The Cervical Total Disc Replacement Device Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 21. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cervical total disc replacement devices are used as an alternative to cervical fusion surgery for the treatment of neck pain caused by degenerated cervical discs. These devices are implanted via minimally invasive surgery and help preserve motion in the cervical spine. They offer advantages over fusion surgery such as quicker recovery time and reduced adjacent level degeneration.
Market key trends:
Rising adoption of minimally invasive surgical procedures is expected to drive the growth of the cervical total disc replacement device market. Minimally invasive surgeries are associated with less blood loss, reduced hospital stay, lesser post-operative pain, and faster recovery compared to open surgeries. Growing prevalence of cervical disc disorders and success rates of total disc replacement surgery compared to fusion surgery are also expected to fuel the demand for cervical disc replacement devices. Additionally, favorable reimbursement scenario is encouraging patients to opt for these novel cervical disc replacement procedures, thus propelling the market growth.
Porter’s Analysis
Threat of new entrants: The high capital requirement and stringent regulatory norms pose significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power owing to the availability of substitutes. However, rising awareness may reduce their bargaining power.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative component suppliers.
Threat of new substitutes: Substitute options such as cervical fusion is a major threat, however, advanced biomaterials used in total disc replacements offer improved outcomes.
Competitive rivalry: Driving innovation and branding differentiates top market players.
SWOT Analysis
Strength: Advanced biomaterials and minimally invasive surgery techniques offer improved safety and mobility. Growing prevalence of cervical spondylosis and disc degeneration boosts demand.
Weakness: High cost of surgery and limited reimbursements in developing nations hamper market growth. Lack of long-term clinical evidence on durability.
Opportunity: Increasing geriatric population and rising healthcare spending in emerging economies present lucrative opportunities.
Threats: Stringent regulatory approvals and presence of alternatives pose threats. Post-surgery complications and recalls can negatively impact the market.
Key Takeaways
The global cervical total disc replacement device market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing incidence of cervical disorders and rising awareness. The North American market dominated in 2023, owing to the early adoption of advanced cervical disc replacement procedures and strong presence of major players in the US and Canada.
Regionally, the Asia Pacific region will grow at the fastest pace during the forecast period on account of expanding medical tourism industry and rapid economic development in China, India, and Southeast Asian countries.
Key players operating in the cervical total disc replacement device market are Stryker Corporation, Medtronic plc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc., FH Orthopedics, Orthofix Medical Inc., NuVasive Inc., Centinel Spine, Inc., ZimVie, inc., and other prominent players. Stryker offers M6 cervical total disc replacement system featuring advanced biomaterials and design
Market Overview: The Global Cervical Total Disc Replacement Market held USD 1342.7 million in 2020 and is to grow with a CAGR of 21.5% from 2020-2030.
Degenerative disc disease increases with age and reduces the motor capacity of the human body.
In addition, various technological developments, FDA approvals, and new clinical trials in recent years have spurred growth in the cervical disc replacement market.
For example, in March 2015, Simplify Medical, Inc. developed an MRI-compatible artificial disc, Simplify Disc, which has been approved by the European regulatory authority for medical devices.Market Dynamics and Factors: The main factors of the rise of the global cervical total disc replacement market are rising elderly population, low rates of revised surgery for cervical disc replacement surgery, and growing demand for innovative, advanced and advanced CTDR devices for the treatment of Class I and Class II tribal disc disease are key factors.
By Application, the cervical total disc replacement demand is classified into hospitals, ambulatory surgical centers, and clinics.
Geographical breakdown and analysis of each of the aforementioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Latest Report Published on Cervical Total Disc Replacement Devices Market - Industry Segment by growth, Applications, by Type, Regional Outlook, Demand, Share & Revenue by Manufacturers, Company Profiles, Growth Forecasts – 2027.” This Cervical Total Disc Replacement Devices Market is Segmented in two kinds based on the sort of materials and end-clients.
It has worldwide market canvassed in every one of the areas, running to that crucial market, key patterns and division investigation are covered all through Cervical Total Disc Replacement Devices market report.Free PDF Brochure @ https://www.crystalmarketresearch.com/report-sample/HC018020As far as the competitive scale is concerned, the report also enlists the information regarding the Cervical Total Disc Replacement Devices market growth tactics undertaken by the industry players, such as expansion strategies and mergers and acquisitions.
This report discusses the key drivers influencing Cervical Total Disc Replacement Devices market growth, opportunities, the challenges and the risks faced by key players and the market.Report Scope:The study includes the profiles of key players in the Cervical Total Disc Replacement Devices market with a significant global and regional presence.
The Cervical Total Disc Replacement Devices market competition by Top Manufacturers Covers:MedtronicLDR HoldingDepuy SynthesNuVasiveGlobus MedicalCervical Total Disc Replacement Devices MarketContinue...Key Businesses Segmentation:Cervical Total Disc Replacement Devices Market, By Type, Estimates and Forecast, 2014-2025 ($Million)Metal On A Biocompatible Material (M-O-B)Metal On Metal (M-O-M)Cervical Total Disc Replacement Devices Market, By Application, Estimates and Forecast, 2014-2025 ($Million)HospitalsCommunity Health CenterDiagnostic LaboratoriesClinicsCervical Total Disc Replacement Devices MarketThe market study by Region:North America Region (U.S, Canada, Mexico);Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe);Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific);South America Region (Brazil, Argentina, Columbia, Rest of South America);The Middle East and Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA);For better understanding - Feel Free to inquire more about 'Cervical Total Disc Replacement Devices market' @ https://www.crystalmarketresearch.com/send-an-enquiry/HC018020Following are Chapters to display the Global Cervical Total Disc Replacement Devices market:-Section 1: Represents Definition, Specifications, and Classification, Applications of Cervical Total Disc Replacement Devices, Market Segment by RegionsSection 2: To break down the Suppliers and Raw Material, Cervical Total Disc Replacement Devices Manufacturing Process, Industry Chain Structure, Manufacturing Cost StructureDelivery Timeline 24-48 hoursContacts Us:Sherry | APAC Marketing Division: Level 23-1, Premier Suite, Mont Kiara, 50480 Kuala Lumpur, MalaysiaE-mail: [email protected] | Ph: +1-888-213-4282
