May 21, 2024
Artificial Discs Market

Artificial Discs Market Estimated to Witness High Growth Owing to Increasing Incidence of Degenerative Disc Disease

Artificial discs are artificial intervertebral devices that are placed between two vertebrae to resotre the disc height, replace the functions of damaged disc, allow motion, and maintain disc spacing width. These artificial discs offer significant advantages over fusion such as preserving spinal motions and shock absorption, reduced post-operative risks of adjacent segment disease, and faster recovery time. With rising geriatric population, prevalence of obesity and physical inactivity, the cases of degenerative disc disease have increased substantially worldwide.

The Global Artificial Discs Market is estimated to be valued at US$ 0.86 Bn in 2024 and is expected to exhibit a 13% CAGR over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the artificial discs market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. These players are focusing on new product launches and geographical expansion strategies to gain major market share. The increasing adoption of minimally invasive surgeries and the development of advanced biocompatible artificial disc materials provide significant growth opportunities in the artificial discs market. Major players are investing in R&D to develop 3D printed and customized artificial discs. Geographically, North America dominates the artificial discs market owing to rising obesity rates and favorable reimbursement policies for disc replacement surgeries in the region. Asia Pacific is expected to exhibit the fastest growth due to growing medical tourism industry and increasing healthcare expenditure in developing countries such as China and India.

Market key trends

The increasing prevalence of degenerative disc disease is a major driver propelling the growth of Artificial Discs Market Size . According to the American Academy of Orthopaedic Surgeons, around 80% of the global population experiences LBP at some point in their lifetime due to degenerative disc disease. Rapid lifestyle changes, rising geriatric population, and growing obesity rates are contributing significantly to the surge in the number of DD cases worldwide. Extensive R&D activities for the development of bioabsorbable and 3D printed artificial discs help improve clinical outcomes. Favorable regulatory environment and strong reimbursement policies especially in the US and European countries boost the adoption of artificial disc replacement surgeries over fusion. This further accelerates the demand for artificial discs.

PEST Analysis

Political: Regulations regarding approvals and usage of artificial discs may impact the market positively or negatively. Strict regulations can hamper growth while supportive regulations can boost adoption.
Economic: Changes in economic conditions influence spending on healthcare and elective surgeries involving artificial discs. Positive economic growth increases affordability and market size.
Social: Growing awareness among people regarding benefits of disc replacement surgeries and availability of new treatment options impact market growth. Acceptance of such treatments positively influences the social factor.
Technological: Continuous innovations leading to improved material design and durability and minimally invasive procedures support the market. New technologies help address unmet needs and increase patient preference for artificial discs.

The market in terms of value is currently concentrated in regions like North America and Europe owing to advanced healthcare infrastructure and spending on novel treatment options. Developed markets have established reimbursement structures further supporting market growth. On the other hand, Asia Pacific is emerging as the fastest growing regional market for artificial discs driven by factors like rising healthcare expenditure, growing medical tourism and increasing adoption of advanced technologies in major countries.

The fastest growing geographical region for the artificial discs market is Asia Pacific due to rapidly developing healthcare sector across countries, expanding patient population base and increasing preference for minimally invasive surgeries. Rising medical tourism in Asia also stimulates market growth in the region. Other factors like growing affluence, awareness and focus on quality of life positively influence market prospects in Asia Pacific.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile