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Global Artificial Disc Market Size To Hit USD 6.25 Bn By 2027

As per our research report, the global artificial disc market size is predicted to grow at a healthy CAGR of 19% from 2022 to 2027 and was valued at USD 2.62 billion in 2022 and be worth USD 6.25 billion by 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/artificial-disc-market

Dur to the sudden onset of the covid 19 pandemic, the has observed significant changes in the otherwise stable market. This has been attributed to the change in circumstances imposed in the covid situation and the lockdown crisis. During the initial phase, the market had faced severe financial loss due to the cancellation and delay of surgeries involving artificial discs. However, with the wise-spread use of vaccines and growing precautionary measure, the market is anticipated to bounce back to its normal growth rate during the pre-pandemic years.

The artificial disc market is projected to witness positive market growth due to various factors such as increasing geriatric population, high prevalence of degenerative disc disorders, growing number of cases of sports-related trauma and injuries and the increase in product development activities, among other factors. In 2015, more than 54 million adults in the United States suffered from arthritis, according to findings from the Centers for Disease Control and Prevention (CDC). Based on the data provided by the United States Bone and Joint Initiative (2021), musculoskeletal diseases affect more than one in two people in the United States in the age group 18 and older, and affect nearly three people out of four. in the age group of 65 and over.

Low back pain is one of the major complaints indicating of an underlying disc degeneration and can lead to the replacement of spinal discs. For instance, based on the data provided by the CDC, in 2019, about 40 million American workers reported the problem of low back pain. Also, the growing healthcare expenditure coupled with the presence of advanced medical technologies has been a key factor in the market growth.

Growing geriatric population, improving disease awareness and development in medical technologies will play significant role in the studied market. The elderly population are more prone to degenerative diseases of the spine. According to the U.N report on the aging of the world’s population, in 2020 there were approximately 727 million people over the age of 65, this number is estimated to double to over 1.54 billion over the next three decades.

However, the limited applicability in patients with advanced bone degeneration, the shortage of healthcare professionals with expertise about artificial discs and the strict regulatory process for market approval can be some factors that hinder the growth of the artificial discs market. In addition, the absence of standardized reimbursement, as well as the high cost of the surgeries and the devices will also challenge the market during the upcoming years.

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KEY MARKET INSIGHTS:

Over the forecast period, the lumbar artificial discs are projected to be the fastest growing segment in the artificial discs market which can be attributed to various factors such as increased prevalence of obesity and degenerative bone disorders among others. According to the WHO, in 2016 more than 1.92 billion adults aged 18 and over were overweight and more than 650 million were obese. Overweight is noted to have a damaging effect on the structural integrity of the spine and places a greater load on the vertebrae, which can lead to back pain which and over time, can lead to deterioration of the intervertebral discs in the lower back. As the most commonly affected area of the spine is the lumbar region, the above -mentioned factors may drive the demand for segment during the predicted period. However, the cervical segment will attract based on historical revenue at a high growth rate. This can be due to the growing shift in people suffering from more cervical disc degeneration than compared to lumbar disc degeneration.

In 2021, the metal-on-biopolymer segment had accounted for more than 85% of the market share and is analyzed to continue dominating the market from 2022 to 2027 due to more biocompatibility and increasing preference over other metals. Biocompatible metal alloys such as Titanium, tantalum, zirconium, cobalt-nickel-chromium-molybdenum and chromium-cobalt-molybdenum are widely used in artificial disc surgeries. These materials are known to have superior corrosion resistance properties which makes them more inert against degradation. On the other hand, the metal-on-metal artificial disc segment is likely to grow at a high CAGR owing to the low cost of the material.

Among all regions, the regional market in North America is anticipated to account for the largest market share during the studied timeline. In 2021, this region was estimated at over USD 888.1 million and is projected to grow at a substantial CAGR of 19.21% gathering nearly USD 2.99 billion by 2028. Factors which will led the market growth in this region will include the increased prevalence of the muscular and bone degenerative disorders, large patient base and increasing number of government initiatives. Additionally, high disposable income, sophisticated healthcare infrastructure, approval of new products, and increased awareness of the progression of spinal diseases and potential treatments have also fueled the market growth in this region. The growth of artificial disc replacement is significantly high in the U.S and Mexico compared to other countries due to rapid disease progression, higher prevalence, better care infrastructure, good economic growth, reliable reimbursement policies and ongoing research and development activities. In North America, the US artificial disc market is anticipated to be robust by 2028 and dominate this regional market.

The European market will gain substantial revenues during the assessment period owing to the presence of a well-regulated reimbursement channel for spinal surgeries and the presence of highly equipped healthcare institutions in this region. Germany accounted for more than 20% of the market in Europe in 2021 and is anticipated to register a high growth over time.

On the other hand, Asia Pacific is projected to experience the growth as the fastest growing region in the market over the forecasted timeline. The increasing demand for minimally invasive surgeries, higher incidence of degenerative disorders, government initiatives and the improving quality of health services at affordable prices will drive the market in this region. The APAC market has high potential in populous and growing economies such as India, China, Brazil, South Africa and others. According to the United Nations Department of Economic and Social Affairs (UNDESA) World Population Aging 2015 report, in Japan, 23.3% of the population was 60 or older in 2000, and it is estimated that they will reach 37.3 % by 2030. As the elderly population is more likely to develop lumbar and cervical diseases, the market for artificial discs is expected to increase in this region.

The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/artificial-disc-market/customization

SEGMENTS INCLUDED IN THIS REPORT:

By Type: Lumbar Artificial Disc and Cervical Artificial Disc

By Material: Metal-On-Biopolymer and Metal-On-Metal

By Region: North America, Europe, APAC, Latin America, Middle East and Africa

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