Market Size of India Spinal Fusion Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.40 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Spinal Fusion Devices Market Analysis
The major factors responsible for the growth of the Indian spinal fusion devices market include the growing geriatric population in India, rising incidences and prevalence of spinal problems, and rising medical tourism. These factors are also expected to contribute to the growth of this market during the forecast period.
- India has an increasing prevalence of spine disorders, and according to the World Spine Day 2017 Insights Report, every fifth Indian in the age of 20-30 years suffers from various types of spinal ailments.
- AOSpine, one of the world's leading spine societies, has stated that India witnesses more than 200,000 cases of spinal injuries each year, among which, 30,000 are related to spinal cord injury and paralysis of various degrees.
- The cities that are affected by spine problems are New Delhi, Mumbai, Bengaluru, and Pune. A survey conducted by the QI Spine Clinic during 2017 indicated that 46% of Bengaluru's population in the age-group of 16-34 years reported spinal issues, and this makes it the city with the highest number of problems among the four cities. Bengaluru is followed by Delhi at 43%, Mumbai at 41%, and Pune at 38%. There were 20,000 people who were surveyed to understand the overall number of people suffering from spinal ailments in the major cities.
- Medical tourism is further a major driving factor for the spinal fusion devices market. In India, the prices of the spinal fusion devices and the respective spinal surgeries are low, as compared to the other countries. Therefore, numerous patients are travelling from across the world to India for treatment and spinal surgeries.
India Spinal Fusion Devices Industry Segmentation
As per the scope of this report, spinal fusion devices refer to an orthopedic procedure that involves the fusion of two or more vertebrae, to restrict the movement of the affected vertebrae and decrease the pain suffered by the patient. A variety of spinal fusion procedures are performed covering the thoracic, lumbar, and cervical areas of the spine. Spinal fusion devices are used for the treatment of spinal injuries or deformities, such as spondylolisthesis and degenerative disc disease. As per the scope of this report, the Indian spinal fusion device market has been segmented by type and surgery.
| By Type | |
| Cervical Fusion Device | |
| Thoracic Fusion Device | |
| Lumbar Fusion Device |
| By Surgery | |
| Open Spine Surgery | |
| Minimally Invasive Spine Surgery |
India Spinal Fusion Devices Market Size Summary
The Indian spinal fusion devices market is experiencing significant growth, driven by several key factors. The increasing geriatric population and the rising incidence of spinal disorders are major contributors to this trend. With a substantial portion of the population affected by spinal ailments, particularly in urban areas like Bengaluru, Delhi, Mumbai, and Pune, the demand for spinal fusion devices is on the rise. Additionally, the cost-effectiveness of spinal surgeries in India compared to other countries is attracting a growing number of medical tourists, further boosting the market. The minimally invasive spine surgery segment is anticipated to be the fastest-growing, due to its numerous benefits, including reduced blood loss, lower post-operative pain, and decreased risk of infection and tissue damage.
The competitive landscape of the Indian spinal fusion devices market is characterized by the presence of several major players, such as Globus Medical Inc., Matrix Meditec Pvt Ltd, Medtronic PLC, Zimmer Biomet Holdings Inc., and Johnson and Johnson. These companies are actively competing through the introduction of new products, expanding their geographical reach, and enhancing distribution channels. This high level of competition is likely to spur merger and acquisition activities, leading to market consolidation in certain segments. As a result, the market is poised for continued growth and evolution, driven by both domestic demand and international medical tourism.
India Spinal Fusion Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Aging Population in India
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1.2.2 Rising Incidences and Prevalence of Spinal Problems
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1.2.3 Rising Medical Tourism
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Issues
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1.3.2 Reimbursement Issues
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Cervical Fusion Device
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2.1.2 Thoracic Fusion Device
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2.1.3 Lumbar Fusion Device
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2.2 By Surgery
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2.2.1 Open Spine Surgery
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2.2.2 Minimally Invasive Spine Surgery
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India Spinal Fusion Devices Market Size FAQs
What is the current India Spinal Fusion Devices Market size?
The India Spinal Fusion Devices Market is projected to register a CAGR of 5.40% during the forecast period (2024-2029)
Who are the key players in India Spinal Fusion Devices Market?
Globus Medical Inc., Matrix Meditec Pvt Ltd, Medtronic PLC, Zimmer Biomet Holdings Inc. and Johnson and Johnson are the major companies operating in the India Spinal Fusion Devices Market.
