Manufacturers of Non-fusion Spinal Devices to Stand a Golden Chance as Consumers are Willing to Pay More for Better Hospital Experience | Market Anticipated to Rise at 4.8% CAGR
The global non fusion spinal devices market is predicted to register a CAGR of 4.8% over the forecast period, as per recent FMI analysis. The industry’s market valuation is anticipated to rise from US$ 4.37 billion in 2023 to US$ 6.99 billion by 2033 end.
The non-fusion spinal devices industry is poised to attain a healthy pace of growth over the forthcoming years. The widening patient pool that requires non-fusion spinal procedures, largely consisting of the elderly population, is projected to augment the market. Several studies aimed at determining the efficacy of non-fusion spinal devices to treat conditions, such as spondylolisthesis, scoliosis, and stenosis, are predicted to boost the market further.
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The movement and stability of the patient post-spinal surgery afforded by non-fusion spinal devices is resulting in its surging adoption. Some key non-fusion spinal devices include artificial discs and growth-sparing devices. Many benefits of spinal non-fusion devices include extended healing time, adjacent segment degeneration, and bone graft donor site morbidity, which makes them a better alternative for patients in comparison to fusion devices.
Spinal issues induced by a sedentary lifestyle, obesity, and sports-associated accidents have played a significant role in the demand for non-fusion spinal devices. These surgeries improve mobility and quality of life, and are cost-effective, which is leading to their heightened adoption. The market is anticipated to flourish on account of rising incidences of spinal injuries, growing awareness, and a surging preference for minimally invasive procedures.
- The United States is projected to head the overall market growth, contributing significantly to the global non-fusion spinal devices market. The market growth is underpinned by favorable government initiatives in support of healthcare policies and surging health consciousness among people in America.
- China non fusion spinal devices market is thriving in the Asia Pacific region. Growing at a significant pace, the market is driven by enhancing healthcare infrastructure and advancements in technology.
- The market in Germany is being fueled by an upsurge in the geriatric population and the rising per capita income of the people in Germany. The geriatric population is prone to spinal dysfunction/disorders, thus expanding the elderly population is anticipated to boost the uptake of non-fusion spinal devices.
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Latest Market Developments in the Market:
- In May 2021, Spinal Stabilization Technologies Ltd., which offers PerQ disc Nucleus Replacement System to treat degenerative disc disease, received Breakthrough Designation. Additionally, the device has obtained CE approval. The system is the only commercially available system for lumbar nucleus replacement across the globe.
- In February 2021, NuVasive, Inc. procured Simplify Medical, which is a privately held company that develops Simplify Cervical Artificial Disc for the procedure of cervical total disc replacement (cTDR).
- In March 2021, Implanet, a company that specializes in knee and spine products, proposed to acquire a significant stake in Orthopedic & Spine Development (OSD), a French firm that specializes in the creation of implants for spine surgery.
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Key Market Segmentation for Non Fusion Spinal Devices Market
- Artificial Disc Replacement Device
- Partial Disc (Nucleus) Replacement Device
- Dynamic Stabilization Devices
- Total Facet Replacement Devices
- Annulus Repair Device
By End User:
- Orthopedic Centers
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