June 19, 2024
Artificial Discs Market

Expanding Healthcare Modernization To Drive Growth Of The Global Artificial Discs Market

The global Artificial Discs Market is estimated to be valued at US$ 0.74 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Artificial discs are prosthetic implants placed between vertebrae of the spine as an alternative to spinal fusion surgery. They are made from metal alloys or polymers and help preserve spinal mobility. Artificial discs provide pain relief from degenerative disc disease by restoring the height of the disc and absorbing the impact and shock from body movements. They allow more natural movement of the spine compared to spinal fusion and prevent the development of adjacent segment degeneration. The growing prevalence of back disorders and technological advancements in artificial disc designs are increasing their adoption across hospitals and ambulatory surgical centers.

Market key trends:

One of the key trends in the artificial discs market is the development of motion-preserving disc designs. Next generation devices are being designed to mimic the natural movements of healthy discs. For example, Medtronic received FDA approval for its CoFlex Artificial Disc, which features a hydrogel cushion to allow multi-directional movement. Manufacturers are also focusing on creating smaller disc profiles to enable minimally invasive surgery and faster recovery times. Furthermore, rising healthcare expenditures in emerging nations are fueling the number of disc replacement procedures. Countries like China, India, and Brazil represent lucrative opportunities for major players. Improving accessibility to specialized healthcare facilities will further aid the artificial discs market expansion through 2030.

Porter’s Analysis

Threat of new entrants: The high R&D and capital costs associated with entering the artificial discs market poses significant entry barriers for new companies.

Bargaining power of buyers: Individual consumers have little bargaining power due to technical expertise required. However, large healthcare providers and insurers are in a better position to negotiate on price and contracts with suppliers.

Bargaining power of suppliers: Key raw material and component suppliers face moderate bargaining power due to specialized production requiring high switching costs for manufacturers.

Threat of new substitutes: Emerging biomaterial technologies for spine repair pose a medium threat, but artificial discs still offer advantages over fusion techniques in preserving mobility.

Competitive rivalry: The artificial discs market is highly competitive with key global players differentiating through innovation in materials and specialization.

Key Takeaways

The Global Artificial Discs Market Demand is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period 2023-2030, due to increasing prevalence of degenerative disc disease and adoption of minimally invasive surgeries.

North America currently dominates the artificial discs market, with the United States being the major revenue contributor. Favorable reimbursement policies and presence of key players drives the regional market. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period owing rising healthcare infrastructure in countries like China and India.

Key players operating in the artificial discs market include 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, and Centinel Spine LLC. Players are focused on new product launches and geographical expansion to strengthen their market position. For instance, in 2021, Stryker Corporation launched its Divergence artificial disc in the United States for cervical total disc replacement.

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