Artificial Disc Market size worth around USD 5.6 Bn by 2026
Published Date: January 22, 2020 Authors: Sumant Ugalmugle
Artificial Disc Market size is set to exceed USD 5.6 billion by 2026; according to a new research report by Global Market Insights, Inc.
Artificial disc market size is mainly attributable to growing prevalence of degenerative disc diseases and increasing patient preference towards disc replacement procedures. Moreover, increasing investment in R&D activities to develop innovative products will escalate the product demand over the forecast period.
Lifestyle changes and lack of physical activity to increase the risk of degenerative disc diseases
Increasing prevalence of cervical and lumbar degenerative disc diseases will serve to be a primary factor driving the global artificial disc industry growth over the forecast timeframe. Lack of physical activity and adoption of sedentary lifestyle has led to increase in the number of chronic low back pain cases worldwide. Rising geriatric population base prone to various musculoskeletal diseases will further contribute to market progress. Numerous structural and functional changes in the geriatric population will upsurge the demand for disc replacement procedures, thereby fostering the artificial disc market growth.
Moreover, focus of industry players on development of technological advanced artificial discs will serve to be another key factors accelerating the artificial disc business growth. Advent of technology in medical devices industry has led to novel product development and improvisations in the existing products. Availability of advanced multi-level artificial discs for treatment in patients having issues with two consecutive spinal discs will fuel the product demand during the analysis timeframe.
Growing preference towards motion preservation surgeries to increase the demand for cervical artificial discs market
Based on service providers, pharmacovigilance market is divided into in-house and contract outsourcing. Cervical artificial disc segment accounted for more than USD 1 billion revenue in 2019 owing to its benefits such as decompression of axial neck or arm pain in various musculoskeletal diseases. Patient preference towards motion preservation surgeries over spinal fusion and other motion creating surgeries will escalate the market growth. Increasing incidence of cervical disc diseases among the adult population will further augment the market expansion.
Browse key industry insights spread across 105 pages with 51 market data tables & 8 figures & charts from the report, “Artificial Disc Market Size By Type (Cervical Artificial Disc, Lumbar Artificial Disc), By Material (Metal-on-metal, Metal-on-biopolymer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, South Korea, Brazil, Mexico, South Africa, GCC Countries), Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Low cost of metal-on-metal discs as compared to metal-on-biopolymers will increase its adoption in emerging economies
Metal-on-metal segment held significant artificial disc market share in 2019 and is projected to witness around 17% CAGR during the analysis timeline. Metal-on-metal artificial discs lower corrosion and negative biological response through oxide films. Increasing demand for comparatively low cost metal-on-metal discs will enhance its utilization in developing and underdeveloped economies. However, biocompatibility and insertion issues associated with metal-on-metal discs may restrain the market growth over the coming years.
North America artificial disc market is set to proceed swiftly due to increasing prevalence of degenerative disc disease
North America held substantial revenue share in 2019 and is projected to reach around USD 3 billion by 2026. Regional market demand is attributed to rising prevalence of musculoskeletal diseases owing to high adoption of sedentary lifestyle in North America. As per the Centers for Disease Control and Prevention (CDC) statistics, around 54.4 million adults in the U.S. were diagnosed with arthritis in 2015. Moreover, strong foothold of key industry players in the region will increase the demand for advanced products for musculoskeletal disease treatment. Huge investments in R&D for development of novel products and techniques will elevate the regional growth during the forthcoming years.
Emphasis of market players on offering innovative products will pave way for artificial disc industry growth
Few of the notable industry players operating in artificial disc market share include AxioMed, Medtronic, B. Braun Melsungen, Stryker, DePuy Synthes, NuVasive, Paradigm Spine, Synergy Disc Replacement Orthofix, Simplify Medical, and Zimmer Biomet. Industry players are majorly focusing on strategic alliances including mergers, acquisitions, collaborations as well as novel product launches to strengthen product portfolio and capitalize on market opportunities.
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