The global cervical total disc replacement devices market is estimated to garner a sizeable revenue by growing at a CAGR of ~21% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing number of incidences of degenerative disc disease and increasing geriatric population around the world. Along with these, as the number of road accidents globally have witnessed a major hike, the prevalence of spinal injuries is also rising, which is another factor expected to drive market growth in the upcoming years. According to the World Health Organization (WHO), 1.3 million people die every year as a result of road accidents. Most of the countries spend 3 percent of their GDP on these crashes. Furthermore, increase in entry of new market players and surge in number of suppliers who are extensively investing in the development of advanced cervical total disc replacement devices are projected to offer lucrative opportunities for the growth of the market in the near future.
The market is segmented by end user into hospitals, ambulatory surgical centers, and clinics, out of which, the hospitals segment is anticipated to hold the largest share in the global cervical total disc replacement devices market on account of the higher preference of people for minimally invasive surgeries and their lower costs. Additionally, on the basis of design, the metal-on-biocompatible segment is predicted to gather a significant market share over the forecast period owing to the higher shock absorption and enhanced degree of freedom of these types of devices. In addition, metal-on-biocompatible designs are widely used in hospitals worldwide, which is also assessed to boost the growth of the market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global cervical total disc replacement devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large patient pool, increasing usage of sophisticated disc replacement technologies and rising government expenditure for healthcare. Furthermore, the market in the North America is evaluated to occupy the largest share by the end of 2030 ascribing to the high healthcare spending, favorable medical insurance and reimbursement policies and strong presence of market players in the region. Europe is also anticipated to grab a significant market share owing to the growing geriatric population and early adoption of the devices in the region. As per the European Union, more than one fifth, i.e., 20.6 percent of the population in the EU was aged 65 and above in the year 2020. The share of people aged 80 years or above in the EU’s population is projected to have a two-and-a-half-fold increase between 2020 and 2100, from 5.9 % to 14.6 %.
The global cervical total disc replacement devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global cervical total disc replacement devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are increasing prevalence of degenerative disc disease and rising geriatric population globally.
The market is anticipated to attain a CAGR of ~21% over the forecast period, i.e., 2022 – 2030.
High cost of cervical total disc replacement is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the large patient pool and increasing usage of sophisticated disc replacement technologies in the region.
The major players in the market are Stryker Corporation, Medtronic, Plc., Johnson & Johnson Services, Inc., NuVasive, Inc., and others.
The company profiles are selected based on the 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.
The market is segmented by design, material, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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