Artificial Disc Replacement Market Overview
The artificial disc replacement market is expected to reach USD 1,367.7 Million by 2030 at 11.8% CAGR during the forecast period 2022-2030.
Due to the revolutionary improvements that back pain surgery is making, the artificial disc replacement business is expanding. The goal of artificial disc replacement surgery is to improve mobility by replacing the spine's worn-out tissues. The primary function of spinal discs is to cushion the vertebrae, which are positioned between the bones and, if worn out, can restrict mobility. The replacement procedure is the product of significant technological development in the medical field. Compared to spinal fusion surgery, it is superior. Because spinal fusion surgery limits flexibility, many patients are choosing artificial disc replacement surgery.
Market Research Future (MRFR) provides information, along with a thorough analysis of the sectors and driving forces that will affect market growth in the upcoming years, in a comprehensive study. The field's legitimacy has grown thanks to technological developments, and patients are more likely to approve of it. At the same time, a rise in the number of patients with unintentional accidents and age-related complications can be considered as the market's driving factor. Increasing spending on research and development is also giving countries with advanced technology the push.
Notwithstanding these advantages, the market for artificial disc replacement may find the associated expense to be a considerable hindrance. The price increase is a result of artificial discs' rising cost, which may hinder the market's expansion throughout the review period.
Market Segmentation:
The artificial disc replacement market has been segmented by disc type, location, and material.
Based on disc type, the artificial disc replacement market can be segmented into elastic discs, composite discs, mechanical discs, and others. The mechanical discs segment includes kineflex discs, maverick discs, and flex-core discs.
By location, the artificial disc replacement market comprises cervical disc replacement and lumbar disc replacement.
Based on the material, the artificial disc replacement market includes metal, biopolymer, mixed and others.
Regional Analysis:
For a comprehensive reading of the artificial disc replacement market, region-specific segmentation is vital. The market includes namely the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The market is getting driven by the profits made by the Americas. It can be attributed to a well-structured healthcare system that supports the regional market with increasing orthopedic surgeries, technological superiority, and favorable reimbursement policies. The regional market is further impacting the global one with considerable progress made through research and development.
Europe’s market closely follows the features of the Americas’ market. Hence, considerable profit and the second leading position. The market is getting substantial thrust from the approvals made by governments. The APAC market is the fastest-growing market. Government initiatives to bring down the price of the components to increase the availability of the surgery is giving the market unprecedented incentives. However, the MEA market is making a small contribution. Presence of the poor economies in the region is affecting the market growth. But the regional market is trying to bounce back by introducing various policies regarding healthcare.
Competitive Analysis:
Prominent artificial disc replacement market players are Medtronic, Globus Medical Inc., DePuy Spine, Zimmer Biomet, Stryker, Joimax GmbH, Smith & Nephew Plc, Alphatec Spine Inc., Aesculap Implant Systems, LLC, AxioMed LLC, NuVasive, Inc., Orthofix Inc.,and K2M Inc.
