Market Is Estimated To Witness High Growth Owing To Rising...

Market Is Estimated To Witness High Growth Owing To Rising Incidences Of Degenerative Disc Disease And Increasing

Posted 2023-10-31 12:28:30

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The Artificial Discs market is estimated to be valued at US$ 0.74 Bn in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Artificial discs are medical devices used as an alternative to fusion surgery for people suffering from severe back problems caused by damaged discs. They are implanted through minimally invasive spinal procedures to replace damaged discs and maintain spinal movement. The artificial disc mimics the function of a normal disc by allowing motion and absorbing pressure between the vertebrae.

Market Dynamics:
According to the National Institute of Neurological Disorders and Stroke, approximately 80% of adults experience low back pain at some point in their lifetime and it is estimated that about 5% of people with acute low back pain go on to develop chronic pain levels. Rising incidences of degenerative disc disease is expected to fuel the demand for artificial discs as they help preserve spinal motion when compared to spinal fusion surgeries. Furthermore, artificial disc replacement surgeries are minimally invasive procedures that allow for quicker recovery time and improved outcomes. The inclination of patients towards minimally invasive spine procedures over traditional fusion surgeries will boost the growth of artificial discs market over the forecast period.

SWOT Analysis

Strength: Artificial discs are a minimally invasive solution for spinal conditions and have high biocompatibility. They are durable and restore natural motion in the spine which promotes faster healing. The materials used such as metal alloys and polymers are proven to be safe and long lasting.

Weakness: Artificial discs are expensive medical devices and the surgery requires expertise. There are risks of complications and rejection by the body. Long term effects are still being studied for some artificial disc designs.

Opportunity: Rising incidence of spine disorders due to sedentary lifestyles and aging population provides opportunities for market growth. Advancements in material science and 3D printing technologies can help develop improved discs. Increasing awareness about minimal invasive treatments also supports adoption.

Threats: Stringent regulatory approvals and reimbursement policies pose threats. Alternative spine therapies and implantable devices can affect market demand for artificial discs.

Key Takeaways

The global Artificial Discs Market Growth is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of degenerative disc diseases especially in developed regions. The Artificial Discs market size for 2023 is US$ 0.74 billion.

Regional analysis North America is currently leading the global Artificial Discs market and is projected to retain its dominance over the forecast period. This is attributable to increasing healthcare expenditure, growing cases of spinal disorders, and rising awareness about advanced disc replacement procedures in the region. Asia Pacific exhibits the fastest growth owing to large patient pool suffering from disc disorders due to rising geriatric population and sedentary lifestyles in countries like India and China.

Key players operating in the Artificial Discs market are Medtronic, DePuy Synthes, Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings Inc., Alphatec Holdings Inc., B. Braun Melsungen AG, Centinel Spine LLC. Key players are mainly focused on product launches, geographical expansion and collaborations to gain major market share.

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