The artificial cervical intervertebral disc market size is expected to grow from US$ 1,621. 66 million in 2022 to US$ 4,375. 29 million by 2028; it is estimated to grow at a CAGR of 18. 0% from 2022 to 2028.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Cervical Intervertebral Disc Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material, End User, and Geography" - https://www.reportlinker.com/p06289883/?utm_source=GNW
The market growth is attributed to the increasing cases of cervical injuries and a surge in the aging population. However, the high cost of cervical intervertebral disc surgeries hampers the artificial cervical intervertebral disc market growth.
The aging process affects the cervical spine, neck, shoulders, upper back, and arms.Cervical spondylosis is a term for age-related wear and tear of the spinal disks in the neck; the condition worsens with age.
As per the American Academy of Orthopaedic Surgeons, over 85% of people of age more than 60 are affected by cervical spondylosis.With age, the vertebral discs that serve as shock absorbers gradually dry out and affect the strength of the disc.
As per the Factsheet, the number of Americans aged 65 and older in 2018 is estimated to double from 52 million to 95 million by 2060.It is also estimated that the 65-and-older age groups will rise from 16% to 23%.
Further, as per the report ‘Later Life in the UK 2019 - Age UK’, around 12 million (11,989,322) people aged 65 and above in the UK, of which 5.4 million people are aged 75 years or more, and 1.6 million are aged 85 years of old. Additionally, Japan is another aging nation and called ’super-aged’ society, with 28.7 % of its population being 65 or older. Thus, the growing aging population is likely to increase the demand for artificial cervical intervertebral discs.
Companies in the artificial cervical intervertebral disc market are undertaking many research and development activities to introduce innovative products.The new replacement therapies enable the adoption of advanced technologies, strengthening the procedural outcomes.
For instance, in April 2021, US Food and Drug Administration (FDA) approved NuVasive Simplify Cervical Artificial Disc for two-level cervical total disc replacement (cTDR). Additionally, in August 2020, Orthofix Medical Inc., a global medical device company focused on musculoskeletal products and therapies, received US FDA approval for its M6-C artificial cervical disc. The M6-C artificial cervical disc, a next-generation artificial disc, is developed to replace an intervertebral disc damaged by cervical disc degeneration, further restoring the physiological motion of the spine. Moreover, in May 2018, Zimmer Biomet received approval from the Japan Ministry of Health, Labour and Welfare (MHLW) for its Mobi-C Cervical Disc for cTDR. Mobi-C is the first cervical disc prosthesis approved by the US FDA to reconstruct a cervical disc at one and two levels (C3-C7). Such robust developments reshape the artificial cervical intervertebral disc market.
With increasing manufacturing costs, medical device manufacturers struggle to generate enough revenue to please their investors.The emerging markets in developing economies are crucial in offering better and more lucrative growth opportunities to major players to expand their business and geographic reach.
The treatment of orthopedic conditions has become simpler with the help of advanced medical technologies.Minimally invasive surgeries such as artificial cervical intervertebral disc replacement surgery have reduced the consumption of heavy-dose medicines.
The adoption of these orthopedic surgeries is likely to increase in emerging regions, such as Asia Pacific and the Middle East & Africa.These regions invest more in the healthcare sector and aggressively create awareness regarding minimally invasive orthopedic surgeries.
The growing healthcare expenditure in economies such as India, China, and the UAE creates notable opportunities. These countries are witnessing an increase in adult and geriatric populations. Therefore, the incidences of orthopedic conditions are likely to increase. Also, there is a rise in the number of start-up companies operating in healthcare sectors in India, China, etc. In addition, the availability of technologically advanced infrastructure is likely to boost the local players in the manufacturing of advanced orthopedic products. Therefore, the market in developing countries is likely to show high growth potential.
End User Insights
The artificial cervical intervertebral disc market is segmented on the basis of material and end user.Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others.
In 2022, the hospitals segment is likely to hold the largest share of the market.The hospital provides healthcare facilities through specialized scientific equipment.
Various medical research team constantly works on introduction of innovative technologies related to the treatment methods in the medical field.Most of the surgeries are performed in hospitals, owing to continuous patient care and monitoring.
Also, growing government funding for hospitals and rising hospitalization of patients drives market growth.
However, the ambulatory surgical center is expected to report the fastest CAGR of 18.5% during 2022–2028. Ambulatory surgical center (ASC) also known as outpatient care center is healthcare facility that provides outpatient services like diagnosis, treatment, consultation, and intervention services. These offer wide range of medical services like lab services, imaging modalities, observation beds and many more. ASCs offer cost-effective services and a convenient environment which is less stressful than many hospitals. Patients in ambulatory surgical centers generally opt for one day procedure, have their surgery in advanced operating room and recover under the care of highly skilled healthcare professionals, without getting hospital admission. Thus, owing high quality care, cost effective treatment prices, and expanding access is likely to favor the growth of the segment.
The Centers for Disease Control and Prevention, Association of Indian Medical Device Industry, Australian Institute of Health and Welfare, German Arthroplasty Registry, and the Hindustan Syringes and Medical Devices are among the primary and secondary sources referred to while preparing the report on the artificial cervical intervertebral disc market.
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