The Artificial Discs Market is Estimated To Witness High Growth...

The Artificial Discs Market is Estimated To Witness High Growth Owing To Increasing Prevalence of Degenerative Disc Disease

Posted 2023-12-06 07:48:36

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

Market Overview:

Artificial discs are medical devices used as an alternative to spinal fusion in the treatment of degenerative disc disease. They are implanted between the vertebrae of the spine to maintain motion and flexibility while reducing back pain. The discs allow for more natural movement of the spine.

Market key trends:

One of the key trends in the artificial discs market is the growing adoption of medical robotics. Medical robots offer minimally invasive placement of artificial discs and helps in improving accuracy and reducing surgical risks. They provide surgeons with three-dimensional visualizations, 10x optical magnification, tremor filtration and robotic motion scaling during disc replacement procedures. Use of medical robots minimizes incision size, blood loss, length of hospital stay and recovery time for patients.

Segment Analysis

The global artificial discs market can be segmented based on material, type, surgery, and end user. By material, the market is dominated by the metal-on-biopolymer segment due to its excellent biocompatibility and durability. By type, cervical artificial discs dominate as they are widely used to treat cervical radiculopathy and myelopathy. Based on surgery, the market is dominated by the lumbar artificial disc replacement surgery segment as it is a minimally invasive procedure and allows for better mobility compared to spinal fusion. By end user, hospitals account for the largest share due to higher patient volume and the availability of advanced treatment facilities.

Key Takeaways

The Global Artificial Discs Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing popularity of minimally invasive spine surgeries and rising prevalence of degenerative disc diseases.

Regional analysis - North America dominates the global market due to the rise in research activities and presence of major players. However, Asia Pacific is expected to grow at the fastest pace owing to increasing healthcare expenditure and growing medical tourism in the region.

Key players - 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, and Centinel Spine LLC. These players are focusing on new product launches and geographic expansion to gain a competitive edge in the market.