The global spinal fusion devices market is projected to surpass $10 billion by 2025, increasing at a 4.65 percent compound annual growth rate, according to a Transparency Market Research report.
Here are five market details:
1. The market growth is attributed to an increase in spinal cord injuries and a geriatric population more vulnerable to spine disorders. The various technological advancements and launch of innovative plating systems will help the market maintain momentum.
2. Device companies continue to release new screw systems and locking mechanisms designed with titanium alloy and other new materials, contributing to the market’s potential growth.
3. The market report divided spinal fusion devices into minimally invasive surgery and open surgery segments. In 2016, open surgery was the dominant segment. However, analysts anticipate the market to flip as minimally invasive surgeries become more prevalent.
4. Hospitals held the largest share in the global spinal devices market in 2016. During the forecast period, orthopedic centers and clinics are predicted to hold larger shares of the market.
5. Between Latin America, Asia Pacific, North America, Europe and the Middle East and Africa, North America showed the highest demand for spinal fusion devices in 2016. North America is projected to remain dominant in the market with its sophisticated healthcare infrastructure and high treatment awareness.