The global artificial disc market generated the revenue of $1.0 billion in 2017, which is expected to reach $3.4 billion by 2024, at a CAGR of 18.8% during the forecast period (2018–2024), according to the latest research study published by P&S Intelligence, the study covers detailed analysis of artificial disc industry.
The number of people above 60 years of age is predicted to grow from 901 million in 2015 to 1.4 billion in 2030, as per the United Nations. One of the most common effects of aging is the decrease in the bone mass, which causes diseases such as osteoporosis or vertebral column deformity. The latter mostly happens due to functional issues in the intervertebral discs, which allow the backbone to bend slightly and absorb shock. In the event of a deformity, the natural discs need to be replaced by artificial ones via surgery, thereby allowing people to regain some degree of forward and backward bending movement.
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The popularity of advanced surgical methods is also being positively influenced by the increasing healthcare expenditure by the government of numerous nations. The World Bank reported an average rise in the worldwide healthcare expenditure, from 9.5% of the gross domestic product (GDP) in 2010, to 9.9% in 2014. With more funds, voluntary health associations, research institutions, and local and central government bodies are increasing the investments in medical research and development (R&D), which is leading to the development of more-effective spinal corrective procedures.
The objective of this research includes;
- Major factors driving the artificial disc market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the artificial disc market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various artificial disc market segments across key countries in several regions for uncovering market opportunities for the stakeholders
North America accounted for the largest share in the artificial disc market in 2017, followed by Europe. Together, North America and Europe are expected to hold over 80% share in the market in 2024. This can be mainly attributed to the presence of established players, growing geriatric population, and rise in number of surgical procedures in both regions.
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The players are taking several strategic activities to expand their product portfolio and expand their consumer base. For instance, in April 2017, NuVasive Inc. launched a new Reline Trauma portfolio as the company’s foundation to capture the growing potential in the U.S. spine trauma fixation market.
The research includes detailed analysis of;
- Cervical Disc
- Lumbar Disc
- Others (Metal-on-Metal, Metal-on-Ceramic, and Polymer-on-Ceramic)
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