Threefold Growth Predicted for Artificial Disc Market till 2024


Posted April 6, 2020 by PSMarketResearch12

The global artificial disc market generated the revenue of $1.0 billion in 2017, which is expected to reach $3.4 billion by 2024, at a CAGR of 18.8% during the forecast period (2018–2024).
 
The number of people above 60 years of age is predicted to grow from 901 million in 2015 to 1.4 billion in 2030, as per the United Nations. One of the most common effects of aging is the decrease in the bone mass, which causes diseases such as osteoporosis or vertebral column deformity. The latter mostly happens due to functional issues in the intervertebral discs, which allow the backbone to bend slightly and absorb shock. In the event of a deformity, the natural discs need to be replaced by artificial ones via surgery, thereby allowing people to regain some degree of forward and backward bending movement.

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Another reason for the rising popularity of disc replacement is its long-term cost benefits compared to spinal fusion. Though the former procedure has more upfront costs than the latter, it has no requirement for follow up surgeries, unlike spinal fusion. According to a recent study by the Texas Back Institute and Rothman Institute, over a 48-month period, the cost of disc replacement is $5,000 less than spinal fusion. This is making the former more preferred among patients, thereby leading to the growing demand for artificial discs.

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Additionally, cervical total disc replacement (C-TDR) has fared better than anterior cervical discectomy and fusion (ACDF) in surgical trials. LDR Holding Corporation, one of the firms conducting the trials, released the results of a five-year study clinical study, in March 2016, taking into consideration the composite outcome measure for success of the U.S. Food and Drug Administration (FDA). As per the findings, the success rates were 61% for C-TDR and 31% for ACDF. Compared to those who underwent ACDF, those who were treated via C-TDR experienced improvements in their neck disability index (NDI) score.

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North America recorded the highest usage of artificial discs during 2014–2017, and the situation is predicted to be the same in the near future. The reason behind this is that many devices are being tested in clinical trials, and a number of them are predicted to be approved by the FDA soon. The high per capita income in the region allows patients to afford the expensive disc replacement procedures. Within the region, the artificial disc market growth in the U.S. would be faster, as its per capita income and population is significantly higher than Canada, and the awareness regarding the procedure is also surging rapidly here.

Hence, the usage of artificial discs would continue growing as the geriatric population increases and more people suffer from degenerative spine disorders in the coming years.
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Issued By Pramod Kumar
Business Address About P&S Intelligence
Country United States
Categories Business , Health , Research
Tags artificial disc market , artificial disc market share , artificial disc market size , artificial disc market trends
Last Updated April 6, 2020