by The global Artificial Discs Market is estimated to be valued at US$ 0.74 billion in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial discs are spinal discs that are surgically implanted between the vertebrae of the spine as an alternative to spinal fusion surgery. They help preserve mobility in the spine and reduce the risk of adjacent segment degeneration associated with spinal fusion. These discs are composed of metal endplates and a plastic core that mimic the natural disc. They provide cushioning and flexibility to the spine. The growing prevalence of degenerative disc disease and the need for minimally invasive surgical procedures are driving the demand for artificial discs.
Market key trends:
One of the key trends in the artificial discs market is the increased adoption among middle-aged consumers. Earlier, artificial discs were primarily used for older patients suffering from severe back pain. However, their usage has increased significantly among middle-aged people between 30-50 years who are physically very active. The flexible and motion-preserving nature of artificial discs allows these consumers to resume high-intensity physical activities after surgery. It prevents adjacent segment degeneration and the need for further surgeries, which is attractive for young consumers. This trend is expected to continue and drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial capital investment is required to set up manufacturing facility and distribution network in the artificial discs market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative treatment options like spinal fusion surgeries.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the specialized requirements of raw materials and components in artificial discs.
Threat of new substitutes: The threat of new substitutes is high with continuous innovation and new product launches in minimally invasive spine surgery devices and alternative treatment options.
Competitive rivalry: High competitive rivalry exists among the key players to gain higher market share through new product launches and geographical expansion.
Key Takeaways
The global Artificial Discs Market Growth is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing occurrence of degenerative disc diseases and growing number of spinal surgeries.
North America is expected to dominate the artificial discs market during the forecast period. This is attributed to growing aging population, advanced healthcare infrastructure and higher patient awareness levels in the region. Europe is also expected to hold significant market share owing to rising prevalence of chronic back pain and favorable reimbursement policies for spine surgeries.
Key players operating in the artificial discs market are Medtronic, DePuy Synthes, Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix International N.V., Zimmer Biomet Holdings Inc., Alphatec Holdings Inc., B. Braun Melsungen AG, Centinel Spine LLC. Medtronic holds the leading market position in the overall artificial discs market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
