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The global artificial disc market attained a value of $1.0 billion in 2017 and is predicted to reach a revenue of $3.4 billion by 2024. Furthermore, the market is predicted to exhibit a CAGR of 18.8% from 2018 to 2024.The rising prevalence of degenerative disc diseases, the long-term cost benefits of disc replacement procedures over spinal fusion operations, and the increasing popularity of minimal incision surgeries are the main factors driving the progress of the market.
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As compared to spinal fusion procedures that need several surgeries performed over a long period of time, artificial disc replacement processes are one-time surgical procedures. As per a study published in the North American Spine Society (NASS) meeting, in 2013, the total healthcare costs for an average of 48 months were significantly lower for the patients undergoing cervical arthroplasty (artificial disc replacement) than the ones undergoing anterior cervical discectomy and fusion (ACDF).
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Globally, the artificial disc market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be a result of the surging geriatric population, the soaring healthcare expenditure, and the huge investments being made by private and public companies in the healthcare sector. As per the 2015 World Population Ageing report published by the UNDESA, in Japan, in 2000, 23.3% of the total population fell in the age bracket- 60 years and above.
Hence, it is safe to say that the market will register huge growth all over the world in the coming years, primarily because of the rising prevalence of degenerative disc diseases, the soaring geriatric population, and the increasing popularity of minimal incision surgeries in various countries around the world.
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