The spinal fusion devices market is projected to register a CAGR of 3.48% during the forecast period, with a revenue of approximately USD 6,705 million in 2020 and expected to reach USD 8,232 million by 2026.
The COVID-19 pandemic has been continuing to transform the growth of various markets, the immediate impact of the outbreak is varied. While a few industries registered a drop in demand, numerous other markets may continue to remain unscathed and show promising growth opportunities. Initially, the COVID-19 outbreak, worldwide, and lockdown situation across some countries have shown some challenges on the market studied, due to hold on orthopedic services by the hospitals and clinics, to prevent the spread of COVID-19 virus and the tremendous pressure on the hospitals in providing services to COVID-19 patients is also one of the factors, which has been inhibiting the hospitals and clinics in providing spine fusion services. According to Ann Med Surg in his article published in 2020, an estimate of the orthopedic surgery cancellation rate was approximately 82.0%, representing 6,295,041 of 7,677,515 cases. They concluded that if countries increased their normal surgical volumes by 20% after the pandemic, it may take about 45 weeks to clear the backlog of operations resulting from the disruption caused by COVID-19.
Moreover, the global population is aging rapidly due to the reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents an increasing need for the management of old age-associated spine disorders. According to the World Ageing 2019 report, in 2019, there were around 703 million population aged 65 years or over in the world. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. The proportion is projected to rise further to 16% by 2050. By 2050, 1 in 6 people in the world may be over the age of 65, up from 1 in 11 in 2019. These physiological changes and prolonged exposure to risk factors increase the incidence rates of spine disorders, which may require surgical intervention. Hence, the market studied may be majorly driven by the aging population rise and growing spine disorders.
Moreover, as per the Spinal Cord Injuries Australia (SCIA), a non-government organization, approximately 15,000 people in Australia have spinal cord injuries (SCIs) in 2020. A total of 227 new incident cases of traumatic spinal cord injury (SCI) due to external causes were reported to the Australian Spinal Cord Injury Register for 2016-17. The majority (80%) of these were males. Land transport crashes (39%) and falls (39%) were most often reported as the cause of traumatic SCI. Similarly, according to the Spinal Injury Association UK 2019, about 2,500 people are injured or diagnosed with spinal cord injuries every year, and an estimated 50,000 people are living with spinal cord injuries in the United Kingdom. Thus, the high incidence of spinal cord injuries surges the demand for spinal fusion devices over the coming years. Furthermore, the increasing preference for minimally invasive surgeries due to several benefits are propelling the overall market growth.
Other factors limiting the growth of this market are the stringent regulation associated with spinal devices.
Key Market Trends
Lumbar Fusion are Expected to Witness Healthy Growth
The outbreak of COVID-19 worldwide showed an impact on the market studied as surgical procedures were kept on hold to prevent the spread of the COVID-19 virus. There is tremendous pressure on hospitals and other healthcare centers in providing services to COVID-19 patients, which is also one of the factors inhibiting the hospitals from providing services. According to the research conducted by the CovidSurg Collaborative, a research network, in August 2020, it was found that orthopedic procedures may be canceled most frequently, with 6.3 million orthopedic surgeries canceled worldwide over a 12-week period, which may have a short-term negative impact on the market. Additionally, according to Thirunarayanan V, published in October 2020, outpatient orthopedic services decreased by 75% during the pandemic in India. The percentage of surgeons who operated less than 5 cases per week before the pandemic was 39.4%, which rose to 94.1% during the pandemic. Thus, the decline in orthopedic surgeries was observed in the initial period of COVID-pandemic.
Moreover, lumbar fusion is a complex operation that requires the use of screws placed between the vertebrae to be fused. The bone graft is then placed around these screws. The screws that are used during this operation are made of titanium and are usually placed for a lifetime. These operations involve higher risks than simple laminectomies or discectomies. The recovery period is typically longer after this procedure, and operating time can be anywhere between four to eight hours. It has been found that developing countries, like India, are offering advanced medical facilities at the most reasonable costs. For lumbar fusion surgery, the cost is becoming low, which is acting as a beneficial factor for patients who need lumbar fusion.
There have been significant advancements in the field of minimally invasive lumbar fusions. In June 2020, the company 4WEB Medical had announced the 510(k) clearance from the US Food and Drug Administration (FDA) to market its Stand-Alone Anterior Lumbar Interbody Fusion Device. The high adoption rates of minimally invasive procedures, such as transforaminal lumbar interbody fusion (TLIF) and posterior lumbar interbody fusion (PLIF), are contributing to the market expansion.
United States Holds Largest Share of the Spinal Fusion Devices Market
The United States is the most COVID-19-affected country across the world. The supply chain of products and the diagnostic and therapeutic procedures associated with orthopedic disorders were highly impacted in this country. In March 2020, in the United States, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) issued an alert in which it was made clear that during the COVID-19 national emergency, state and local health authorities should consider orthotic and prosthetic practices as essential providers that must remain accessible to patients in need of orthotic and prosthetic care. Additionally, according to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were canceled or postponed in 2020. Initially, there is a decline in demand for spine surgery products which has negatively impacted the overall market growth. However, the lockdown measures were lifted, opening the hospitals for all the postponed and canceled surgeries, which may increase the number of surgeries in the coming years.
Moreover, the increasing rate of spine surgery in the United States has been well-documented. The growth in the United States is driven by technological advancement, elderly patients expecting higher levels of function, and reimbursement models that incentivize complex fusion surgery and have helped in driving the growth of the spinal surgery market. According to the National Spinal Cord Injury Statistical Center's 2019 SCI Datasheet, the annual incidence of spinal cord injury (SCI) is approximately 54 cases per one million people in the United States, or about 17,810 new spinal cord injury (SCI)-related cases each year. In the United States, in 2019, there were about 291,000 persons with spinal cord injuries. In addition, according to the American Chiropractic Association, in 2018, around 31 million people in the United States experience low back pain at any given time. Spinal disorders caused due to sedentary lifestyle, obesity, and injuries related to sports and accidents also play an important role in increasing the rate of spinal non-fusion surgeries. Moreover, posterior procedures have gained popularity in recent years, and are expected to increase more rapidly than anterior procedures. Hence, with the rising procedures being performed in the country, it holds the largest share.
The market studied is moderately competitive and consists of the locals and international players across various major countries. Some of the companies are implementing strategies, such as collaboration and acquisition, to gain market share. In the future, it is expected that a few small to mid-sized companies may enter the market and hold a substantial share.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Growing Geriatric Population
- 4.2.2 Rising Incidences and Prevalence of Spinal Problems
- 4.2.3 Increasing Preference for Minimally Invasive Surgeries
- 4.3 Market Restraints
- 4.3.1 Stringent Regulation Associated with Spinal Devices
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Cervical Fusion Device
- 5.1.2 Thoracic Fusion Device
- 5.1.3 Lumbar Fusion Device
- 5.2 By Type of Surgery
- 5.2.1 Open Spine Surgery
- 5.2.2 Minimally Invasive Spine Surgery
- 5.3 By Geography
- 5.3.1 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.3.2 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 France
- 220.127.116.11 Italy
- 18.104.22.168 Spain
- 22.214.171.124 Rest of Europe
- 5.3.3 Asia Pacific
- 126.96.36.199 China
- 188.8.131.52 Japan
- 184.108.40.206 India
- 220.127.116.11 Australia
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia Pacific
- 5.3.4 Middle-East and Africa
- 126.96.36.199 GCC
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle-East and Africa
- 5.3.5 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Johnson and Johnson
- 6.1.2 Globus Medical Inc.
- 6.1.3 Medtronic PLC
- 6.1.4 Zimmer Biomet Holdings Inc.
- 6.1.5 B Braun Melsungen AG
- 6.1.6 Stryker Corporation
- 6.1.7 NuVasive
- 6.1.8 Integra LifeSciences
- 6.1.9 Alphatec Holdings Inc.
- 6.1.10 Orthofix Holdings Inc.
- 6.1.11 RTI Surgical Inc.
- 6.1.12 Stryker Corporation
- 6.1.13 Matrix Meditec Pvt Ltd
- 6.1.14 SpineEX
7 MARKET OPPORTUNITIES AND FUTURE TRENDS