WALTHAM, Mass., Oct. 29 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the global spinal nonfusion technology market will increase from approximately $400 million in 2008 to almost $2 billion by 2013. MRG's new Global Markets for Spinal Nonfusion Technologies 2009 report finds this market will be fueled by increased product approvals across the US, Europe, and Asia Pacific. Further adding to market growth will be the increase in average selling prices prompted by sales of these premium-priced nonfusion devices.
With the highest average selling prices of all three regions, the US contributed the majority of revenues to the global spinal nonfusion technology market in 2008, despite being a young market compared to Europe. The spinal nonfusion technology market is more developed in Europe, with a larger number of firms competing on price. Also, many of the devices lack full reimbursement in Europe, which contributes to lower pricing because many patients are unwilling to pay the full price of the nonfusion technology. Although the number of spinal nonfusion procedures performed in Europe was 80% of the volume observed in the US in 2008, price differences resulted in a total European market value of less than half of that in the US market.
New products, such as the M6-L lumbar artificial disc from Spinal Kinetics and the Barricaid annulus repair device from Intrinsic Therapeutics, will be released across the three regions and will lead to an intensification of marketing and training efforts on the part of manufacturers to promote the efficacy of spinal nonfusion treatments.
"As more surgeons become familiar with long-term clinical data and receive training on the techniques, an increasing number will adopt spinal nonfusion treatments in their practice and concerns regarding long-term efficacy will recede," says Deanna Vankessel, Analyst at MRG. "The release of new spinal nonfusion products will result in an influx of favorable clinical data and increased marketing of these new devices and technologies, fueling physician awareness and adoption."
MRG's Global Markets for Spinal Nonfusion Technologies 2009 report evaluates the performance of the spinal nonfusion technology market from 2007 to 2013 in the US, Europe and Asia Pacific. Each chapter includes an examination of artificial disc, dynamic stabilization, annulus repair, nuclear disc prosthesis, and facet arthroplasty procedures, as well as average selling prices and sales segmented by procedure. Chapters also contain a detailed account of the drivers and limiters that will impact the market and analysis of the leading competitors.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through syndicated reports, ongoing Marketrack(TM) projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources, Inc.
Decision Resources, Inc. is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources, Inc. at www.DecisionResourcesInc.com.
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SOURCE Millennium Research Group
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