The artificial disc replacement industry, which accumulated almost $502 million in 2021 revenue, is projected to reach $1.1 billion by 2028, according to a report by Zion Market Research.
Five notes:
1. From 2022-28, the market is expected to increase at a compound annual growth rate of 11.8 percent.
2. The rise in minimally invasive surgeries, an increase in disc degeneration cases in individuals with inactive lifestyles and a surge in the aging population prone to disc disorders will contribute to market growth.
3. Low reimbursements for disc replacements and the high cost of implants is projected could stunt market growth during the forecast period, according to the report.
4. The report also predicts that the product availability for cervical disc replacement surgeries will boost demand for cervical artificial discs in the coming years.
5. Key spine companies in the disc replacement sector include Zimmer Biomet, Centinel Spine, Medtronic, Globus Medical, Orthofix, NuVasive, Aesculap and AxioMed.