Artificial Disc Replacement Market Report include on MarketReseacrhFuture.com with exhaustive Study. The report aims to provide an overview of Artificial Disc Replacement Market Report. The report provides key statistics on the market status. Global Forecast till 2023.
The Global Artificial Disc Replacement Market is expected to surge to USD 2.5 Bn by the end of 2023 and witness an exuberant CAGR of 15% during the forecast period of 2017 to 2023; this projection has been made by Market Research Future (MRFR) in its recently published market report. An all-time high in
The global geriatric population which is continuing to grow is a key factor which has increased demand for artificial discs and as a result, market growth.
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The improved quality of life that the use of artificial discs offers driven immense demand for the prosthetics. Favorable reimbursements increased spending on healthcare globally, and the high success rates that the procedure projects are some important factors influencing the rapid growth of the market. There is a rising incidence of degenerative diseases and an increasing preference for minimal or non-invasive surgery which is expected to drive robust growth for the market in the coming years.
The high cost of the procedure and lack of uniform policies for reimbursement are expected to restrict growth for the global market. However, with product innovation and favorable framework supporting research and developments are expected to propel market growth during the assessment period.
Some prominent market leaders who have been profiled in the competitive analysis in MRFR’s market report on the global artificial disc replacement market include Alphatec Spine Inc., Zimmer-Biomet, Smith & Nephew Plc, NuVasive, Zimmer Spine Inc, Stryker Corporation, Medtronic Inc., Orthovita Inc., Globus Medical, Aesculap Implant Systems, De Puy Spine, and others.
The global artificial disk replacement market is segmented based on type, material, and region. By type, the market has been segmented into cervical discs replacement, lumbar disc replacement, and others.
By material, the market has been segmented into metal and biopolymer with the biopolymer segment accounting for the most significant share of over 80% of the total market.
By region, the market has been segmented into North America, Europe, the Asia Pacific and the Middle East and Africa.
North America, closely followed by Europe, is the leading market regarding market size. These regions have well-developed healthcare sectors which have a high adoption of advanced and current medical technologies. Moreover, research and development are driven in this region thus affecting these regional markets positively. These regions, particularly Europe, have large geriatric populations who are increasingly being afflicted with degenerative disc diseases which drive market growth further.
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Meanwhile, the Asia-Pacific is expected to be the fastest growing regional market segment over the assessment period due to the existence of a massive patient population. Moreover, the emerging economies in the region such as India and China are playing key developmental roles for the region which have encouraged higher healthcare spending and demand for technologies available to developed nations.
On the other hand, the Middle East and Africa is expected to show the least growth and has the smallest market share due to the presence of many impoverished nations of Africa where there is a stronger demand for basic healthcare. However, rapidly emerging countries of the Middle East are likely to witness some growth due to the rapid urbanization and a demand for better healthcare in the region.
Latest Industry News:
Aesculap Implant systems have announced that Tricare will now cover the company’s activL® Artificial Disc. This is mainly targeted to help active duty and retired military members and their families who may need total lumbar disc replacement procedures.
The Centers for Medicare and Medicaid Services (CMS) has issued its proposed rule for 2019 with regards to inpatient prospective payment system (IPPS). Artifical disc replacements are proposed to increase at a rate of 8.9%.
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