Increasing Funding to Reduce the Burden of Spinal Injury to Drive the Market
Governments and regulatory bodies around the world are increasing funding on the development of noble spinal implants and treatment options to reduce the financial burden of spinal cord injury. According to the National Spinal Cord Injury Statistical Centers, the direct cost burden of high tetraplegia is more than US$ 1 Mn during the first year of injury and US$ 180,000 for each subsequent year in the U.S.
The direct and indirect cost burden of spinal cord trauma is higher as compared to most indications. Governments are sponsoring projects for the development of effective treatment modalities. The European Union funded the Bioarctic’s innovative treatment concept SC0806, a biodegradable device that stimulates nerve degeneration.
Furthermore, major players in the artificial disc replacement market are strengthening their positions and market share through mergers and acquisitions in emerging nations to gain maximum revenues sales. The artificial disc replacement market has high potential in populated and growing economies such as, India, China, Brazil, South Africa, and others. The incidence of spinal injury in these countries is high due to the increasing number of accidents and casual injuries. North America is expected to dominate in the global artificial disc replacement market owing to increased product launches and the growing adoption of disc replacement.
Emphasis on Developing Economies
Large population has also been a factor responsible for the presence of a large number of patients suffering from complete as well as incomplete spinal injury-related paralysis. Growing economies are also witnessing improvements in the healthcare infrastructure owing to the increasing per capita income, which has enhanced the ability of the population to spend more on receiving better treatment. All these countries provide vast growth opportunities for companies in the spinal injury treatment market, especially those whose products are in various phases of clinical development
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Increase in the Number of Outpatient Surgeries to Fuel Growth of the Artificial Disc Replacement Market
Spinal surgery is an effective treatment for patients suffering from spinal cord disorders, and modifications in reimbursement policies are encouraging a larger number of patients in developed countries to opt for these treatments. Increasing number of outpatient procedures is among the economic variables affecting the spine market. A rapid shift from inpatient to outpatient surgeries for spine-related diseases is estimated to create potential for the rapid growth of the artificial disc replacement market in the near future.
Focus of Manufacturers on Emerging Markets
Major medical device players in this space are focusing on emerging economies due to their growth potential and large distribution channels. Changes that occur in the patterns of diseases, which are triggered by changes in lifestyle, improved access to healthcare services, rising affluence, and growth in the demand for quality healthcare, are making the market highly lucrative for medical device companies. However, global players interested in entering this market face some major hurdles, which include local competition, lack of healthcare infrastructure & affordability, and stringent regulatory policies & approval processes. For instance, in China, the government is promoting spinal implants from domestic manufacturers.
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Increase in the Number of Mergers and Acquisitions
Increasing mergers and acquisitions provide opportunities that will help companies in the market grow their reach in developing economies. This is likely to result in fast growth due to the expansion of their product portfolios in various markets, as well as boost their customer base. Local players are likely to enter the global market by acquiring global players, which is also expected to result in growth in their market share. This is expected to generate higher revenue, due to which the artificial disk replacement market is likely to witness growth during the forecast period.
- In June 2016, Zimmer Biomet acquired LDR to enhance innovations as well as grow its spine business.
- In March 2018, Orthofix International N.V. entered into a definitive agreement to acquire Spinal Kinetics Inc., a manufacturer of artificial cervical and lumbar discs
- In January 2019, Globus Medical, Inc. announced that its SECURE-C Cervical Artificial Disc is covered by Anthem
Cervical artificial disc replacement is a device that is implanted into the cervical spine to imitate the function of a normal disc. Cervical artificial disc replacement is a type of joint replacement procedure for the replacement of the diseased cervical disc. It is designed to maintain distance between the two adjacent cervical vertebrae.
Lumbar artificial disc replacement is a type of back or sine surgery that involves the replacement of worn-out or degenerated disks in the lower spine with an artificial disc that is made of metal or a combination of metal and plastics. Lumbar artificial disc replacement is an alternative to spinal fusion surgery.
About the Report
The report offers a comprehensive evaluation of the business opportunities in the artificial disc replacement market, along with insights on the competition blueprint, market trends, and the regulatory analysis of the artificial disc replacement market from 2019 to 2029.
Additional Questions Answered
Some of the additional questions addressed in this report on the artificial disc replacement market are-
- What is the revenue potential of the artificial disc replacement market across emerging economies?
- What are the major trends influencing the growth of the artificial disc replacement market?
- What are the major drivers contributing to the growth of the artificial disc replacement market?