The Artificial Discs Market is estimated to be valued at US$ 0.74 Bn in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial discs are implanted between vertebrae of the spine to replace
damaged discs. They aim to preserve motion and eliminate pain without fusion of
the vertebrae. They are made from materials like metal alloys and polyethylene
plastic to allow smooth motion similar to the natural disc. Artificial discs
provide advantages like retain flexibility and mobility in the operated spine
segments while relieving pressure on adjacent discs and vertebrae.
Market key trends:
The global artificial discs market growth is primarily driven by the rising prevalence
of spine disorders. For instance, according to data shared by National
Institutes of Health (NIH), in 2020, over 30 million Americans suffered from
back pain at some point in their lives. Out of those people, more than 23
million suffered from lower back pain. Artificial discs can help relieve back
pain and disability associated with spinal disorders by replacing damaged discs
and maintaining spinal function. Moreover, research into developing innovative
biomaterials and motion-preserving disc designs is another key trend
stimulating the demand for artificial discs. Newer biomaterials aim to better
imitate properties of natural discs and improve longevity of implants.
Porter’s Analysis
Threat of new entrants: New companies entering the artificial discs market may
face high initial costs for R&D, manufacturing, distribution, and
developing brand awareness. Bargaining power of buyers: Individual consumers
have low bargaining power due to lack of information regarding artificial
discs. Large hospitals and healthcare providers can negotiate lower prices due
to bulk purchasing power. Bargaining power of suppliers: A few companies
dominate the supply of raw materials and components for artificial discs like
polymers, titanium, and medical-grade stainless steel giving them significant
bargaining power over artificial disc manufacturers. Threat of new substitutes:
Alternatives like spinal fusion and physical therapy pose minimal threat as
artificial discs offer greater motion preservation and mobility restoration.
Competitive rivalry: Well established players compete on the basis of
technology, features, brand recognition and geographic presence.
SWOT Analysis
Strengths: Advanced biomaterial technologies and motion preservation designs.
Established brands with proven safety and efficacy records.
Weaknesses: High costs of artificial discs potentially limiting adoption. Long
learning curves for surgeons during early adoption.
Opportunities: Aging population driving demand for minimally invasive spinal
treatments. Emerging economies with growing medical infrastructure and
reimbursements.
Threats: Stringent regulatory approvals and recalls negatively impacting
revenues. Preference for less invasive therapies and alternatives like 3D
printed implants.
Key Takeaways
The global Artificial
Discs Market Growth is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period,
due to increasing prevalence of degenerative disc diseases. The North America
region currently dominates the artificial discs market owing to availability of
advanced healthcare facilities and favorable reimbursement policies.
The European region is expected to grow at a fastest pace during the forecast
period due rising geriatric population, increasing healthcare spending capacity,
and growing adoption of advanced spinal technologies.
Key players operating in the artificial discs market are Medtronic, DePuy
Synthes, Stryker Corporation, NuVasive Inc., Globus Medical Inc., Orthofix
International N.V., Zimmer Biomet Holdings Inc., Alphatec Holdings Inc., B.
Braun Melsungen AG, Centinel Spine LLC. These established companies compete on
the basis of technology, features, brand recognition and geographic presence.
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