Interbody Fusion Cage Market to Reach $2.30 Bn, Globally, by 2023 at 3.4% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 21, 2018 /PRNewswire/ --
Rise in geriatric population, increase in incidence of spinal and sports-related injuries, and benefits associated with interbody fusion cage surgeries would drive the growth of the global interbody fusion cage market
Allied Market Research published a report, titled, Interbody Fusion Cage Market by Product (Lumbar, Cervical, Thoraco-lumbar, and Thoracic), Surgery Type (Anterior, Transforaminal, Posterior, and Lateral), and End User (Hospital, Clinic, Ambulatory Surgical Center, and Others): Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers extensive analyses of the top impacting factors, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global interbody fusion cage market accounted for $1.89 billion in 2017 and is estimated to reach $2.30 billion by 2023, growing at a CAGR of 3.4% from 2018 to 2023.
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Surge in geriatric population and rise in incidence of spinal and sports injuries drive the growth of the market. Moreover, growing demand for interbody fusion cage surgeries due to advantages such as direct decompression of nerves and reconstruction of the spine supplements the growth of the market. However, high costs associated with spinal fusion surgeries, lack of trained professionals, and stringent rules & regulations to use such devices hamper the market growth. Conversely, launch of novel interbody fusion cages with new compatible materials create new opportunities in the market.
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Lumbar segment to remain dominant, thoracic segment to grow the fastest by 2023
The lumbar segment captured the highest share of about 30% in 2017 and is expected to remain dominant throughout 2023. This is attributed to the growing popularity of lumbar spine fusion techniques due to their ability to provide long-term clinical outcomes and their effectiveness in treating spinal disorders. However, the thoracic segment would grow at the fastest CAGR of 3.8% from 2018 to 2023. Direct thoracic interbody fusion (MIS-DTIF) surgeries are less expensive than open surgeries due to short hospitalization and low complication rates. This factor is expected to offer lucrative opportunities to the market in future. The report also analyzes other products such as cervical and thoraco-lumbar.
Anterior segment to retain its lion's share through 2023
The anterior segment accounted for 31% of the total market share in 2017 and would maintain its lead through 2023. The anterior approach allows implantation of larger bone cages and grafts and facilitates improved initial stability and compression of the fusion construct. However, the transforaminal segment is expected to grow at the fastest CAGR of 3.8% from 2018 to 2023. This is attributed to the advantages offered by transforaminal lumbar interbody fusion or TLIF procedure such as limiting the possibility of dural (outer most membrane) or nerve injuries. The other types of surgeries analyzed in the report include posterior and lateral.
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Clinics segment to achieve fastest growth throughout the forecast period
The clinics segment is anticipated to witness the fastest CAGR of 3.8% during the study period because clinics offer a safe, cost-effective, and patient-friendly environment for the endowment of interbody fusion spinal surgeries. Moreover, they have been using more advanced technologies and facilities, which are required for post interbody fusion surgeries. However, the hospitals segment accounted for 40% of the market share in 2017 and is projected to be maintain its lead through 2023. This is attributed to the need for hospitalization of patients to avoid and manage several post-operative complications that occur during surgeries. The study also analyzes various end users such as ambulatory surgical centers and others.
North America to retain top spot through 2023
North America contributed a major market share of 43% in 2017 and would continue its dominance throughout the forecast period, owing to rise in geriatric population, increase in patient awareness about reliable interbody fusion cage devices, growth in prevalence of spinal disorders, and introduction of innovative technologies such as motion preserving devices in the region. However, Asia-Pacific would exhibit the fastest CAGR of 6.6% from 2018 to 2023, owing to rise in geriatric population, technological advancements, and rise in incidence of spinal disorders in the region, and low cost of the surgery in countries such as India. The report also analyzes other regions such as Europe and LAMEA (Latin America, Middle East, and Africa).
Industry Frontrunners
The market players analyzed in the report include Aurora Spine, Inc., B. Braun Melsungen AG, Benvenue Medical, Inc., Ulrich Medicals USA, Prodorth, Orthofix International, N.V., Medtronic, plc, Zimmer Biomet, Inc., NuVasive, Inc., and Johnson & Johnson (DePuy Synthesis). The report provides insights on growth strategies, such as new product launches, expansions, partnerships, mergers & acquisitions, collaborations, joint ventures, and others, which have been adopted by these players to gain a strong foothold in the industry.
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