Artificial Disc Market Size to Reach $3.4 Billion by 2024: P&S Market Research

NEW YORK, Feb. 12, 2018 -- Global artificial disc market is predicted to attain revenue of $3.4 billion by 2024. The growth in the industry is expected to be majorly led by product and technological innovations, increasing incidence of degenerative disc diseases, rising propensity for minimal incision surgeries, better clinical trial results with cervical total disc replacement (C-TDR) compared to anterior cervical discectomy and fusion (ACDF), long-term cost benefits of disc replacement over spinal fusion procedures, surging geriatric population, and rising healthcare expenditure.

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The APAC artificial disc market is expected to witness the fastest growth in demand, at a CAGR of 20.6%, during the forecast period, owing to growing geriatric population, rising healthcare expenditure, increasing per capita income, and increasing public and private investments in the healthcare sector to cater to the unmet medical needs of the people in the region.

According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above constituted approximately 11.4% of the population in 2013, and the count is estimated to increase by approximately 20% by 2050. Thus, these rising figures with respect to the geriatric population, are an important factor leading to the increasing demand for artificial disc replacement surgeries/procedures in the region.

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The rising per capita income is likely to increase the affordability of patients for expensive surgical procedures, including artificial disc replacement surgeries. According to the World Bank, the GDP per capita of India increased from $1,345.8 in 2010 to $1,709.4 in 2016. A similar trend has been observed for other developing countries, such as Papua New Guinea, the Philippines, and Indonesia, which is contributing to the growth of the APAC artificial disc market.

Globally, the key players in the artificial disc market are acquiring other companies to gain a larger market share. For instance, in December 2017, NuVasive Inc. and SafePassage, a privately held provider of intraoperative neurophysiological monitoring (IONM) services, entered into a definitive agreement, under which NuVasive Inc. agreed to acquire SafePassage. The acquisition aimed at strengthening NuVasive Inc.’s IONM business line, formed in July 2016, when the company acquired Biotronic NeuroNetwork (Biotronic) and combined its service offerings with its subsidiary namely, Impulse Monitoring Inc.

Some of the other key players operating in the artificial disc market are AxioMed LLC, Simplify Medical Inc., K2M Inc., Spinal Kinetics Inc., Globus Medical Inc., Johnson & Johnson, B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., and Medtronic PLC.

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