Slip Disc Market – Overview
Global Slip Disc Market is on an upward growth trajectory and is likely to reach USD 11,011.3 Mn at a CAGR of 5.4% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an extensive study.
Slip disc can be caused as a result of advancing age where the inner gel-like nucleus of the inner vertebral disc loose fluid, volume, and resiliency and the disc becomes susceptible to compression and trauma. In slip disc, the discs become vulnerable to tears resulting in radiating pain from back to legs in the distribution of the nerve. Other symptoms of slip disc include numbness of the area.
Slip disc can occur at any age but generally occurs as a normal part of the aging process. The rise in a number of aging population is a key growth influencer. Slip disc has become widely prevalent due to increase in a number of the obese population who are more susceptible to the disorder. Advances in surgical and non-surgical treatments such as ozone disc treatment, vertebroplasty, spinal fusion, artificial disc replacement, and dekompressor drill discectomy have resulted in further consolidation of the market. In addition, the rise in a number of FDA approval for various novel treatment and therapies also stimulate the growth of the market.
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Other boosting factors include rapid adoption of new therapies and rising healthcare expenditure across the globe. On the downside, the growth of the global slip disc market can be restricted by high costs associated with the treatment of slip disc which limits growth in cost-sensitive markets and lack of skilled medical professionals, especially in the developing countries. Lack of awareness is also a key market impediment.
GlaxoSmithKline plc (UK), DePuy Synthes Companies (US), Pfizer Inc. (US), Globus Medical, Inc. (US), TEVA Pharmaceutical LTD (Israel), NuVasive, Inc. (US), Captiva Spine, Inc. (US) are the key players in the global slip disc market.
The global slip disc market has been segmented based on type, diagnosis, and treatment.
By type, the global slip disc market has been segmented into thoracic herniated discs, lumbar herniated disc, and cervical herniated discs.
By diagnosis, the global slip disc market has been segmented into physical examination, nerve conduction test, and imaging tests.
By treatment, the global slip disc market has been segmented into medications, therapy, and surgery. The medications segment held the largest share of 46.2% in 2016.
By region, the global slip disc market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA). In the Americas market, North America is the largest market for slip disc which is likely to reach USD 4,542.8 Mn by the end of 2023. Surging cases of spinal injuries can be credited for the growth of the market. Latin America is also expected to emerge as a significant market for slip disc due to the increasing prevalence of herniated disc in the region.
Europe is the second largest market for slip disc and accounts for almost 31% share of the global market. Availability of advanced diagnostic and treatment options, skilled healthcare professionals and high expenditure on healthcare spurs the market growth in Europe. The rapid adoption of new therapies is also boosting the growth of the Europe market.
The APAC market for slip disc is driven by towering incidences of the disorder in the region. Rising awareness about slip disc is also a significant factor in spurring market growth. Other fundamental factors influencing market growth include expanding healthcare expenditure in the, increasing availability of advanced therapies and treatment options and growing per capita income in the region. China is the key contributor to the APAC market. The APAC slip disc market is likely to register a CAGR of 6% over the forecast period.
The Middle East & Africa market is likely to exhibit the least growth over the forecast period. Lack of awareness about the disease, limited availability and access to medical facilities, and low income in the region limit the growth of the market. The Africa region is expected to showcase sluggish growth over the forecast due to poor socio-economic conditions. The Middle East accounts for the majority of 70.9% share of the MEA market.
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