Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Cervical Total Disc Replacement Devices Market Insights
Degenerative disc disease worsens with increasing age and reduces the moving ability of the human body. Increasing prevalence of degenerative disc disease is expected to drive the market growth. For instance, according data presented by the American Academy of Orthopedic Surgeons in 2017, cervical radiculopathy has affected 107 in 100,000 for men and 64 in 100,000 for women in the U.S. Moreover, various technological developments, FDA approvals, and new clinical trials in the recent years are driving the growth of the cervical total disc replacement device market. For instance, in March 2015, Simplify Medical, Inc. developed a MRI compatible artificial disc, Simplify Disc, which was approved by the European medical device regulatory authority.
The global cervical total disc replacement device market is estimated to be valued at US$ 1,105.1 million in 2019 and is expected to exhibit a CAGR of 21.7% during the forecast period (2019-2027).
Figure 1. Global Cervical Total Disc Replacement Devices Market Share (%), by Material, 2019 and 2027
Source: Coherent Market Insights (2020)
Global Cervical Total Disc Replacement Devices Market Drivers
Major factors driving growth of the global cervical total disc replacement devices market are the increasing prevalence of degenerative disc disorders and the growing geriatric population across the globe.
According to data presented by the American Academy of Orthopedic Surgeons in 2017, cervical radiculopathy (radiating pain from cervical disc degeneration), in which a compressed nerve initiates pain, numbness, or weakness in the neck and surrounding areas, had an annual incidence of 107 in 100,000 for men and 64 in 100,000 for women in the U.S. Frequent product approvals is another major factor contributing to the market growth. For instance, in March 2019, AxioMed LLC, received CE mark approval for its Cervical Freedom Total Disc Replacement. Moreover, in July 2017, the U.S. Food and Drug Administration (FDA) approved Medtronic’s Prestige LP cervical disc for treatment of cervical disc degeneration/disease causing nerve or spinal cord compression at two adjacent levels between the C3-C7 segments of the neck. The Prestige LP disc is Medtronic’s third clinically-proven artificial cervical disc and it is the first to be determined safe and effective for both one- and two-level procedures.
Global Cervical Total Disc Replacement Devices Market Restraints
High cost associated with cervical total disc replacement which includes artificial disc replacement surgeries and spinal fusion surgeries is expected to hamper the cervical total disc replacement device market growth in the near future. For instance, the average cost of specific disc replacement surgery procedure ranges between US$ 16,000 to US$ 46,000 in different states of the U.S.
Moreover, alternative therapies such as physiotherapy and special exercises are also used for treatment of cervical disc degenerative disease, which is expected to hamper growth of the cervical total disc replacement device market during the forecast period. According to data published in Toronto Physiotherapy Journal in January 2014, physiotherapy is the most preferred first line treatment for degenerative disc diseases such as cervical disc degeneration and other spine degeneration disorders in the aging population.
Global Cervical Total Disc Replacement Devices Market - Regional Analysis
Regional segmentation of the global cervical total disc replacement devices market includes North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among the regions, the North America cervical total disc replacement devices market is expected to show significant growth during the forecast period, owing to the increasing number of product launches by key players. For instance, in March 2019, Atlas Spine Inc. announced the product launch of its HiJak AC expandable cervical interbody fusion device. Moreover, the increasing healthcare expenditure is expected to boost growth of the global cervical total disc replacement device market in this region during the forecast period. For instance, according to the National Health Expenditure report, people in the U.S. spent over US$ 1 trillion on healthcare in 2018.
Research and development of cervical total disc replacement technology is expected to offer lucrative growth opportunities to market players in Europe. For instance, in September 2019, researchers from the Institute for Biomechanics, Switzerland reported development of a method for controlled epigallocatechin 3-gallate delivery in the degeneration of the intervertebral disc. The approach is expected to restore the homeostasis of the degeneration of the intervertebral disc. Moreover, availability of CE marked products such as Freedom Cervical Disc developed by AxioMed LLC. in the region is contributing to growth of the Europe cervical total disc replacement device market.
Figure 2: Global Cervical Total Disc Replacement Devices Market Share (%), By Region
Global Cervical Total Disc Replacement Devices Market - Competitive Landscape
Key players operating in the global cervical total disc replacement devices market are Stryker Corporation, Medtronic Plc, Zimmer Biomet Holdings, Inc., Globus Medical, Inc., FH Orthopedics, Orthofix Medical Inc., NuVasive Inc., and Centinel Spine, Inc.