Spinal Fusion Devices Market to Reach USD 8.45 Billion by 2026
The global spinal fusion devices market is projected to reach USD 8.45 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period. A rapidly rising global geriatric population will be a critical factor driving the growth of this market. According to the United Nations, around 16% of the world’s population will be over the age of 65 by 2050. In North America and Europe, close to 25% of the population will be aged. Aged people are highly vulnerable to various kinds of injuries and spinal cord injuries are one of the most common afflictions of old age. For instance, a study published in the Lancet journal showed that in the US, the average age of patients who suffered from spinal cord damage rose from 40 years to 50 years in just two decades. This shows that as geriatric population increases, the risk of spinal cord injuries also rises in tandem, thereby spiking the demand for spinal arthrodesis devices in the long-run.
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Growing Adoption of Surgical Robots for Spinal Injuries to Prove Favorable for the Market
There is an increasing demand for minimally invasive surgical procedures, prompting many hospitals to adopt robots for performing surgical procedures for the spinal treatments. As a result, manufacturers are now increasingly engaging in developing novel robotic technologies to aid surgeons perform tricky spinal cord surgeries with greater ease and accuracy. Thus, emergence of robotics in healthcare is, therefore, expected to shape the spinal fusion devices market trends during the forecast period.
North America to Hold a Commanding Position; Europe to Display Healthy Growth Pattern
With a revenue generation of USD 3.02 billion in 2018, North America is poised to dominate the spinal fusion devices market share. This will be a result of increasing incidence of chronic pain in the U.S. and a ready adoption of advanced spinal fusion implant devices. In Europe, a rising demand for 3D printed medical devices and a growing proclivity towards minimally invasive procedures will drive the market for spine fusion implants in the continent
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