Global Artificial Disc Replacement Market
As stated in our extensive report, the Global Artificial Disc Replacement Market accounted USD 0.6 Billion in 2022 and is projected to reach a value of USD 1.3 Billion by 2030.
Artificial Disc Replacement is a surgical procedure used to treat degenerative disc disease in the spine. It involves removing a damaged disc and replacing it with an artificial disc made of metal or a combination of metal and plastic. This procedure aims to restore normal disc function, alleviate pain, and maintain spinal motion. Artificial Disc Replacement is considered an alternative to traditional spinal fusion surgery and may result in shorter recovery time and better preservation of spinal motion.
Several factors are driving the growth of the Artificial Disc Replacement market. One of the key drivers is the rising incidence of degenerative disc diseases, such as herniated discs and spinal stenosis. These conditions are becoming increasingly common due to the aging population, sedentary lifestyles, and physical exertion. Moreover, technological advancements and surgical techniques have made Artificial Disc Replacement safer and more effective. These advancements have resulted in shorter hospital stays, faster recovery times, and reduced complications. Furthermore, increasing healthcare expenditure and improved healthcare infrastructure in developing countries also contribute to the market’s growth.
These are the primary factors that must be considered to propel the growth of the global Artificial Disc Replacement market. However, the need for Artificial Disc Replacement faces specific challenges, such as the high cost of the procedure and limited coverage by insurance companies. Additionally, the lack of long-term clinical data on the efficacy and safety of Artificial Disc Replacement compared to traditional spinal fusion surgery may hinder market growth.
Key factors influencing Artificial Disc Replacement Market Growth
The growth of the global Artificial Disc Replacement market can be attributable to the following:
- One of the major factors driving the growth of the Artificial Disc Replacement market is the increasing prevalence of degenerative disc diseases such as herniated discs, discogenic low back pain, and spinal stenosis. This has led to a higher demand for Artificial Disc Replacement procedures.
- Technological advancements have led to the development of innovative Artificial Disc Replacement devices that offer better functionality and durability. These advancements have improved the success rate of synthetic disc replacement procedures, thereby driving market growth.
- The demand for minimally invasive spinal surgeries is increasing globally due to advantages such as reduced hospital stay, faster recovery, and fewer post-operative complications. Artificial Disc Replacement is considered a minimally invasive procedure compared to traditional spinal fusion surgeries, contributing to the market’s growth.
- The global population of elderly individuals is increasing, leading to a higher prevalence of spine-related disorders. As elderly individuals have a higher risk of degenerative disc diseases, there is a growing demand for Artificial Disc Replacement among this population segment, driving market growth.
- Globally, there has been an increase in healthcare expenditure, particularly on advanced surgical procedures and medical devices. This has improved access to Artificial Disc Replacement surgeries, contributing to market growth.
- The increasing number of regulatory approvals for Artificial Disc Replacement devices and the expanding insurance coverage for such procedures further drive market growth.
- Artificial Disc Replacement surgeries have shown high success rates in terms of pain relief, restoration of spinal mobility, and improved quality of life. The positive outcomes associated with Artificial Disc Replacement procedures have led to a higher acceptance and demand for these surgeries, leading to market growth.
North America Region to Lead the Market
North America Artificial Disc Replacement market is getting more significant with maximum market share during the forecast period. This can be primarily attributed to factors such as the high prevalence of spinal disorders, a significant number of approved Artificial Disc Replacement products in the region, and technological advancements in medical devices. Additionally, the favorable reimbursement policies and healthcare infrastructure in North America further contribute to the market’s growth. The presence of key market players and ongoing research and development activities related to Artificial Disc Replacement also support the market’s dominance in the region.
An increasing number of spinal surgeries and rising technological advancements positively influence the Artificial Disc Replacement market.
Some of the key players in the Global Artificial Disc Replacement Market include- Medtronic PLC (Ireland), Orthofix Medical Inc. (U.S.), Globus Medical (U.S.), Aesculap Inc. (U.S.), NuVasive Inc. (U.S.), AxioMed LLC (U.S.), Zimmer Biomet (U.S.), SpineArt SA (Switzerland), Synergy Spine Solutions Inc. (U.S.) and others.