Ocean View, DE -- (SBWire) -- 05/14/2020 --With the growing number of degenerative disc disease in developed as well as developing economies, the global artificial disc market size is projected to witness a lucrative growth rate over the forthcoming time period. Factors such as technological advancement and rising demand for procedures that are minimally invasive will further push the market share.
Increasing accessibility of two-level artificial disc which provides better efficiency, in comparison to the procedure of two-level fusion would further surge the product adoption. Likewise, large investment in development of new products is also likely to stimulate the artificial market outlook.
An estimate by the Global Spine Journal states that nearly 265 million individuals across the globe suffer from low back pain and degenerative spine disease every year. Cervical disc replacement is required and is medically proven for the treatment of one-level or two continuous levels of cervical degenerative disc disease with radiculopathy or symptomatic myelopathy.
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Meanwhile, rising level of aging population throughout the globe would also serve to be yet another positive impact factor for market growth. Elderly patient population, which is susceptible to several musculoskeletal diseases like osteoarthritis would further drive artificial disc market growth in the near future.
Furthermore, advancement in artificial discs to provide efficiency and superior functionality in comparison to procedures of spinal fusion would boost demand for these discs.
The cervical artificial disc segment held a revenue share of 65% in 2019. This segment is further anticipated to witness considerable growth over the projected timeline. The growing cervical degenerative disc disease occurrence across the globe would also serve to be a positive impact rendering driver for segmental growth.
Likewise, several benefits cervical artificial discs provide over fusion procedures like low re-operation rates and substantial reduction in neck pain would further lead to increasing cervical artificial discs' use, thereby boosting the segmental growth.
The metal-on-biopolymer segment registered a substantial revenue share in 2019. The market is poised to record a momentous CAGR of 18.5% over the projected time period. Metal-on-biopolymer discs provide flexible spine movement, easy insertion process and high degree of rotation.
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Furthermore, these discs enable both coupled and independent motions which are similar to natural cervical spine motion, thereby, leading to increased biocompatibility, and further enhancing the overall business growth.
From a regional frame of reference, the APAC artificial disc market has been projected to record a momentous CAGR of 20% during the projected timeline. The regional growth is ascribed to the large demographic of patients who are suffering from musculoskeletal diseases.
Additionally, increasing elderly population, which is susceptible to chronic diseases owing to numerous functional and anatomical changes would also drive the artificial discs market demand in the region.
Meanwhile, advancements in healthcare infrastructure as well as rising healthcare expenditure would further stimulate the market size of APAC region.
All in all, the above-mentioned determinants are likely to offer a diverse array of growth opportunities for global artificial disc market. The competitive landscape of artificial disc market includes companies like Simplify Medical, Medtronic, Globus Medical, Zimmer Biomet, Synergy Disc Replacement, AxioMed, B. Braun Melsungen, Stryker, DePuy Synthes, NuVasive, and Orthofix International among others.
Market players are exploring numerous business expansion opportunities in the form of inorganic growth strategies including collaborations, mergers and acquisitions, to stay competitive in the market and enhance their product portfolios.
Some market players are also focusing on innovative product launches to obtain a distinguished presence in the industry. Citing an example, K2M, back in September 2017, launched a next gen YUKON OCT Spinal System which enables fusion with posterior fixation in order to achieve spinal balance. The new product has allowed company to widen its current product portfolio and bring in more revenue.
