The global cervical total disc replacement treatment market is estimated to gather a large amount of revenue and grow at a CAGR of ~13% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing prevalence of degenerate disc disease, rising demand for sophisticated techniques for cervical total disc replacement, and growing geriatric population across the globe. It is calculated that in 2017 almost 40 percent of the people aged 40 years suffered from degenerative disc disease, whereas the proportion of population with this condition increased up to 80 percent in people above 80 years of age. In addition to these, low surgery rate of cervical disc replacement and escalating supplier investment to develop improved next generation cervical disc replacement devices are further projected to provide ample growth opportunities to the market in the near future. Furthermore, increase in the fatalities associated with road accidents is also expected to drive market growth in the upcoming years. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by device design into constrained, semi-constrained, and unconstrained, out of which, the unconstrained segment is anticipated to hold the largest share and witness the highest growth in the global cervical total disc replacement treatment market. This can be accounted to the benefits offered by these devices to individuals with an occupation involving the use of head supporting mass or a hypermobile neck. Additionally, on the basis of end user, the segment for hospitals is evaluated to grab the largest share, which can be credited to the growing preference of patients to undergo treatment for spinal disorders in a hospital facility and increasing number of outpatient procedures. Out of the total 65 million surgical cases in the United States in the year 2020, more than 64 percent belonged to outpatient category, which increased by almost 4 percent since 2010. Along with these, favorable reimbursement policies in hospitals of developed nations are also assessed to boost the growth of this market segment in the future.
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 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:
Our in-depth analysis of the global cervical total disc replacement treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing occurrence of degenerate disc diseases and increasing geriatric population around the world are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2022 – 2030.
High cost of cervical total disc displacement treatment is estimated to hamper the market growth.
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.
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 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.
The market is segmented by device design, end user, and by region.
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