April 15, 2024

Consumer Electronics Segment is the largest segment driving the growth of Cervical Total Disc Replacement Device Market

The global Cervical Total Disc Replacement Device Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cervical total disc replacement devices are used to replace a damaged disc or discs in the cervical spine. They are implanted during cervical disc arthroplasty procedures to reduce neck and arm pain by restoring mobility between vertebrae. These devices offer faster recovery time in comparison to fusion surgeries.

Market key trends:
One of the key trends in the cervical total disc replacement device market is the growing preference for minimally invasive surgeries. Most cervical disc replacement procedures are now performed using anterior cervical discectomy (ACD) technique that involves a small incision at the front of the neck. This approach reduces blood loss, hospital stay and recovery time significantly. Another trend is the development of bio-resorbable implants that get absorbed by the body over time. Such implants prevent long-term joint stiffness and relieve patients from implant-related complications. Additionally, 3D-printed customized implants tailored to patient’s anatomy are gaining traction in the market.
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Market key trends:
The cervical total disc replacement device market is witnessing high demand for minimally invasive surgical procedures. With advancement in technology, disc replacement devices are being designed to enable surgeries with small incisions and minimal tissue damage. This reduces surgery time, blood loss, and post-operative recovery time and hospital stay for patients. Manufacturers are focusing on developing 3D printed and customized devices based on patient’s anatomy to improve surgical outcomes.

SWOT Analysis
Strength: Cervical total disc replacement devices offer advantages like motion preservation and lowered adjacent segment degeneration compared to fusion surgery.
Weakness: High costs associated with disc replacement surgeries and devices.
Opportunity: Growing geriatric population suffering from cervical degenerative disc disease provides large growth opportunities.
Threats: Stringent regulatory approvals and reimbursement issues pose challenges.

Key Takeaways
The global Cervical Total Disc Replacement Device Market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing prevalence of cervical degenerative disc disease among aging population. The market size for 2023 is estimated to be US$ 2.4 Bn.

Regional analysis: North America is expected to dominate the cervical total disc replacement device market during the forecast period. This is attributed to factors such as higher rate of cervical disc disorders, growing awareness about disc replacement therapies, and favorable reimbursement policies in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising healthcare spending and increasing medical tourism.

Key players operating in the cervical total disc replacement device market are Stryker Corporation, Medtronic plc., Zimmer Biomet Holdings, Inc., Globus Medical, Inc., FH Orthopedics, Orthofix Medical Inc., NuVasive Inc., Centinel Spine, Inc., ZimVie, inc., and other prominent players. Stryker Corporation and Medtronic plc. collectively account for the largest market share owing to their diverse cervical disc replacement device portfolio and wide geographical presence.