The global market for cervical total disc replacement devices will surpass $1 billion by 2021, according to a Persistence Market Research report.
Among its findings, the report notes:
1. The global market for total disc replacement devices reached $409.7 million in 2014, accounting for 66 percent of the global total disc replacement market.
2. The cervical total disc replacement devices market is expected to reach $1.75 billion by the end of 2021, growing at a compound annual growth rate of 23.1 percent.
3. Key market players include DePuy Synthes, Globus Medical, Medtronic and NuVasive.
4. Trends influencing the market include investment in research and development, technological advancements and recent acquisitions and mergers.
5. The surge in market growth is attributed to the prevalence of chronic diseases, the aging population and the low revision rate of cervical disc replacement surgery.