Spinal Fusion Device Market: Global Industry Analysis and Outlook, 2028

The global spinal fusion device market size was valued at USD 6.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2028.

The global Spinal Fusion Device Market size is expected to reach USD 8.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. The increasing number of spinal-related disorders and technological advancement in spinal fusion surgeries are boosting the market growth. The market experienced a slight decrease in growth rate in 2020 due to delays or cancellations of elective surgeries.

Nuvasive reported a decrease in the revenue by 5.4% in 2020 Q1 as compared to 2019 Q1. However, the market experienced recovery during the 3^rd quarter of 2020 due to the ease of lockdown and resumption of surgeries. In May 2021, Orthofix received FDA 510 (k) clearance for the Forza Ti spacer system for transforaminal lumbar interbody fusion procedures. In March 2021, ATEC launched the InVictus Occipital-Cervical-Thoracic Spinal Fixation System to enhance the spine portfolio. The aforementioned factors are expected to boost market revenue over the forecast period.

Related Press Release@ Spinal Fusion Device Market Report

Spinal Fusion Device Market Report Highlights

• The thoracolumbar devices dominated the product segment of the market in 2020. This contribution is mainly because of the increased number of thoracolumbar disorders and technological advancements
• The minimally invasive segment dominated the market and accounted for the largest revenue share of over 64.0% in 2020. The associated advantages such as less blood loss, less surgery time, increased recovery time are boosting the growth of the segment
• The degenerative disc segment held the largest revenue share of over 42.0% in 2020. The growth can be attributed to the growing target population and the increasing number of lower back pain and neck pain in adults
• The hospitals segment held the largest revenue share in 2020. The growth can be attributed to advanced treatment options and a large number of patient footfall
• North American dominated the market in 2020 in terms of revenue share. Increased target population, advanced healthcare infrastructure, and technological advancements are anticipated to contribute to the growth of the market in the region