The population of South Korea is aging rapidly, owing to reduced birth rates and increasing life expectancy. The demographic trend toward an aging population represents a growing need for the management of old age-associated spine disorders. South Korea has a higher number of geriatric population than young people. According to the Korean Statistical Information Service (KOSIS), it was estimated that the old age population in South Korea comprised about 14.9% of the total population in 2019. The higher geriatric population is expected to impact the prevalence of spinal-related disorders and will have significant effects on bone density. These physiological changes, along with prolonged exposure to risk factors and increasing burden of spine disorders, require surgical intervention. Hence, the aforementioned factors, such as the rising geriatric population, along with the increasing demand for minimally invasive devices, are likely to propel market growth.
Key Market Trends
Interbody Fusion Sub-segment is Expected to Show Better Growth over the Forecast Period
The spinal fusion segment is sub-segmented into cervical fusion, interbody fusion, thoracolumbar fusion, and other spinal fusions. The growth of the interbody fusion sub-segment is mainly attributed to the rising number of spinal injuries and increasing geriatric population. Interbody fusion places the bone graft between vertebrae in the area usually occupied by the intervertebral disc; fusion then occurs between endplates of the vertebrae. Many products available in the market provide conventional, yet effective treatments to patients. The significant advancements in the field of spinal surgery devices are expected to contribute toward market expansion. Hence, owing to the aforementioned factors, the segment is believed to witness rapid growth over the forecast period.
The global players in the South Korean spinal surgery devices market are B. Braun Melsungen AG, Globus Medical Inc., Johnson & Johnson, Medtronic PLC, Styker Corporation, and Zimmer Biomet.
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