Interbody Fusion Cage Market to Hit $3.01 Billion by 2030 at 4.7% CAGR, Says Allied Market Research
Rise in demand for interbody fusion cage surgeries and increase in geriatric population coupled with surge in spinal cord injuries have boosted the growth of the global interbody fusion cage market.
PORTLAND, Ore., March 17, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Interbody Fusion Cage Market by Product Type (Lumbar Cage, Cervical Cage, Thoraco-lumbar Cage, and Thoracic Cage), Surgery (Anterior, Posterior, Lateral, and Transforaminal), and End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.” As per the report, the global interbody fusion cage industry generated $1.90 billion in 2020, and is projected to reach $3.01 billion by 2030, growing at a CAGR of 4.7% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in demand for interbody fusion cage surgeries and increase in geriatric population coupled with surge in spinal cord injuries have boosted the growth of the global interbody fusion cage market. However, high cost associated with spinal fusion surgeries and lack of skilled professionals hinder the market growth. On the contrary, surge in disposable income in developing countries would unlock new opportunities in the future.
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Impact of Covid-19 on Interbody Fusion Cage Market-
- The Covid-19 pandemic hampered the market due to strict social distancing measures imposed by governments and overwhelmed healthcare facilities with Covid-19 patients.
- Several clinics and hospitals were closed during the pandemic and healthcare professionals advised patients to postpone major surgeries. This reduced the demand for interbody fusion cage market.
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The apple flavored segment dominated the market
By product type, the lumbar cage segment held the lion’s share in 2020, accounting for nearly two-fifths of the global interbody fusion cage market, due to rise in cervical fusion surgeries and elimination of need of bone grafting and plate replacement. However, the thoracic cage segment is projected to portray the highest CAGR of 6.6% during the forecast period, due to rise consumer awareness regarding thoracic cage treatment in developed and developing countries.
The ambulatory surgical centers segment to register the highest CAGR through 2030
By end user, the ambulatory surgical centers segment is anticipated is estimated to register the highest CAGR of 5.0% from 2021 to 2030, due to high incidence rate of spinal injuries and sport injuries. However, the hospital and clinics segment held the lion’s share in 2020, contributing to more than half of the global interbody fusion cage market, due to rise in number of spinal fusions performed at hospitals.
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North America held the lion’s share
By region, the global market across North America held the largest share in 2020, accounting for nearly two-fifths of the market, due to rise in expenditure on R&D activities, presence of major players & product availability, and well-established healthcare infrastructure in the region. However, the global interbody fusion cage market across Asia-Pacific is anticipated to register the highest CAGR of 6.0% during the forecast period, due to improvement in R&D facilities, disposable income, and developing economic conditions.
Key market players
- Aurora Spine, Inc.
- B. Braun Melsungen AG
- Benvenue Medical Inc
- Prodorth
- Ulrich Medicals
- Orthofix
- Medtronic Plc
- Zimmer Biomet Holdings, Inc.
- NuVasive, Inc.
- Johnson & Johnson
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