In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The cervical spine surgery market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The growing incidents of cervical spine disorders, along with the increasing investment in the development of advanced cervical spine surgeries, are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing geriatric population which are more vulnerable to cervical spine diseases and the efficacy of cervical spine surgery in reducing the burden of cervical spine disorders on a global level. According to the United Nations, it is projected that by 2050, every one out of six people will be 65 years or older, i.e., 16% of the total global population. Along with this, the number of persons above 80 years or older is also estimated to triple by the end of 2050.
The market is segmented on the basis of surgery type into cervical spinal fusion surgery, anterior cervical discectomy & fusion, anterior cervical corpectomy & fusion, and others, out of which, the anterior cervical discectomy & fusion segment is anticipated to grab the largest share by the end of 2021 on account of its use in treatment of a number of cervical spine disorders. Moreover, anterior cervical discectomy & fusion is widely used as a combination of discectomy and fusion surgery in order to stabilize the cervical segment post-surgery, which is also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of end-user, the general medical hospitals’ segment in the global cervical spine surgery market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that general medical hospitals have relatively more developed infrastructure for surgical procedures compared to other segments, which results in a considerable portion of the population with cervical spine problems on a global level opting for such healthcare facilities.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about cervical spine surgery and the consequent decrease in surgical costs in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing elderly population, accompanied by the presence of leading healthcare service providers in the region. Along with this, North America also leads in terms of medical research and patient care, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the cervical spine surgery market on account of rising preference for minimal invasive surgeries in the region. As per the research study published by European Spine Journal, the presence and severity of radiographic disc degeneration in the cervical spine, increases with ageing.
The global cervical spine surgery market is further classified on the basis of region as follows:
Our in-depth analysis of the global cervical spine surgery market includes the following segments:
Ans: The growing incidence of cervical spine disorders and increasing investment in the development of advanced cervical spine surgeries are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: The uncertainties related to reimbursement policies and lack of awareness about cervical spine surgeries in lower economic regions are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about cervical spine surgery and the consequent decrease in surgical costs in the region.
Ans: The major players dominating the cervical spine surgery market are Medtronic, PLC, DePuy Synthes, Stryker Corporation, and NuVasive, Inc., among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by surgery type, end-user and region.
Ans: With respect to end-user, the general medical hospitals’ segment is anticipated to hold the largest market share owing to the presence of relatively more developed infrastructure for surgical procedures in this segment.