The global Artificial Disc Replacement Market size is anticipated to reach USD 1.09 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 11.7% from 2021 to 2028. Some of the key industries in this market include Medtronic, Orthofix Medical, Inc., Globus Medical, Aesculap, Inc., NuVasive, Inc. The key factors driving the market growth include the rising number of spinal surgeries across the globe, the growing aging population, high demand for surgical alternatives with less tissue disruption, and technological advancements. The COVID-19 pandemic resulted in several challenges, such as logistical bottlenecks, low demand, and decreased sales & marketing activities.
This resulted from supply chain challenges, deferred or canceled elective procedures, and movement restrictions due to lockdowns. Zimmer Biomet, for instance, reported a negative impact of COVID-19 on its annual revenue for 2020. It reported a 12% decrease in its total revenues from 2019 to 2020. The company was also impacted by the postponed elective and semi-elective procedures that use Medtronic’s products. The reluctance of people for undergoing non-COVID-19 emergency procedures affected the company’s revenue.
The broader acceptance of surgical treatments along with less tissue disruption as well as patient trauma is expected to boost the growth of the market. Furthermore, market players are anticipating broader consolidation of vendors in the spine segment, which is also expected to provide opportunities in the market. This is further complemented by the rising number of technological advancements.
The market growth is also supported by the increasing number of clinical trials related to artificial discs by market players. For instance, Medtronic is sponsoring a clinical trial related to the Prestige LP Cervical Disc for treatment of the cervical degenerative disc disease, radiculopathy, and myelopathy. The study is expected to be completed by August 2022. Such activities provide various growth opportunities to the market.
Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in February 2021, NuVasive, Inc. acquired Simplify Medical, developer of the Simplify Cervical Artificial Disc for cervical total disc replacement.
Related Press Release@ Artificial Disc Replacement Market Report
Artificial Disc Replacement Market Report Highlights
- The market was valued at USD 471.0 million in 2020 and is expected to grow at a CAGR of 11.7% during the forecast period
- The rising prevalence of degenerative disc disease due to chronic back pain is increasing the number of spinal surgeries performed around the globe. This is one of the key factors driving the market growth
- The metal + plastic material type segment led the market in 2020 owing to the wide usage of plastics for manufacturing artificial discs, while the metal segment held a significant share owing to rising research activities in the segment
- The cervical disc replacement segment held the largest share of the market in 2020 owing to the high product availability
- North America led the global market in 2020 accounting for a revenue share of more than 48.5% owing to the presence of major players in the region
- Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 owing to the rising awareness regarding spinal surgeries in the region
