The artificial cervical intervertebral disc market size is expected to grow from US$ 1,621.66 million in 2022 to US$ 4,375.29 million by 2028; it is estimated to grow at a CAGR of 18.0% from 2022 to 2028.
The market growth is attributed to the increasing cases of cervical injuries and a surge in the aging population. However, the high cost of cervical intervertebral disc surgeries hampers the artificial cervical intervertebral disc market growth.
The aging process affects the cervical spine, neck, shoulders, upper back, and arms. Cervical spondylosis is a term for age-related wear and tear of the spinal disks in the neck; the condition worsens with age. As per the American Academy of Orthopaedic Surgeons, over 85% of people of age more than 60 are affected by cervical spondylosis. With age, the vertebral discs that serve as shock absorbers gradually dry out and affect the strength of the disc.
As per the Factsheet, the number of Americans aged 65 and older in 2018 is estimated to double from 52 million to 95 million by 2060. It is also estimated that the 65-and-older age groups will rise from 16% to 23%. Further, as per the report 'Later Life in the UK 2019 - Age UK', around 12 million (11,989,322) people aged 65 and above in the UK, of which 5.4 million people are aged 75 years or more, and 1.6 million are aged 85 years of old. Additionally, Japan is another aging nation and called 'super-aged' society, with 28.7 % of its population being 65 or older. Thus, the growing aging population is likely to increase the demand for artificial cervical intervertebral discs.
Companies in the artificial cervical intervertebral disc market are undertaking many research and development activities to introduce innovative products. The new replacement therapies enable the adoption of advanced technologies, strengthening the procedural outcomes. For instance, in April 2021, US Food and Drug Administration (FDA) approved NuVasive Simplify Cervical Artificial Disc for two-level cervical total disc replacement (cTDR).
With increasing manufacturing costs, medical device manufacturers struggle to generate enough revenue to please their investors. The emerging markets in developing economies are crucial in offering better and more lucrative growth opportunities to major players to expand their business and geographic reach. The treatment of orthopedic conditions has become simpler with the help of advanced medical technologies. Minimally invasive surgeries such as artificial cervical intervertebral disc replacement surgery have reduced the consumption of heavy-dose medicines.
The adoption of these orthopedic surgeries is likely to increase in emerging regions, such as Asia Pacific and the Middle East & Africa. These regions invest more in the healthcare sector and aggressively create awareness regarding minimally invasive orthopedic surgeries. The growing healthcare expenditure in economies such as India, China, and the UAE creates notable opportunities. These countries are witnessing an increase in adult and geriatric populations. Therefore, the incidences of orthopedic conditions are likely to increase.
Also, there is a rise in the number of start-up companies operating in healthcare sectors in India, China, etc. In addition, the availability of technologically advanced infrastructure is likely to boost the local players in the manufacturing of advanced orthopedic products. Therefore, the market in developing countries is likely to show high growth potential.
5. Artificial Cervical Intervertebral Disc Market - Key Market Dynamics 5.1 Market Drivers 5.1.1 Increasing Incidences of Cervical Injuries 5.1.2 Rising Aging Population 5.2 Market Restraints 5.2.1 High Cost of Cervical Intervertebral Disc Surgeries 5.3 Market Opportunities 5.3.1 High Market Potential in Developing Economies 5.4 Future Trends 5.4.1 Growing Number of Product Approvals and Developments 5.5 Impact Analysis
6. Artificial Cervical Intervertebral Disc Market - Global Analysis 6.1 Global Artificial Cervical Intervertebral Disc Market Revenue Forecast and Analysis 6.1.1 Overview 6.1.2 Global Artificial Cervical Intervertebral Disc Market, By Geography - Forecast and Analysis 6.1.3 Global Artificial Cervical Intervertebral Disc Market - Market Potential Analysis, By Region 6.2 Company Analysis 6.2.1 Market Positioning of Key Players 6.2.2 Comparative Company Analysis 6.2.3 Growth Strategy Analysis 6.2.4 Performance Of Key Players 6.2.4.1 Medtronic 6.2.4.2 Globus Medical, Inc.
7. Artificial Cervical Intervertebral Disc Market Analysis - By Material 7.1 Overview 7.2 Artificial Cervical Intervertebral Disc Market, By Material, 2022 & 2028 (%) 7.3 Biopolymer Material 7.3.1 Overview 7.3.2 Biopolymer Material: Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 (US$ Million) 7.4 Metal Material 7.4.1 Overview 7.4.2 Metal Material: Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 (US$ Million)
8. Artificial Cervical Intervertebral Disc Market Revenue and Forecast To 2028 - By End User 8.1 Overview 8.2 Artificial Cervical Intervertebral Disc Market Share by End User - 2022 & 2028 (%) 8.3 Hospitals 8.3.1 Overview 8.3.2 Hospitals: Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 (US$ Million) 8.4 Ambulatory Surgical Centres 8.4.1 Overview 8.4.2 Ambulatory Surgical Centres: Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 (US$ Million) 8.5 Others 8.5.1 Overview 8.5.2 Others: Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 (US$ Million)
9. Artificial Cervical Intervertebral Disc Market Revenue and Forecast to 2028 - Geographical Analysis
10. Impact of COVID-19 Pandemic on Geographic Regions 10.1 North America: Impact Assessment of COVID-19 Pandemic 10.2 Europe: Impact Assessment of COVID-19 Pandemic 10.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic 10.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic 10.5 South and Central America: Impact Assessment of COVID-19 Pandemic
