DUBLIN, Jun 18, 2021--(BUSINESS WIRE)--The "Spinal Fusion Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
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.
Johnson and Johnson
Globus Medical Inc.
Zimmer Biomet Holdings Inc.
B. Braun Melsungen AG
Alphatec Holdings, Inc.
Orthofix Holdings, Inc.
RTI Surgical Inc.
Matrix Meditec Pvt. Ltd
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 will 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. In addition According to Thirunarayanan V, published in October 2020, outpatient orthopedic services decreased by 75% during the pandemic in India.
Moreover, lumbar fusion is a complex operation that requires the use of screws that are 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.
United States Holds Largest Share of the Spinal Fusion Devices Market
The United States is the most COVID-affected country across the world. The supply chain of product and the diagnostic and therapeutic procedures associated with orthopedic disorders was 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.
In addition, 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 Data sheet, 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, The 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.
Key Topics Covered:
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 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Type of Surgery
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ld5vh2
View source version on businesswire.com: https://www.businesswire.com/news/home/20210618005308/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900