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Artificial Disc Replacement Market is Expected to Grow at a CAGR of Nearly 11.0% During the Forecast Period 2019-2029 - PMR
NEW YORK, June 18, 2019 /PRNewswire/ -- 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. 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.
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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. Furthermore, traditional spine surgeries restrict the motion between the vertebrae by fusing them together, due to which they finally heal into a single solid bone. However, in case of artificial disc replacement, the motion of the spine is preserved, which helps reduce stress on the spine. The development of new technology enables doctors to offer patients the option of a two-level surgery, which is also contributing to the growth of the artificial disc replacement market.
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Furthermore, the high cost of technologically advanced spine implants, such as discs, screws, and plates, and exaggerated notions about the complexities & difficulties associated with surgical procedures, are also among factors that are expected to hinder the growth of the artificial disc replacement market. In case of new technology, artificial disc replacement requires long-term follow up where the implantation of prosthesis requires the understanding of the biomechanics and training related to the techniques. This results in increased costs, which is another factor hampering the growth of the artificial disc replacement market. Moreover, the high prices of technologically advanced spine implants limit their penetration in the middle- and low-income economies, which is also hampering the growth of the artificial disc replacement market.
The report offers a comprehensive taxonomy of the artificial disc replacement market based on the product type, end user, and region. Based on product type, the global artificial disc replacement market is segmented into cervical artificial disc replacement and lumbar artificial disc replacement. On the basis of product type, cervical artificial disc replacement is expected to dominate the global artificial disc replacement market owing to lesser complications and higher benefits of cervical surgery over the lumbar procedure. Based on end user, the global artificial disc replacement market is segmented into hospitals, orthopedic clinics, and ambulatory surgical centers. The hospital segment is expected to hold the maximum share in the global artificial disc replacement market. From a geographical perspective, the artificial disc replacement market is segmented into North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa.
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The North America and Europe artificial disc replacement markets are expected to have a combined share of over 80% of the global artificial disc replacement market during the forecast period. This can be primarily attributed to growth in the ageing population, growing prevalence of spinal disorders, increasing number of mergers & acquisitions, and the launch of new products.
The artificial disc replacement market is expected to witness an increase in the number of FDA approvals for spine implants that feature the latest technology in the years to come owing to the increasing prevalence of spine disorders. The evolution of new technology-driven implants, which are likely to result in smaller incisions, less trauma to normal tissues, and faster healing time, is also expected to boost the artificial disc replacement market. For instance:
- In March 2019, AxioMed announced that it received the CE Mark for its Cervical Freedom Total Disc Replacement
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- In February 2019, Orthofix announced FDA approval for the M6-C Artificial cervical disc for the treatment of patients with cervical disc degeneration
- Similarly, in October 2018, Zimmer Biomet Holdings, Inc. launched Mobi-C Cervical Disc for cervical total disc replacement in Japan
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