Artificial Disc Replacement Market 2023
Rapidly developing technology plays a noteworthy role in improving surgical procedures and increasing life expectancy. Increasing number of surgical procedures and the adoption of minimally invasive techniques is expected to boost the artificial disc replacement market. According to the latest research by PMR, the global artificial disc replacement market is expected to account over US$ 1,300 Mn by the end of 2029. The artificial disc replacement market is expected to grow at a CAGR of nearly 11.0% during the forecast period 2019-2029.
The high growth rate of emerging healthcare facilities is expected to benefit the manufacturers of artificial disc replacement devices. Manufacturers are focusing on the expansion of their product portfolios in emerging countries such as China, India, and Brazil.
The direct and indirect cost burden of spinal cord trauma treatment is higher as compared to most indications. Governments are sponsoring projects for the development of effective treatment modalities. The European Union funded the Bioarctic’s innovative treatment concept SC0806, a biodegradable device that stimulates nerve degeneration.
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Companies Profiles
- Zimmer Biomet Holdings. Inc.
- Medtronic Plc.
- Braun Melsungen AG
- Johnson and Johnson (DePuy Synthes)
- Medicrea International
- Orthofix Holdings, Inc.
- NuVasive, Inc.
- Globus Medical Inc.
- Stryker Corporation (K2M Group Holdings, Inc.)
- Alphatec Spine, Inc.
Increasing population in the emerging countries and the rising prevalence of spinal disorders is expected to create high potential for manufacturers to increase their market share. Increasing mergers and acquisitions are expected to boost the reach of market players in developing economies.
Moreover, this is expected to create opportunities for manufacturers to expand their product portfolios in several markets, which is, in turn, expected to boost their customer base.
North America holds a prominent position in the global artificial disc replacement market with a share of approximately 55% in 2018. This gain is majorly driven by the increasing number of spinal surgeries in the region and the growing adoption of technologically advanced devices & implants for spine disorders.
Emerging countries, such as China, India, and Brazil, are expected to grow at a significant rate owing to the increasing usage of implants owing to their benefits over traditional surgery. Furthermore, the growing demand for artificial disc as they help preserve motion is also expected to contribute to the growth of the artificial disc replacement market during the forecast period.
Artificial disc replacement has been an alternative to fusion surgery for the treatment of cervical and lumbar degenerative disc disorders. The development of new-generation implants that are implanted through minimally invasive anterior approaches is expected to significantly boost the artificial disc replacement market.
Approvals of various new implants that are used as alternatives over spinal surgery have potential benefits over traditional fusion surgery. For instance, they reduce the recovery and eliminate the potential complications associated with the use of bone grafts during fusion surgery.