DUBLIN--(BUSINESS WIRE)--The "India Spinal Fusion Devices Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The major factors responsible for the growth of the Indian spinal fusion devices market include 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.
One of the driving factors for the market is the increasing geriatric population in India. The chances of spinal problems are higher among the aged population. Therefore, spinal cases are also expected to increase.
According to the report published in 2014 by the State of Elderly, India is expected to be the youngest country in the world by 2020, with a median age of 29 years. However, the number of elderly people is expected to increase significantly after that, and by the year 2021, the elderly population in the country is expected to be around 143 million. The increase in life expectancy over the years has resulted in an increase in the population of the elderly. Therefore, the increasing population is driving the growth of the market studied.
Spine-related problems are on the rise in India, similar to other countries. The incidences and prevalence of spinal problems have been increasing, mainly due to an unhealthy lifestyle, bad postures, and sedentary jobs. Bad postures put a lot of stress on the ligaments, muscles, and joints that support the back.
A sedentary lifestyle also leads to weak muscles and ligaments, which do not support the back appropriately, and thus, predispose people to back pain. It has been observed that about 60% of the Indian population may have a significant episode back problem at some point in their lifetime. Therefore, increasing cases of spinal problems is also expected to drive the market studied.
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 with the other countries. Thereby, numerous patients are travelling from across the world to India for treatment and spinal surgeries.
Minimally Invasive Spine Surgery is Expected to Grow with the Highest Growth Rate During the Forecast Period
The minimally invasive spine surgery segment is expected to be fastest-growing segment, owing to the benefits associated with the surgery, such as reduction in blood loss during or after surgery, reduced post-operative pain and risk of infection, reduced risk of muscle and tissue damage (since there is less or no muscle cutting required), and others.
Thus, because of these benefits, a higher number of people are opting for minimally invasive spinal surgeries. Surgeons can perform various types of spine surgery procedures using minimally invasive methods, such as spinal fusion, decompression, interbody cage fusion, discectomy and microdiscectomy, laminotomy, and laminectomy, among others.
Competitive Landscape
The Indian spinal fusion devices market is dominated by a few major players. These enterprises are already competitors and the existing players are competing with each other on various fronts, such as the introduction of new products, increasing geographical penetration, and enhancing distribution channel. The high competition is expected to drive the merger and acquisition activity, thereby, leading to market consolidation in a few business segments.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Aging Population in India
4.2.2 Rising Incidences and Prevalence of Spinal Problems
4.2.3 Rising Medical Tourism
4.3 Market Restraints
4.3.1 Stringent Regulatory Issues
4.3.2 Reimbursement Issues
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Cervical Fusion Device
5.1.2 Thoracic Fusion Device
5.1.3 Lumbar Fusion Device
5.2 By Surgery
5.2.1 Open Spine Surgery
5.2.2 Minimally Invasive Spine Surgery
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 DePuy Synthes Companies (Johnson & Johnson)
6.1.2 Globus Medical Inc.
6.1.3 Matrix Meditec Pvt. Ltd.
6.1.4 Medtronic PLC
6.1.5 S.H. Pitkar Orthotools Pvt. Ltd.
6.1.6 Zimmer Biomet Holdings Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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