Newark, NJ, Aug. 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global lumbar disc replacement device market is expected to grow from USD 652.25 million in 2019 and to reach USD 1796.30 million by 2027, growing at a CAGR of 13.5% during the forecast period 2020-2027.
The lumbar disc replacement device market is witnessing significant growth from the past years. This growth is attributed to continuous movement in surgical procedures, increasing incidence of spinal disorders, and increasing awareness among patients about disc replacement. The increase in the number of lower back pain patients propels the market growth for lumbar disc replacement devices. The increasing incidence of spinal cord injuries is expected to witness significant growth. However, a high number of spinal damage populations is a major factor influencing the market growth of lumbar disc replacement devices. Lower back pain is one of the major disabilities among the geriatric population that limits the functionality and decreases the quality of life.
A lumbar disc replacement device is a type of surgery that involves the replacement of damaged or degenerated disc with an artificial lumbar disc replacement device in the lumbar. During the procedure, the symptomatic lumbar disc is removed and replaced with an artificial disc that is designed to maintain the natural movement in the spine. This replacement technique seeks to minimize pain by reducing instability and muscle tension caused by painful micro-motions at the degenerated disc level. The growing adoption of artificial cervical discs in radiculopathy or myelopathy is anticipated to drive the lumbar disc replacement market.
Global lumbar disc replacement device market is expected to witness significant growth, owing to increasing incidences of degenerative disc diseases, product and technological innovations, rising propensity for minimal incision surgery, and long-term cost benefits for lower re-operation rate for disc replacements. The high cost of spinal surgeries and implants and lack of reimbursement for disc replacement hamper the market growth. Increasing the prevalence of lower back pain provides growth opportunities for the market.
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Key players operating in the global lumbar disc replacement device market include Zimmer Biomet, B.Braun Melsungen, AxioMed, DePuy Synthes, Paradigm Spine LLC, Stryker Corporation, Medtronic, and NuVasive Inc. To gain a significant market share in the global lumbar disc replacement device market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. AxioMed LLC and Medtronic are some of the leading manufacturers of the lumbar disc replacement device market.
- In October 2017, Centinel Spine acquired ProDisc Total Disc Replacement portfolio from DePuy Synthes.
Metal-on-biopolymer segment dominated the market and held the largest share of 54.23% in the year 2019
On the basis of material, the global lumbar disc replacement device market is segmented into metal-on-metal and metal-on-biopolymer. Metal-on-biopolymer dominated the market and held the largest share of 54.23% in the year 2019. This growth is attributed to better compatibility than the metal-on-metal, flexible movement of the spine, easy insertion, and high degree of rotation. Increasing the adoption of advanced technologies for the treatment of degenerative disc diseases will influence market growth.
Hospital segment dominated the market and held the largest share of 62.37% in the year 2019.
On the basis of end-user, the global lumbar disc replacement device market is segmented into hospitals and ambulatory surgical centers. Hospital segment dominated the market and held the largest market share of 62.37% in the year 2019. This growth is attributed to the increasing patient population of lower back pain across the world and the adoption of new and advanced technologies by hospitals. Growing economies are also witnessing improvements in the healthcare infrastructure and thus propels the hospital segment.
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Regional Segment of Lumbar Disc Replacement Device Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global lumbar disc replacement device market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America accounted for the major share of 32.45% in the year 2019. This is attributed to the expansion that covers multiple indication use for lumbar disc devices in the U.S. In the region, the rising prevalence of people undergoing disc replacement surgeries propels the market growth. The Asia-Pacific region's market is anticipated to witness significant growth due to the increasing awareness about advanced spine surgeries among healthcare professionals.
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About the report:
The global lumbar disc replacement device market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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