Artificial Disc Market to Witness Substantial Growth in Next 6 Years
Date: 2018-08-30   Author: Rahul Sankrityayan  Category: #market

Artificial Disc Market to Witness Substantial Growth in Next 6 Years

Artificial Disc Market is anticipated to witness significant growth of over 21% CAGR from 2016 to 2024.

Long term benefits associated with artificial disc owing to its quick recovery, long durability and cost-effectiveness attributes in accelerating the growth of the industry. Furthermore, growing popularity of minimal incision surgery pertaining to its advantages such as shorter hospital stays; fewer transfusion and low cost as opposed to hospitals will also drive the market significantly.

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Increasing elderly population prone to spinal disorders will drive the artificial disc market. According to the World bank data, 8.5% of the total world population belong to the age 65 years and above. Aging causes drying and loosening of water present in the cartilage disc that isresponsible for supporting the vertebrae. This causes flexible structure more susceptible to protrusion and fragility, thereby increasing the demand for artificial discs.

Rising number of road accidents that causes disability will propel the demand for artificial disc, thus accelerating the growth of the market. According to WHO, about 15% of the total world population suffers from disability. Out of the total number of accidents, 250,000 to 500,000 people suffer from spinal cord injuries that compelthem to use artificial disc at a significant rate, thereby stimulating the growth of the market. 

Innovation in technology associated with the development of multi-level artificial disc is anticipated to promote the growth of the industry. However, high cost associated with the device, wearing of the implants over time, and stringent government regulations could hinder the industrial growth.

Cervical disc replacement is anticipated to grow at a lucrative rate owing to its several advantages likeearly postoperative neck motion and reduced risk of acquiring cervical spine disorder. Also, elimination of complications during bone grafting for spinal fusion also accelerates the growth of the business.

Increasing popularity of lumbar disc replacement due to quick recovery and significant improvement in the spinal pain can be a rendering factor in driving the market growth. Common causes of lumbar disc replacement include disc injury, spinal stenosis or vascular arterial diseases that is rising in number will also facilitate in the expansion of the market.

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Metal on metal is anticipated to grow at a robust pace over the forecast period due to low cost in comparison with metal on biopolymer material. Moreover, increased popularity of metal on metal disc and initiatives by government to aware the population will also facilitates the growth of this segment.

U.S accounted USD 360 million in 2015 and is expected to grow at a robust rate over the forecast period. owing to improved healthcare infrastructure and rising number of people suffering from degenerative spinal. High reimbursement policies and technological advancement will further stimulate the growth of the business.

APAC is anticipated to witness remarkable growth due to rising prevalence in the number of people suffering osteoarthritis and rheumatoid coupled with increased geriatric population. Besides, growing awareness, adoption of sophisticated diagnostic techniques and improving healthcare infrastructure also attributes in adding fuel to the industrial expansion.

Some of the key industry players include Zimmer-Biomet, Medtronic, Depuy Spine,Globus Medical, NuVasive, Aesculap Implant System and Stryker Corporation. The industry players focus on developing innovative products to sustain in the market. In June 2015, Aesculap Implant Systems announced approval of its activLArtificial Disc by US FDA for commercial sale of the new product. This will help in expanding the company’s product portfolio, thereby increasing its revenue.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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