US Minimally Invasive Spine Technology Market to Grow Strongly to $2 Billion by 2017
Minimally Invasive Spinal Fusion and Facet Fixation to Show Strongest Growth, According to Millennium Research Group
TORONTO, Feb. 19, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, despite some significant downward pressures, the United States market for minimally invasive (MI) spine technologies will grow strongly, reaching nearly $2 billion by 2017. Most of this growth will come from expansion of the largest segment, the minimally invasive spinal fusion market, but the less mature facet fixation segment will also experience significant revenue growth.
Some physicians, however, remain cautious because MI spine techniques require extensive training; a lack of familiarity can negatively affect outcomes as well as increase procedure time. In addition, some physicians also highlight a shortage of clinical data supporting both the short- and long-term efficacy of these procedures, which has led to a lack of reimbursement for some products.
A number of MI spinal fusion clinical trials currently ongoing may change the environment for MI spine technology. One example is NuVasive's study comparing traditional open posterior lumbar interbody fusion (PLIF) with NuVasive's MI Maximum Access Surgery PLIF variant, which is expected to be complete by 2014. Favorable results in this study and others like it are expected to positively influence the volume of minimally invasive procedures involving spinal technologies.
"Facet fixation will be the fastest growing segment in this market," said MRG Analyst Rene Azeez. "This growth is primarily because companies are increasing efforts to provide surgeons with training. The relative simplicity and minimally invasive nature of the surgery, coupled with favorable reimbursement and mounting favorable clinical evidence all support its adoption. We'll see a number of innovative products introduced, such as VG Innovations' VerteLoc v 2.5, which claims to improve ease‐of‐use and facilitate enhanced patient outcomes."
While NuVasive is the current market leader, competition will intensify as other companies recognize the enormous potential of this market, particularly in lucrative high-growth segments such as facet fixation and MI transforaminal lumbar interbody fusion (TLIF) and lateral lumbar interbody fusion (LLIF).
Millennium Research Group's US Markets for Minimally Invasive Spine Technologies 2013 report includes unit, procedures, average selling price and revenue information, along with market drivers and limiters and competitive landscape minimally invasive spinal fusion, facet fixation, intradiscal therapy and discography devices sold in the United States.
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.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
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SOURCE Millennium Research Group
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