SAN FRANCISCO, Dec. 16, 2021
SAN FRANCISCO, Dec. 16, 2021 /PRNewswire/ -- The global sacroiliac joint fusion market size is expected to reach USD 661.45 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.5% from 2021 to 2028. The key factors driving the market include the rising preference for minimally invasive surgeries, the aging population, and initiatives by market players.
Key Insights & Findings from the report:
Read 150 page market research report, "Sacroiliac Joint Fusion Market Size, Share & Trends Analysis Report By Indication (Degenerative Sacroilitis, Sacral Disruption, Trauma), By Surgery Type (MIS, Open), By Product, By End User, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
The COVID-19 pandemic resulted in logistical bottlenecks, decreased sales and marketing activities, low demand, and other challenges for market participants. The major impact during the pandemic, however, was canceled or postponed elective surgeries. As many countries went under lockdown and implemented movement restrictions, the number of elective surgeries plummeted. In addition, several healthcare institutions and regulatory bodies recommended the postponement of elective surgical procedures. Harvard Business Review estimated that an approximately 4.8% GDP decline in the U.S. economy, in the first quarter of 2020, could be attributed to postponed healthcare services, particularly delayed elective procedures. The demand is anticipated to increase with the resumption of elective surgeries.
The rising adoption of minimally invasive surgeries is a major factor contributing to the market growth. For instance, in September 2021, CoreLink Surgical reported that its patented Entasis SI Joint Fusion System surpassed 5,000 implants. An aging population in developed countries such as the U.S. and the increasing prevalence of chronic diseases are leading to an increase in the number of surgeries performed every year. As per the U.S. Census Bureau in 2019, out of the 328 million U.S. population, about 75 million were aged 60 years and older. This implies that a significant number of the population is vulnerable to degenerative sacroilitis and sacral disruption, thus leading to an increased number of SI joint fusion surgeries.
Many companies specializing in spine, orthopedic, or musculoskeletal solutions hold a significant share in the market. These players are involved in increasing their market share through R&D, product launches, geographical expansion, and other partnerships. For example, in March 2021, Aurora Spine, operating in spinal implant and pain management markets, launched the SiLO Posterior SI Joint Fusion System. Genesys Spine, on the other hand, launched its Sacroiliac Joint Fusion system consisting of partially threaded and fully threaded implants in February 2020. Surgalign Spine Technologies, Inc., formerly known as RTI Surgical, entered the market for sacroiliac joint fusion by acquiring Zyga Technology, Inc. in January 2018. In July 2020, the company sold its OEM Businesses to become a pure-play global spine company and changed its name to Surgalign.
Grand View Research has segmented the global sacroiliac joint fusion market on the basis of indication, surgery type, product, end user, and region:
List of Key Players of Sacroiliac Joint Fusion Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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