Global Cervical Total Disc Replacement Devices Market, By Material (Metal-on-metal and Metal-on-biocompatible), By Design (Constrained, Semi-constrained, and Unconstrained), By End User (Hospitals, Ambulatory Surgical Centers, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,105.1 million in 2019 and is expected to exhibit a CAGR of 21.7% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
Market players are more focused on adoption of inorganic growth strategies such as acquisitions, collaborations, and partnerships to strengthen their position in the cervical total disc replacement device market. For instance, in March 2018, Orthofix International N.V., a global medical device company, announced the acquisition of Spinal Kinetics Inc., a privately held developer and manufacturer of artificial cervical and lumbar discs. With this acquisition, Orthofix added Spinal Kinetics’ M6 artificial discs including M6-C cervical and M6-L lumbar artificial discs for patients suffering from degenerative disc disease (DDD) of the spine to its portfolio.
Moreover, various companies are developing advance solutions for treatment of cervical disc disease. Surgical methods such as artificial disc replacement surgeries and spinal fusion surgeries are costly which has created opportunities for manufacturers to provide low cost surgeries in middle income countries and support growth of the degenerative disc disease treatment market. For instance, according to the Spine and Neuro Surgery Hospital India, cost of disc replacement surgery in India ranges from US$ 3,500 to US$ 5,500, which is considerably less than the cost of surgery in the U.S. or U.K.
Browse 35 Market Data Tables and 31 Figures spread through 160 Pages and in-depth TOC on Global Cervical Total Disc Replacement Devices Market, By Material (Metal-on-metal and Metal-on-biocompatible), By Design (Constrained, Semi-constrained, and Unconstrained), By End User (Hospitals, Ambulatory Surgical Centers, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), – Global Forecast to 2027
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Development of innovative treatments for degenerative disc disease (DDD) and product approvals are contributing to the growth of the market. For instance, in July 2016, Medtronic plc. received the U.S. Food and Drug Administration (FDA) approval for its two-level Prestige LP Cervical Disc Procedure for treatment of cervical disc disease causing nerve or spinal cord compression at two adjacent levels between the C3-C7 segments of the neck.
Moreover, the increasing healthcare expenditure is expected to boost growth of the global cervical total disc replacement device market 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.
Adoption of inorganic growth strategies by key player is another factor driving the cervical total disc replacement devices market growth. For instance, in June 2018, Zimmer Biomet Holdings, a manufacturer of musculoskeletal devices, acquired LDR Holding Corp (LDRH) for US$ 1 billion. With this acquisition, the company added LDR’s Mobi-C cervical disc replacement and Mivo lumbar and cervical fusion devices to its Spine & Craniomaxillofacial (CMF) business.
Key Takeaways of the Global Cervical total disc replacement devices market:
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