Coherent Market Insights

Lumbar Disc Replacement Device Market to Surpass US$ 2,981 Mn by 2030

Lumbar Disc Replacement Device Market to Surpass US$ 2,981 Mn by 2030 - Coherent Market Insights

Publish On: Aug 03, 2023

Global Lumbar Disc Replacement Device Market, By Material (Metal-on-metal and Metal-on-biopolymer), By End User (Hospitals and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,214.7 Million in 2023 and is expected to exhibit a CAGR of 13.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

The major market players are concentrating on implementing expansion tactics like product launches as well as acquisitions and growing technological advances activities by industry participants, which will propel the worldwide lumbar disc replacement device market during the forecast period. For instance, in April 2020, Centinel Spine, LLC., a global medical device company addressing cervical and lumbar spinal disease through anterior surgical access announced U.S FDA approval of two-level indications for the prodisc L Lumbar Total Disc Replacement (TDR) system. Centinel Spine now becomes the only company in the world with an FDA-approved lumbar TDR device that has been clinically reviewed and found safe and effective for two-level use.

Global Lumbar Disc Replacement Device Market– Impact of Coronavirus (COVID-19) Pandemic

The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.

COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.

COVID-19 had a negative impact on the global lumbar disc replacement device market. The market for lumbar disc replacement devices, which are mostly utilized in spine procedures, is suffering as a result of the coronavirus outbreak, as many surgeries had to be postponed because of COVID-19. For instance, on May 02, 2023, according to an article published in the Journal of Global Spine, spine replacement surgery procedures decreased by 4.3% in 2020 compared to 2019 due to the COVID-19 outbreak. Despite the decreased surgical procedures in 2020, an increase of 6.3% in 2021 compared to 2019 is seen.

Global Lumbar Disc Replacement Device Market: Key Developments

In May 2022, Orthofix US LLC., a global medical device company with a spine and orthopedics focus, announced the renewal and expansion of its partnership agreement with dba MTF Biologics, a global nonprofit organization that saves and heals lives by honoring donated gifts, serving patients and advancing science. The collaboration extends Orthofix’s exclusive marketing rights to the Trinity allograft line through 2032 and includes an expansion agreement for the development of a demineralized bone matrix (DBM) that Orthofix will market under the Legacy brand name. dba MTF Biologics announced to strengthen the exclusive partnership with Orthofix Medical Inc. to continue joint investments in innovative solutions, and the provision of Trinity Elite and Trinity Evolution allografts for the lumbar disc replacement.

In December 2020, Centinel Spine, LLC., a global medical device company addressing cervical and lumbar spinal disease through anterior surgical access, announced the first implantation of newly available angled endplates in the U.S. for the prodisc L Lumbar Total Disc Replacement System. These unique endplates have been designed to shift the lordotic angle of the implant to the inferior endplate, expanding the options available to surgeons to better address the varied lumbar anatomy and pathology of patients.

In July 2021, Aesculap, Inc., a healthcare service provider company in lumbar motion preservation technology, announced the e-publication of the "Final Long-Term Reporting from a Randomized Controlled IDE Trial for Lumbar Artificial Discs in Single-Level Degenerative Disc Disease, 7-Year Results" in the International Journal of Spine Surgery.  The study reports patient outcomes at seven years post-procedure, comparing the activL Artificial Disc, the latest generation lumbar total disc replacement (TDR), with the previous generation disc replacement system– ProDisc-L– in the treatment of patients with symptomatic single-level lumbar degenerative disc disease (DDD).

Browse 34 Market Data Tables and 26 Figures spread through 220 Pages and in-depth TOC on “Global Lumbar Disc Replacement Device Market”- Forecast to 2030, Global Lumbar Disc Replacement Device Market, By Material (Metal-on-metal and Metal-on-biopolymer), By End User (Hospitals and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/lumbar-disc-replacement-device-market-4066

Key Takeaways of the Global Lumbar Disc Replacement Device Market:

  • The global lumbar disc replacement device market is expected to exhibit a CAGR of 13.7% during the forecast period and this is attributed due to the increase in the product launches by the market key players for the growth of the global lumbar disc replacement device market. For instance, in June 2022, Centinel Spine, LLC, a global medical device company addressing cervical and lumbar spinal disease through anterior surgical access, announced U.S. Food and Drug Administration (FDA) Pre-Market Application (PMA) Approval for 1-level indications for three additional cervical total disc replacement (TDR) devices: prodisc C Vivo, prodisc C Nova, and prodisc C SK. Along with the currently available prodisc C implant, which continues to be widely used throughout the U.S., Centinel Spine now has the broadest offering of cervical TDR solutions in the world to address surgeon preference and individual patient anatomy.
  • Among End User, the hospitals segment is expected to grow in the global lumbar disc replacement device market over the forecast period, and this growth is attributed to the increasing patient population of lower back pain across the world as well as an increase in the road accidents and the adoption of new and advanced technologies by hospitals. For instance, in June 2022, according to an article published by the Research Gate, in India, approximately 1.5 million people live with spinal cord injury (SCI). Approximately 20,000 new cases of SCI are added every year and 60-70% of them are illiterate, poor villagers. The majority of them are males in the age group of 16-30 years, signifying higher incidence in the young, active, and productive population of society.
  • Among material, the Metal-on-biopolymer segment is expected to hold a dominant position in the global lumbar disc replacement device market during the forecast period and this growth is attributed to better compatibility than the metal-on-metal, flexible movement of the spine, easy insertion, and high degree of rotation. Increasing the adoption of advanced technologies for the treatment of degenerative disc diseases will influence market growth. For instance, in 2020, Centinel Spine, LLC, a global medical device company addressing cervical and lumbar spinal disease through anterior surgical access received additional expanded coverage from North American Spine Society (NASS) to use its prodisc L lumbar artificial disc in clinical indication of lumbar levels L3 to L4. This expansion helps surgeons to provide broader spectrum of treatment options to spinal injury patients
  • Major players operating in the global lumbar disc replacement device market include AxioMed LLC., Medtronic, B. Braun SE, DePuy Synthes, NuVasive, Inc., Paradigm Spine LLC., Zimmer Biomet, Centinel Spine, LLC., Aesculap, Inc., Orthofix US LLC., and SYNERGY SPINE SOLUTIONS INC.

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