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The rising ageing population across the globe is a major factor in the growth of the spinal fusion market

HYDERABAD, TELANGANA, INDIA, January 10, 2023 /EINPresswire.com/ -- The Spinal Fusion Market size is forecast to reach $8.64 billion by 2025, growing at a CAGR of 3.87% during the forecast period 2020-2025. Spinal fusion, also called spondylodesis or spondylosyndesis, is a neurosurgical or orthopaedic surgical technique that joins two or more vertebrae. The increasing prevalence of spinal cord injuries and the growing geriatric population are the major factors driving the growth of the market. The surging prevalence of spinal deformities due to increasing road accidents along with increasing health expenditure in developing countries will further enhance the overall market demand for spinal fusion during the forecast period.

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Key Takeaways

1. North America dominates the Spinal Fusion Market owing to well-established healthcare facilities, favourable reimbursement policies, and the availability of advanced technologies.

2. The increasing geriatric population and rising number of road accidents and advancements in surgical procedures along with a surge in healthcare expenditure are likely to aid in the market growth of spinal fusion.

3. Detailed analysis of the Strength, Weaknesses and opportunities of the prominent players operating in the market will be provided in the Spinal Fusion Market report.

4. High costs associated with the treatment and stringent regulatory approval procedure of these devices can create a hurdle for the growth of the market. Spinal Fusion market

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Segment Analysis

1. Based on the device type, pedicle screw systems held the largest share in the spinal fusion market and will grow at a CAGR of 2.6% during the forecast period 2020-2025. This is mainly owing to the benefits associated with the use of this device such as ease of use, lesser recovery time, and cost efficiency. However, the Interbody Cages segment is estimated to be the fastest growing segment during the forecast period 2020-2025, owing to its availability in various materials such as titanium, stainless steel, polyether ether ketone (PEEK) and bio-absorbable material. Bio-absorbable or resorbable materials (poly-L-lactic acid) are becoming increasingly popular owing to their special property of being absorbed in the body over time.

2. Hospitals accounted for the major share of the spinal fusion market and are estimated to grow at a CAGR of 3.7% during the forecast period 2020-2025. A growing patient pool and rising demand for efficient and effective surgery with shorter recovery time and reduced hospital stay are key factors driving the growth of this segment in the spinal fusion market. The availability of advanced technologies and demand for minimally invasive surgical procedure is also contributing to the growth of this segment. Recently, ambulatory surgical centres are also gaining popularity in the spinal fusion market.

3. North America dominated the spinal fusion market share accounting for more than 36.4% of the overall market. Robust healthcare infrastructure combined with a focus on the development of new devices along with improved diagnosis among patients is helping in this region's growth. Medicare estimates that more than $200 million was spent on improperly indicated spinal fusion procedures. However, a decrease in the market share of the North American region is anticipated in the forecast period as compared to the historic period. According to an article published in “Tohoku Journal of Experimental Medicine” in February 2016, approximately 23.1% of the Japanese population was aged above 65, and 11.4 % was aged above 75. The same study stated that approximately half of the patients with lumbar spinal stenosis (LSS) and cervical myelopathy were more than 70 years of age.

Competitive Landscape:

The top 5 players in the Spinal Fusion Market Industry are -

1. Medtronic, Plc
2. Johnson & Johnson
3. Stryker Corporation
4. Zimmer Biomet Holdings, Inc.
5. NuVasive, Inc

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Related Reports:

A. Spine Surgery Devices Market
https://www.industryarc.com/Report/17324/spine-surgery-devices-market.html

B. Spinal Surgical Robots Market
https://www.industryarc.com/Report/15258/spinal-surgical-robots.html

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