Market Size of Artificial Disc Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Artificial Disc Market Analysis
The artificial disc market is expected to register a CAGR of 12.5% during the forecast period.
The pandemic had a significant impact on market growth due to the reduction in the number of spinal cord surgeries around the world. For instance, according to an article published by PubMed Central in October 2021, a study was conducted in Ireland, which showed that the COVID-19 pandemic significantly decreased the National Spinal Injuries Unit's (NSIU) clinical workload, with national spine referrals reduced by 47% and surgical cases performed were reduced by 61%. Thus, the pandemic had an adverse effect on the market growth initially. However, as the pandemic has subsided now, spinal cord surgeries are taking place generally around the world. Hence, the artificial disc market is expected to have stable growth in the future.
Factors such as the growing burden of degenerative spine conditions, the growing geriatric population, the growing demand for minimal surgical procedures, and technological advancements in artificial discs are the key driving factors in the artificial disc market. For instance, according to an article published by the NCBI, in 2021, stated that in the United States, there are approximately 17,000 new cases of spinal cord injuries (SCI) each year. The increasing incidences of degenerative disc diseases also increase the demand for spinal surgical procedures.
Furthermore, according to an article published by the NCBI in 2021, a study was conducted in the United States which showed disc abnormalities at any level in a meta-analysis of 20 studies evaluating the magnetic resonance imaging (MRI) of asymptotic individuals. It was found to be 20% to 83% for a reduction in signal intensity, 10% to 81% for disc bulges, 3% to 63% for disc protrusion, 3% to 56% for disc narrowing, and 6% to 56% for annular tears. Hence, the high prevalence of disc abnormalities is expected to increase the adoption of artificial discs.
Additionally, initiatives by key market players are another factor in market growth, as it is expected to boost the adoption of artificial discs. For instance, in March 2021, Gleneagles Global Health City launched an advanced endoscopic spine center to treat spinal disorders requiring surgery in Chennai, India, which will cater to the problems of the lower back, facet joint pain, sciatic pain, and neck pain radiating to the hands. Thus, the abovementioned factors such as the initiatives by key market players, the high prevalence of disc abnormalities, the growing burden of degenerative spine conditions, and the growing geriatric population are expected to increase the market growth. However, reimbursement issues and high costs of procedures are expected to hinder market growth.
