Artificial Disc Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Artificial Disc Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Artificial Disc Market is expected to register a CAGR of 12.5% during the forecast period (2022-2027).

The pandemic had an adverse effect on the market growth. In May 2020, an estimated 585,000 elective procedures were postponed in India alone during the 12-week lockdown, and 28.4 million elective surgeries were anticipated to be canceled or postponed globally, according to a report by the British Journal of Surgery. Therefore, the primary factor most likely to hamper the artificial disc business is the cessation of surgical procedures. A study titled "Prevalence of Neck Pain and Back Pain in Computer Users Working from Home During COVID-19 Pandemic: A Web-Based Survey" that was released in February 2021 found that mild, moderate, and severe functional limitations were caused by neck pain in 41.9%, 24.8%, and 3.1% of participants, respectively, and low back pain in 67.4%, 31.8%, and 0.8% of participants. As a result, COVID-19 has made much work from home, which is linked to neck and back problems. Thus, the market benefits from the rising prevalence of these linked illnesses. Thus, the pandemic had an adverse effect on the market growth however, the market is expected to grow in the upcoming future.

Increasing the prevalence of degenerative spine conditions due to the increasing geriatric population, growing demand for minimal surgical procedures and technological advancements in the artificial discs are the key driving factors in the artificial disc market. According to an article published by the National Center for Biotechnology Information, in 2021, titled “Spinal Cord Injuries”, stated that in the United States, there are approximately 17,000 new cases of spinal cord injuries (SCI) each year. The increasing incidences of degenerative disc diseases are also increasing the demand for spinal surgical procedures. For instance, according to an article published by the National Center for Biotechnology Information, in 2022, titled “Lumbar Degenerative Disk Disease“, the reported disc abnormalities at any level in a meta-analysis of 20 studies evaluating the magnetic resonance imaging (MRI) of asymptotic individuals were found to be 20% to 83% for a reduction in signal intensity, 10% to 81% for disc bulges, 3% to 63% for disc protrusion, 3% to 56% for disc narrowing, and 6% to 56% for annular tears. Similarly, initiatives by key market players are another factor in market growth. For instance, in March 2021, Gleneagles Global Health City has launched an advanced endoscopic spine center to treat spinal disorders requiring surgery in Chennai, which will cater to the problems of the lower back, facet joint pain, sciatic pain, and neck pain radiating to the hands. Thus, the abovementioned factors are expected to increase the market growth.

However, reimbursement issues and high costs of procedures are expected to hinder the market growth.

Key Market TrendsCervical Artificial Disc Segment is Expected to Hold a Major Market Share in the Artificial Disc Market

Factors such as the increasing prevalence of spinal diseases, the growing geriatric population, and initiatives by market players are expected to increase the market growth. Cervical disc replacement is a surgical procedure in which a damaged or degenerated disc is removed and replaced with an artificial disc device. These discs are the cushions or shock absorbers between the bones (vertebra) of the neck (cervical spine). 80% of Americans have back pain at some point in their lives, according to an article titled "40 Back Pain Statistics (To Send a Shiver Down Your Spine)" updated in January 2022. 7.5% of people experience lower back discomfort at some point in their lives, and this number rises with age. Similarly, around 727 million people were over the age of 65 worldwide in 2020, according to the World Ageing Population (2020). By 2050, this figure is anticipated to reach 1.5 billion. Thus, the rising geriatric population may further increase the demand for spine-related treatments, which may lead to the growth of the market. Moreover, initiatives by the key market players to address cervical chronic pain will also drive the market. For instance, in March 2021, in order to treat spinal illnesses requiring surgery in Chennai, Gleneagles Global Health City opened an advanced endoscopic spine clinic. This facility will address issues with the lower back, facet joint discomfort, sciatic pain, and neck pain that radiates to the hands. Therefore, the construction of hospitals will result in an increase in cervical disc replacement operations, which will fuel market expansion.

Thus, the abovementioned factors are expected to increase the market growth.

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a major market share in the global artificial disc market due to the increasing aging population and higher success rate of artificial disc replacements in this region. The studied market in the region is expected to grow significantly during the forecast period owing to the factors such as the increasing number of people suffering from lower back problems and spine-related disorders. According to the data published by the American Association of Neurological Surgeons, in the June 2021 report, it has been observed that more than 450,000 people in the United States are living with a spinal cord injury (SCI). The prevalence rate of diagnosed spine degenerative disease was determined to be 27.3%, according to a March 2021 article by the National Center for Biotechnology Information titled "Prevalence of Spine Degeneration Diagnosis by Type, Age, Gender, and Obesity Using Medicare Data." Furthermore, the organic and inorganic strategies adopted by the companies such as mergers and acquisitions will also propel the market. For instance, in February 2021, NuVasive Inc. acquired Simplify Medical, which develops the Simplify Cervical Artificial Disc for cervical total disc replacement (cTDR). This will help NuVasive to address all key parts of the cervical spine by providing inclusive, procedurally integrated solutions across anterior cervical discectomy and fusion (ACDF), posterior cervical fusion (PCF), and cTDR procedures. Thus, the above-mentioned factors are likely to increase market growth in the future.

Competitive Landscape

The Artificial Disc Market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are ​Globus Medical, Zimmer Biomet, B. Braun Melsungen, Centinel Spine, LLC and Medtronic Plc among others.

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