The spinal fusion market size is expected to grow significantly in the next five years. From 2020 to 2025, the market could increase by approximately four percent. There are several reasons for the predicted growth, including:
- A growing geriatric population
- Growing health care expenditure in developing countries
- An increase in surgical innovations
- A rise in spinal cord injuries and deformities largely due to increased motor vehicle accidents
The Spinal Fusion Market 2019 Report provided an in-depth analysis of market dynamics, including restraints and drivers, and opportunities and trends. Using the industrial numbers, the report provides growth figures in the forecast period (2019 to 2024).
What Is Spinal Fusion?
Spinal fusion is a surgical procedure that joins bones in the spine together to prevent movement between them. This procedure is a treatment option for patients suffering from lumbar degenerative disc disease, scoliosis, spinal instability and herniated discs.
Market Drivers
One of the primary factors in the growth of the spinal fusion market is the increasing size of the aging population throughout the world. Tens of millions of Americans now experience lower
back pain, and the vast majority of the over-50 population shows signs of disc degeneration. Therefore, because of the growing geriatric population, the number of individuals dealing with back pain and other spinal conditions will continue to increase during the next few years. By 2025, nearly a third of the world’s population will be over 65 years old. A rapidly aging population has significant effects on the medical field and society in general.
Another reason for market growth is advancements in surgical procedures. Surgeons are increasing their knowledge of minimally invasive techniques and accelerating the growth of the market. Furthermore, these minimally invasive procedures offer patients safer options than open surgeries. Also, increasing awareness in developed and developing countries alike and a preference for preventive health care over-reactive treatments are driving the development of the spinal fusion market.
Challenges to the Market
Some factors do present challenges to market growth, such as the high price of spinal fusion procedures and the unavailability of good health care infrastructure in some regions of the world. Unfavorable reimbursement scenarios and stringent regulatory approval procedures can also limit growth, along with increasing research on alternative treatments.
Geographical Analysis
The report showed that, with over 36 percent of the overall market, North America dominated the spinal fusion market. A focus on the development of new devices, a robust health care
infrastructure, and improved diagnoses among patients fuels the growth in this region. The Asia-Pacific region is also expected to grow at a higher rate during the forecast period. India alone is home to more than 2,000 hospitals where spinal fusion is performed, as well as at least 500 specialty facilities offering complex surgeries such as microscopic spine surgery.
Key Takeaways
The worldwide spinal fusion market is expected to grow at a rate of about 4 percent in the next several years. North America dominates the growth thanks to established health care facilities, advanced technologies and favorable reimbursement policies. Key reasons for the growth include an increasing geriatric population, advancements in surgical procedures, a surge in health care expenditure, and a rising number of motor vehicle accidents.