Dublin, Jan. 25, 2022 /PRNewswire/ — The “Spinal Fusion Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global spinal fusion market is projected to grow at a CAGR of 3.04% during the forecast period to reach US$8.516 billion by 2026 from US$6.904 billion in 2019.
Spinal fusion is an orthopedic or neurosurgical surgery that joins two or more vertebrates into a single structure. This surgery is undertaken to correct any abnormal deformation of the spine bone or to reduce spinal pain and malfunctioning owing to several reasons. Furthermore, this surgery enables the replacement of spinal bone with an artificial structure in case of the patient’s bone breaks, partially or completely, or has to be removed due to some disease or severe accident injury.
Aged people are the prime patients of these surgeries. With age, the spinal bone loses its nourishment and becomes weak. This leads to excessive pains and other deformations, hindering the patient’s life. Hence, aged people undergo these surgeries for better health. Further, patients suffering from spinal diseases such as scoliosis, spinal stenosis, spondylolisthesis, tumor, or spinal infection and/or have fractured bone also prefer to undergo these surgeries. Fracture or broken bones during accidents also require these surgeries for a smoother lifestyle.
The prime reason driving the market growth is the rising population of aged people coupled with growing lifestyle complexities and availability of healthcare services. growing aged proportion in the overall population demography plays a significant role in the market growth. Furthermore, hectic work life, bad sitting postures, and complex lifestyle has created spine issues and problems among the young population and adults, requiring the need for spinal fusion surgery in case of severity and serious pains, increasing the market size significantly. Furthermore, growing healthcare infrastructure along with technological advancement has made the availability of options to general patients for better decision-making. However, the expense of the surgery and complication does raise concerns.
The growing aged population, particularly in the Asian and European region will provide robust scope for the market.
On the industry analysis based on regions, the Asia Pacific and European countries are projected to provide robust growth opportunities for the spinal fusion market during the forecasted period. The growing proportion of the aged population in the country’s demography will provide plays the dominating role in driving the market growth.
In the Asia Pacific region, the proportion of the aged population is on the rise, particularly in Japan and South Korea. Japan is witnessing massive demographic changes with a fall in population rate owing to low fertility and a rise in the proportion of the aging population. The proportion of the population aged 65 and above in Japan increased from 21.829% in 2009 to 28.002% in 2019. Similar population demography has been observed in South Korea where this proportion increased by 47.08% to 15.06% in 2019.
Further, the rising healthcare sector accompanied by automation in the industry will support the market growth of the spinal fusion industry in the forecasted period. Japan and South Korea are leading users of social robots for nursing of aged population, and the government has invested significantly to increase this segment of the healthcare sector. The Japanese government invested US$100 million in the development of social robots in the country. Similarly, the South Korean government invested US$250 million in March 2020 for this sector. The Indian government as well as increased its budget for the healthcare sector by around 205 in the Union Budget of 2021-22.
The European region as well is observing a rise in the proportion of the aged population owing to a lower fertility rate and preferability for a smaller number of children by people. Italy has the highest proportion of the aged population, followed by Portugal, Greece, Germany, France, and Sweden.
Growing complex work structure and adoption of work from home culture has increased posture and back problems among working-class, providing significant growth opportunity and market base.
The growing workload and complexity in work structure are becoming the prime reason for the development of spinal deformity and pains in the young and adult workforce. With rising digitalization, major operations are undertaken on a desktop or laptop, or any other digital device. Prolong sitting in one place, glued to the screen is becoming the reason for incorrect posture and pain among the workforce. Furthermore, growing working hours, hectic lifestyles, and less time for exercise are increasing the problems, especially among those with spinal issues.
Moreover, the outbreak of coronavirus and lockdowns implemented to contain its spread has resulted in a rise in the work-from-home market trend, which has increased spinal problems. in office infrastructure, furnishing and lighting are undertaken for the worker to operate without developing and spinal problems.
However, in the WFH market trend, general homes lack the required infrastructure and furnishing that support body health. hence, a surge in complaints of neck and back pain is observed with the ongoing industry setup. Moreover, the closer of gyms and various fitness centers has increased the severity of spinal problems among the workforce. Hence, a rise in demand for spinal fusion technology is projected in the forecasted period for dealing with the complexities. Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. Spinal Fusion Market, by Type
5.2. Traditional Spinal Fusion Procedure
5.2.1. Posterior Lumbar Interbody Fusion
5.2.2. Anterior Lumbar Interbody Fusion
5.3. Minimally Invasive Spinal Fusion Procedure
5.4. Transforaminal Lumbar Interbody Fusion
5.5. Extreme Lateral Interbody Fusion
6. Spinal Fusion Market, by Geography
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrative
7.3. Mergers, Acquisition, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Medical Device Business Services Inc. (Johnson and Johnson)
8.2. Atec Spine Inc.
8.3. Globus Medical
8.4. Orthofix Medical Inc.
8.5. Zimmer Biomet
8.6. NuVasive Inc.
For more information about this report visit https://www.researchandmarkets.com/r/p6wi37
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