Artificial Disc Market to be Worth More Than $3.0 Billion by 2024
The number of people above 60 years of age is predicted to grow from 901 million in 2015 to 1.4 billion in 2030, as per the United Nations. One of the most common effects of aging is the decrease in bone mass, which causes diseases such as osteoporosis or vertebral column deformity.
The latter mostly happens due to functional issues in the intervertebral discs, which allow the backbone to bend slightly and absorb shock. In the event of a deformity, the natural discs need to be replaced by artificial ones via surgery, thereby allowing people to regain some degree of forwarding and backward bending movement.
From a little over $1.0 billion in 2017, the artificial disc market value is predicted to increase to almost $3.4 billion by 2024, at an 18.8% CAGR during 2018–2024 (forecast period). The number of spinal surgeries, for intervertebral disc replacement, is increasing across the world, due to a rise in the prevalence of degenerative bone diseases. The American Chiropractic Association estimated the number of Americans suffering from back pain at any time at 31 million. Additionally, the Chicago Institute of Neurosurgery and Neuro research claimed that around 85% of the American population would show signs of disc degeneration by the age of 50.
The popularity of advanced surgical methods is also being positively influenced by the increasing healthcare expenditure by the government of numerous nations. The World Bank reported an average rise in the worldwide healthcare expenditure, from 9.5% of the gross domestic product (GDP) in 2010 to 9.9% in 2014. With more funds, voluntary health associations, research institutions, and local and central government bodies are increasing the investments in medical research and development (R&D), which is leading to the development of more-effective spinal corrective procedures.
Additionally, cervical total disc replacement (C-TDR) has fared better than anterior cervical discectomy and fusion (ACDF) in surgical trials. LDR Holding Corporation, one of the firms conducting the trials, released the results of a five-year study clinical study, in March 2016, taking into consideration the composite outcome measure for the success of the U.S. Food and Drug Administration (FDA). As per the findings, the success rates were 61% for C-TDR and 31% for ACDF. Compared to those who underwent ACDF, those who were treated via C-TDR experienced improvements in their neck disability index (NDI) score.
North America recorded the highest usage of artificial discs during 2014–2017, and the situation is predicted to be the same in the near future. The reason behind this is that many devices are being tested in clinical trials, and a number of them are predicted to be approved by the FDA soon. The high per capita income in the region allows patients to afford expensive disc replacement procedures. Within the region, the artificial disc market growth in the U.S. would be faster, as it's per capita income and the population is significantly higher than Canada, and the awareness regarding the procedure is also surging rapidly here.
Hence, the usage of artificial discs would continue growing as the geriatric population increases and more people suffer from degenerative spine disorders in the coming years.
- Posted by Pramod Kumar