Technological breakthroughs coupled with rise in research activities for treating degenerative disc ailments will push artificial discs market size. In addition to this, reduction in re-operation costs related to artificial discs will further push the industry trends.
As per Global Market Insights, Inc., “Artificial Discs Industry value is projected to hit USD 4.5 billion by 2024.” High occurrence of disc degenerative ailments along with the rise in disc surgeries is anticipated to influence business expansion. Furthermore, the growing demand for minimally invasive surgeries is another strong factor expected to fuel the product demand over the years to come.
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Cervical artificial discs and Lumbar artificial discs are the two major types of artificial discs. Cervical artificial discs, which accounted for 65% of artificial discs industry share in 2015, will witness a high surge over the years to come. Increase in disc operations along with easy availability of cervical artificial discs will favorably impact the business. Lumbar disc replacement is highly popular treatment alternative among the patients suffering from severe back pain problems. Lumbar artificial discs market, having collected USD 240 million in 2015, is expected to witness high surge over the coming seven years, driven by its extensive demand across developed countries such as the U.S.
Below are the geographical trends influencing global artificial discs market over 2016-2024:
- U.S. artificial discs market, estimated at USD 360 million in 2015, is expected to exceed USD 2 billion by 2024. Beneficial compensation policies, high investments in the healthcare sector, and rise in per capita income are few of the key factors projected to drive the revenue.
- Improved healthcare facilities and rising demand for advanced products is expected to propel Japan artificial discs industry size over the coming timeframe, having contributed over 25% of the overall revenue in 2015.
- Low cost of disc replacement along with high investments across the healthcare sector is anticipated to drive Germany market revenue over the next few years.
- China artificial discs industry is projected to grow at a rate of 24% over the coming period of 2016-2024, driven by economic development, inexpensive surgeries, and rapidly expanding medical tourism sector.
- UK, which accounted for 22% of Europe industry share in terms of revenue, is projected to register an annual growth rate of 19% over the coming seven years. Rise in purchasing capacity, increasing aging population base, and enhanced healthcare infrastructure facilities are expected to drive the regional growth.
- India artificial discs market is also expected to grow considerably over the coming timeframe, owing to high occurrence of degenerative disc disorders in the region.
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Market players will try to increase their revenue through product differentiation, technological innovation, product benchmarking, joint ventures, and strategic collaborations. Key industry participants include Zimmer-Biomet Company, Depuy Synthes Spine Incorporation, Medtronic Company, Synthes Holding AG, Stryker Corporation, LDS Spine USA, Globus Medical Incorporation, Spinekinetics, NuVasive Incorporation, and Aesculap Implant Systems LLC.
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