ALBANY, New York, December 4, 2017 /PRNewswire/ --
The global spinal fusion devices market is a competitive one with presence of several small as well as large players, says Transparency Market Research (TMR) in a new report. The primary growth strategy adopted by key players include strategic acquisitions and product launches to establish their presence in this competitive market. For instance, in October 2017, NuVasive obtained U.S. FDA 510 (k) clearance for Tlx interbody system employed in Tlif procedures. Following this, in the same month, the company launched Lateral ALIF, XLIF, Crestline, and Lateral MAS Fixation devices to make a mark in lateral single-position surgery offerings.
As per a report by TMR, the global spinal fusion devices market is estimated to become worth US$10,965.7 mn by 2025 vis-à-vis revenue expanding at a CAGR of 4.65% between 2017 and 2025.
Prominent participants in the global spinal fusion devices market include Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings Inc., Medtronic plc, K2M Group Holdings Inc., Alphatec Holdings Inc., Exactech Inc., Depuy Synthes, B. Braun Melsungen AG, , and Titan Spine LLC.
Among the key product type segments, thoraco-lumbar fixation devices led the market in 2016; going forward the segment is anticipated to lead in terms of revenue over the forecast period. In terms of surgery, open surgery dominated the market in 2016. However, minimally-invasive surgery is likely to surpass open surgery in terms of CAGR over the forecast period. Geography-wise, North America emerged as a lucrative market holding the leading market share in 2016. The region is anticipated to hold on to its dominant position in terms of revenue over the forecast period.
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High Incidence of Spine Disorders in the U.S. Benefits Market
The key growth drivers of the global spinal fusion devices market include increasing number of people suffering from back pain and the rising incidence of spinal disorders which is mainly age-related and due to sedentary lifestyle of individuals. According to statistics of the U.S. Census Bureau, the number of individuals above the age of 65 years in the U.S. is estimated to be over 16.7% of the total population in 2050. The rising obesity due to sedentary lifestyles and high consumption of foods made of refined flour also account as significant factors for spinal disorders. This requires spinal fusion devices for correction of these disorders either through invasive or non-invasive procedures.
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Further, according to World Health Organization, more than 80-90% of American population is affected by degenerative spine diseases, which is expressed in the form of minor to severe mobility limitations. This has led to a considerable rise in the number of spinal fusion procedures that are performed annually in the U.S.
Extensive Efforts for Product Innovation a Boon for Market
Technological advances and strong focus of market players on research and development to introduce new products are also key factors acting in favor of the market's growth.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research