Growing Demand for Healthcare Across the Globe is Expected to Boost the Demand for Artificial Cervical Disc Market During the Forecast Period 2027
Market Highlights
According to CRI analysis, the global artificial cervical disc market is expected to register a CAGR of ~19% from 2021 to 2027 and hold a value of ~USD 6,262.1 million by 2027.
The global artificial cervical disc market is driven by several factors, such as the increasing prevalence of orthopedic diseases and degenerative diseases, technological advancements in artificial discs, and the rise of a geriatric population in developed and developing economies.In addition, the artificial cervical disc market is anticipated to grow during the forecast period due to the rising healthcare expenditure, supportive reimbursement, growing acceptance of implantation, increasing disposable income, and increasing investments in healthcare infrastructure by the government and private sectors.
Many market players are dominating the global artificial cervical disc market. The prominent players are involved in strategic agreements, product launches, acquisitions, and joint ventures to sustain their market positions.For instance,in February 2021, NuVasive Inc. (US) acquired Simplify MedicalInc. (US), This acquisition expanded NuVasive’s cervical portfolio by providing the most clinically effective cTDR technology, and further distinguishes NuVasive’s cervical portfolio.
Regional Analysis
On a regional basis, North America is anticipated to dominate the global artificial cervical disc market due to the major market players involved in R&D activity,a higher success rate of artificial disc replacements, rising healthcare expenditure in the region, and improving economy.In addition, the presence of the major giants in the market involved in mergers & acquisitions and new product innovation is another driving the market growth. For instance,in January 2018, Nuvasive Inc. (US)acquired Safe PassageNeuromonitoring LLC(US)to strengthen its intraoperative neurophysiological monitoring (IONM) business line.
On the other hand, Europe is expected to hold the second-largest position in the global artificial cervical disc market due to investment in healthcare. Technological advancements in surgical techniques and materials have led to an increased demand for artificial cervical disc.
Furthermore, artificial cervical disc replacement in Europe will turn out to be one of the most sought-after medical procedures by medical tourists. Cost-effective and excellent medical care offered by the European spine surgeons and increasing investment in the R&D sector is also fueling the market growth in this region.
Asia-Pacific is projected to have the fastest growth, owing to a rapidly developing medical infrastructure, increasing spending on health care, large population, improving economy, and growing medical tourism in developing nations such as China, Japan, and India in this region.
Furthermore, the growth of the market in the rest of the World is attributed to rapidly improving healthcare infrastructure, technological development,healthcare management, and hospital management.Government initiatives for improving the healthcare sector are another factor boosting the growth of the market in this region.
Segmentation
The artificial cervical disc market is segmented on the basis of product type, material, end user, and region.
Based on product type, the artificial cervical disc market is categorized into cervical disc and lumbar disc. The cervical disc segment held a significant market share in 2020.The rising prevalence of degenerative disc disease and the growing demand for non-invasive procedures are the key driving factors of the artificial cervical disc segment.
Based on material, the artificial cervical disc market is classified into metal-on-metal and metal-on-biopolymer. The metal-on-metal material segment is expected to attain significant revenue over the forecast period. Growing preference for metal implants by Numerous healthcare practitioners, including surgeons, doctors, and clinicians.Moreover, metal implants requires considerably lower costs than metal-on-biopolymers.
Based on end user, the artificial cervical disc market can be segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment was the largest end user segment in 2020 due to the availability of skilled doctors, high efficacy rate, better treatment, and advancements in the hospital infrastructure.
In terms of geography, the artificial cervical disc market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.North America held the largest market share in 2020 due to the increasing geriatric population, higher success rate of artificial disc replacement surgery in this region, and growing awareness among the patients about the availability of various treatment options. Furthermore, Asia-Pacific is projected to be the fastest-growing regional market during the forecast period due to factors such as a large customer base, high prevalence of orthopedic diseases, degenerative spine conditions, and improving healthcare infrastructure.According to the WHO, by 2050, 130 million people will suffer from osteoarthritis worldwide, of whom 40 million will be severely disabled by the disease.
Key Players
Some of the key players in the global artificial cervical disc market are Globus Medical Inc (US), Zimmer Biomet Holdings Inc. (US), B. Braun Melsungen AG (Germany), Centinel Spine, LLC (Switzerland), Medtronic PLC (Ireland), Nuvasive Inc. (US), Johnson & Johnson (US), Orthofix Company (US), Alphatec Spine (US), Simplify Medical (US), AxioMed (US), Aditus Medical (Germany), FH Orthopedics (France), Medicrea (France), and Spineart (Switzerland)