The global artificial disc market will likely surpass $4.5 billion by 2024, according to a Global Market Insights report.
Here are 12 observations:
1. The U.S. artificial disc market will likely surpass $2 billion by 2024.
2. Growing healthcare expenditure, supportive reimbursements and increasing disposable income will drive U.S. market growth.
3. The higher success rate of artificial disc replacements is also spurring market growth.
4. In addition, the prevalence of degenerative disc disease and demand for noninvasive procedures will boost the market.
5. An absence of standardized reimbursement as well as the costliness of the procedure and devices will serve as barriers to market growth.
6. The cervical segment of the global market accounted for more than 65 percent of total revenue and will likely exceed $3 billion by 2024.
7. The lumbar segment drew in $240 million in 2015, experiencing steady growth since 2004.
8. The metal-on-biopolymer artificial disc segment will continue to witness strong growth through 2024, and metal-on-metal artificial discs will grow at a compound annual growth rate of 20 percent. Surgeons tend to prefer the metal-on-polyethylene discs.
9. Germany captured more than 20 percent of the European market in 2015, and will likely grow at a 15 percent CAGR.
10. China will grow at a 24 percent CAGR, due to economic growth.
11. Japan accounted for more than 25 percent of the regional revenue share and will grow at a 20 percent CAGR.
12. Audubon, Pa.-based; Globus Medical; Raynham, Mass-based DePuy Synthes; San Diego-based NuVasive; Warsaw, Ind.-based Zimmer Biomet; Kalamazoo, Mich.-based Stryker; Dublin, Ireland-based Medtronic; and Center Valley, Pa.-based Aesculap Implant Systems dominate the market.