Artificial Disc Market Primed For Rapid Expansion – Market Size To Reach $5 Billion By 2028 As Per The Business Research Company’s Artificial Disc Global Market Report 2024
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LONDON, Feb. 07, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Artificial Disc Global Market Report 2024, the artificial disc market has experienced rapid growth in recent years, with the industry size forecasted to increase from $2.31 billion in 2023 to $2.73 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 18.0%. This growth trajectory can be attributed to factors such as cost-efficiency in healthcare, patient preference for motion preservation, regulatory approvals, clinical efficacy, and advancements in materials science.
Anticipated Growth:
Looking ahead, the artificial disc market is poised for significant expansion, with a projected market size of $5 billion by 2028, representing a CAGR of 16.4%. Key drivers fueling this artificial disc market growth include a competitive industry landscape, cost-efficiency in healthcare, favorable clinical outcomes, patient preference for motion preservation, and the increasing adoption of minimally invasive procedures.
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Segments and Trends:
The artificial disc market is segmented by type (cervical disc, artificial disc, lumbar), material (metal and plastic, metal), indication (spinal trauma, degenerative spine disease), and end-user (hospitals, specialty clinics). Major trends in the forecast period include patient-centric care, advancements in surgical techniques, regenerative medicine approaches, expansion of indications for use, and the integration of advanced imaging techniques.
Minimal Surgical Procedures Driving Growth:
The rising demand for minimal surgical procedures, characterized by medical interventions with minimal disruption to the body’s tissues and structures, is expected to propel the growth of the artificial disc market. Patients prefer these procedures due to reduced pain, faster recovery times, fewer complications, improved outcomes, and cost savings in healthcare.
Strategic Innovations by Industry Players:
Major companies operating in the artificial disc market, such as Johnson & Johnson, Medtronic PLC, and NuVasive Inc., are driving growth through innovative product development. For instance, NuVasive’s Simplify Disc for two-level cervical total disc replacement exemplifies the industry’s focus on advanced technologies and procedural integration, offering enhanced MRI visibility, multiple anatomical disc height options, and a design that mimics natural spine motion.
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For players in the artificial disc market, leveraging insights from the report can be instrumental in driving business growth. By understanding artificial disc market dynamics, emerging trends, and competitive landscapes, companies can develop innovative products, forge strategic partnerships, and expand their market presence to capitalize on growth opportunities and stay ahead in this dynamic industry landscape.
Artificial Disc Global Market Report 2024 by The Business Research Company provides insights on the artificial disc market size, artificial disc market segments, artificial disc market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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