Cervical Total Disc Replacement Treatment Market Segmentation by Device Design (Constrained, Semi-Constrained, and Unconstrained); by End User (Hospitals, Ambulatory Surgical Centers, and Clinics) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3356 | Published Date: Feb 08, 2023
On the basis of geographical analysis, the global cervical total disc replacement treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America region is estimated to occupy the most significant share over the forecast period on the back of high healthcare spending, and rising awareness among patients regarding availability of several treatment options. According to the Centers for Medicare and Medicaid Services, the healthcare spending in the United States rose up to 4.6 percent in 2019, reaching a value of UDSD 3.8 trillion. The total health expenditure accounted for 17.7 percent of the total GDP share. Apart from these, well-established medical infrastructure and presence of prominent market players are also predicted to drive market growth to the region. Moreover, the market in Asia Pacific is expected to witness the highest CAGR during the forecast period owing to the growing number of ongoing clinical trials of innovative products, increase in geriatric population and rising per capita income of the region.
The global cervical total disc replacement treatment market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global cervical total disc replacement treatment market includes the following segments:
By Device Design
By End User
Growth Drivers
Challenges
November 21, 2019: Johnson & Johnson Medical Devices Companies’ French subsidiary DePuy Synthes announced the launch of a new cervical spine system, called SYMPHONY Occipito-Cervico-Thoracic (OCT) System, which can offer advanced treatment options for conditions in the upper back and neck.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Growing occurrence of degenerate disc diseases and increasing geriatric population around the world are the major growth drivers for the market.
Ans: The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2022 – 2030.
Ans: High cost of cervical total disc displacement treatment is estimated to hamper the market growth.
Ans: Asia Pacific region is estimated to provide more business opportunities for market growth owing to the growing number of ongoing clinical trials of innovative products and increase in geriatric population in the region.
Ans: The major players in the market are Stryker Corporation, Medtronic, Plc., Johnson & Johnson Services, Inc., NuVasive, Inc., and others.
Ans: 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.
Ans: The unconstrained segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: The market is segmented by device design, end user, and by region.
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