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The market is segmented By Device Type (Spinal Decompression, Spinal Fusion, Fracture Repair Devices, and Others).
The population on 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. Korea has higher number of geriatric population than young people. According to KOrean Statistical Information Service (KOSIS), it was estimated that old age population in South Korea comprises 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 requires surgical intervention. Hence, the aforementioned factors, such as rising geriatric population, along with increasing demand of minimally invasive devices are likely to propel market growth.
As per the scope of the report, the spinal surgery devices market is a significant. It has evolved into one of the major segments of the orthopedic industry. Spinal surgery is traditionally performed as open surgery, wherein a long incision allows a surgeon to access the spinal anatomy of a body.
|By Device Type|
|Fracture Repair Devices|
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Based on Spinal Fusion, the market is segmented into Cervical Fusion, Interbody Fusion, ThoracoLumbar Fusion and Other Spinal Fusions. The growth of interbody fusion segment is mainly attributed to the rising number of spinal injuries and increasing geriatric population. Interbody fusion places bone graft between vertebrae in 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 is expected to contribute towards the market expansion. Hence, owing to the aforementioned factors, the segment is believed to witness rapid growth over the forecast period.
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The global players in the South Korea spinal surgery devices market are B. Braun Melsungen AG, Globus Medical Inc., Johnson & Johnson, Medtronic PLC, Styker Corporation and Zimmer Biomet.
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 Rising Geriatric Population
4.2.2 Increasing Demand of Minimally Invasive Devices
4.3 Market Restraints
4.3.1 High Treatment Cost
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Device Type
5.1.1 Spinal Decompression
5.1.2 Spinal Fusion
22.214.171.124 Cervical Fusion
126.96.36.199 Interbody Fusion
188.8.131.52 ThoracoLumbar Fusion
184.108.40.206 Other Spinal Fusions
5.1.3 Fracture Repair Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 Globus Medical Inc.
6.1.3 Johnson & Johnson
6.1.4 Medtronic PLC
6.1.5 Styker Corporation
6.1.6 Zimmer Biomet
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments