surgery, Open Spine Surgery), by End User (Hospitals, Specialty Clinics, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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