Press release
Artificial Disc Market Seeing USD 4.5 billion Growth by 2024
Artificial Disc Market size is set to exceed USD 4.5 billion by 2024; according to a new research report.Increasing prevalence of degenerative disc diseases and growing trend towards noninvasive medical interventions will stimulate artificial disc market growth. Reduction in re-operation rate compared to other fusion methods will also assist industry expansion.
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Technological innovation and new product development will create effective treatment options in artificial disc replacement market space. Improvement in artificial disc clinical trial results have resulted into increased demand among surgeon's and patients. Lack of uniform and adequate reimbursement, high procedure cost and expensive devices should hamper artificial disc market growth over the forecast period.
Cervical artificial disc market share held over 65% of total revenue and is expected to surpass USD 3 billion by 2024. Rising prevalence of cervical disc degenerative disease, increasing number of cervical artificial discs surgeries and availability of more number of products will contribute to business growth.
Lumbar artificial disc was approved for total replacement surgeries in the U.S. and has witnessed steady growth since 2004, and saw over USD 240 million for 2015. It has become the most preferred treatment option among patients with severe back pain.
Metal on biopolymer has seen significant gains, with expectations to exceed USD 4 billion by 2024. Flexible PU/ PE allows better motion and shock absorption. Metal on polyethylene device makes the insertion of the device easier and is the device of choice for surgeons. Metal on Metal artificial disc should witness over 20% CAGR over forecast period. The rising demand for cost-effective artificial disc in emerging nations should propel segment growth.
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U.S. artificial disc market looks set to surpass USD 2 billion by 2024, which translates to over 20% growth. Increasing healthcare expenditure, favorable reimbursement policy structure, growing disposable income and higher success rate of artificial disc replacements should stimulate business growth.
Germany held more than 20% of the 2015 Europe artificial disc market share, and expected to witness more than 15% growth. Demographic trends, well-developed healthcare infrastructure, low cost of artificial disc replacement surgery should fuel industry growth.
China artificial disc market will witness a robust 24% CAGR owing to rapid economic growth, improved healthcare infrastructure and rising trend towards medical tourism and cost-effective surgical procedures.
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