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.
Key Market Trends
Minimally Invasive Spine Surgery is Expected to Register a Healthy Growth Rate
The minimally invasive spine surgery segment is expected to be the fastest-growing segment, owing to the benefits associated with the surgery, such as the 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.
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 channels. The high competition is expected to drive the merger and acquisition activities, thereby leading to market consolidation in a few business segments.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support