Artificial Disc Replacement Market Potentially Worth $1.09 Billion By 2028

Artificial Disc Replacement Industry Overview

The global artificial disc replacement market size was valued at USD 471.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 11.7% from 2021 to 2028.

 

An increasing number of trauma-related and sports injuries and orthopedic surgeries is expected to boost the market growth. According to the NFL Physicians Society, approximately 1.2 million football-related injuries are sustained annually. The market is also anticipated to grow owing to the increasing technological advancements and rising geriatric population globally. The COVID-19 pandemic adversely impacted the global market with low demand as well as sales. The pandemic has led to a significant reduction in procedural volumes in 2020, which negatively affected the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Artificial Disc Replacement Market

 

NuVasive, Inc. reported an 8% decrease in its net sales for the spinal hardware segment and a 7% decrease in its volume for spinal hardware. The major impact on the market was due to the cancellation or postponement of elective surgeries during the pandemic. Furthermore, many hospitals and specialty centers were converted into COVID-19 treatment facilities, which further reduced the number of procedures. For instance, the Hospital for Special Surgery (HSS) Spine Care Institute is a specialty care musculoskeletal treatment center.

 

However, between 17 March 2020 and 8 June 2020, all elective surgeries, including spinal surgeries were postponed and the hospital was converted to be a designated COVID-19 treatment facility. Hence such factors are negatively impacting the market growth. Healthcare reforms in many emerging markets are expanding access to treatments to a greater proportion of their populations, which is anticipated to drive the demand for healthcare-related products, including spinal surgery products. Increasing economic affluence in key developing regions will further drive demand for such products, hence driving the market growth.

 

Artificial disc replacement surgeries are performed on patients suffering from back pain due to degenerated discs. According to the American Chiropractic Association, 80% of the population experiences back pain at least once in their lifetimes. It also stated that low back pain costs around USD 50 billion in healthcare costs every year to Americans. The rising geriatric or target population, which is highly prone to back pain will also support the market growth. According to the Population Reference Bureau, the number of Americans aged 65 years and more is projected to nearly double from 52 million in 2018 to 95 million by 2060. Moreover, according to National Center for Biotechnology Information, in April 2017, 65 to 80% of older adults suffered from musculoskeletal pain, and 36 to 70% of them suffered from back pain. Such factors are projected to boost the demand for artificial disc replacement procedures.

 

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Market Share Insights

  • April 2021: NuVasive, Inc. received U.S. FDA approval for its Simplify Cervical Artificial Disc for 2-level cervical total disc replacement.
  • September 2020: Orthhofix Medical, Inc. partnered with Neo Medical SA, a privately held Switzerland-based medical device company for developing novel spinal surgery-related products.

 

Key Companies profiled:

Some of the prominent players in the global artificial disc replacement market include:

  • Medtronic
  • Orthofix Medical, Inc.
  • Globus Medical
  • Aesculap, Inc.
  • NuVasive, Inc.
  • AxioMed LLC
  • Zimmer Biomet
  • SpineArt SA
  • Synergy Spine Solutions, Inc.
  • Centinel Spine

 

Order a free sample PDF of the Artificial Disc Replacement Market Intelligence Study, published by Grand View Research.

 

 

 

 

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