Global Spinal Nonfusion Market to Grow to $1 Billion by 2017, Despite Challenges A Number of New Products to be Launched, According to Millennium Research Group
TORONTO, Jan. 29, 2013 /PRNewswire/-- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, demographic factors, particularly growth in the over-50 population and increasing obesity, coupled with a growing interest in motion-preserving technologies, will help the global spinal nonfusion market to grow to over $1 billion by 2017.
However, many countries have low or nonexistent reimbursement for spinal nonfusion technologies, in contrast to competing spinal fusion technologies, which are usually well reimbursed. Many spinal nonfusion products are regarded as experimental or investigational, resulting in a lack of reimbursement. As a result, many surgeons are unwilling to adopt them until more definitive, long-term clinical results are available.
Nevertheless, a number of promising new products will soon be launched. Companies such as LDR Spine, Globus Medical and Pioneer Surgical will launch several new spinal nonfusion technologies by 2017, focusing on the more-developed and lucrative United States and European markets. Release of advanced products will come more slowly in other areas. Australia and South Korea will see some adoption of these devices over the next five years, but some market segments, such as facet arthroplasty devices, annulus repair devices and nuclear disc prostheses will not be available in Brazil, India or China before 2017.
Among the significant product launches in the global spinal nonfusion technology market was Globus Medical's SECURE-C cervical artificial disc, which received premarket approval (PMA) by the US Food and Drug Administration (FDA) in 2012. The launch of this device gave Globus Medical access to one of the fastest-growing segments in the global nonfusion spinal technology market.
"Growth in this market will be unevenly distributed by region," said MRG Analyst Daniel Brown. "Market growth in the US will be robust, showing a nearly 19 percent annual growth in procedures through 2017. Procedure growth in Europe will be significantly slower than the US, but will remain a lucrative market for spinal nonfusion technologies. Japan will continue to be a tough market for competitors, because of its strict regulatory guidelines, conservative surgeons and restrictive reimbursement."
Millennium Research Group's Global Markets for Spinal Nonfusion Technologies 2013 report includes unit, average selling price, and revenue information, along with market drivers and limiters and competitive landscape for dynamic stabilization devices, artificial discs, annulus repair devices, nuclear disc prostheses and facet arthroplasty devices sold in the United States, Europe (France, Germany, Italy, Spain, United Kingdom), Asia Pacific (Australia, Japan, South Korea) and BIC (Brazil, India, China).
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group