July 23, 2024
Cervical Spondylosis Treatment Market

The Global Cervical Spondylosis Treatment Market Is Estimated To Propelled By Increasing Geriatric Population

Cervical spondylosis, also known as wear and tear of the neck, is a general term for age-related wear and tear affecting the spinal disks in the neck. It describes a range of conditions caused by the normal aging process which can lead to neck pain, muscle spasm, stiffness, and headaches. As the spine degenerates over time, chemical changes occur in the cervical vertebrae and disks that act as cushions between them. This can lead to bone spur growth, tearing or rupturing of spinal disks, and excessive rubbing and irregular pressure of bones – collectively known as cervical spondylosis. Non-invasive treatment options include physical therapy, heat/cold therapy, braces, and medication for pain relief. In severe cases, surgery like spinal fusion or artificial disk replacement may be required.

The global Cervical Spondylosis Treatment Market is estimated to be valued at US$ 2.7 billion in 2023 and is expected to exhibit a CAGR of 3.5%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The increasing geriatric population has been a major growth driver for the cervical spondylosis treatment market. According to the United Nations, the world’s senior population aged 60 years or older is forecast to double from 12% to 22% between 2015 and 2050. Older adults are more prone to cervical spondylosis due to natural age-related degeneration in spine structure and flexibility. With rapidly expanding geriatric demographics globally, the demand for sophisticated non-surgical and surgical treatments is gaining strong momentum. Advanced treatment technologies are addressing the complex Cervical spondylosis conditions particularly in older patients, fueling the market growth.

SWOT Analysis

Strength: Cervical spondylosis treatment options such as cervical collar, physiotherapy, and pain medication provides quick relief from neck pain and neck stiffness.
Weakness: Surgery is an invasive treatment option which involves risks and long recovery period. Alternative treatment options like yoga and acupuncture lack strong clinical evidence.
Opportunity: Rising geriatric population globally increases the patient pool for cervical spondylosis.growing healthcare expenditure in emerging economies create market opportunities.
Threats: Availability of alternative treatment methods like homeopathy, ayurveda, and yoga limits the overall commercial attractiveness of western medicine-based treatment market.

Key Takeaways

The global Cervical Spondylosis Treatment Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Cervical Spondylosis Treatment Market is estimated to be valued at US$ 2.7 billion in 2023 and is expected to exhibit a CAGR of 3.5%  over the forecast period 2023 to 2030.

Regional analysis: North America is currently the largest market for cervical spondylosis treatment accounting for around 40% of the overall market share in 2024.The region is expected to maintain its dominance owing to factors such as higher awareness amongst population, availability of advanced treatment options and higher healthcare spending. Asia Pacific is poised to grow at the fastest CAGR during the forecast period owing to rising geriatric population, growing medical tourism industry and increasing healthcare spending in developing countries such as India and China.

Key players: Key players operating in the cervical spondylosis treatment market are Pfizer Inc., Johnson and Johnson, Bayer AG, Allergan Plc., and Novartis AG. These companies account for a significant share of the market owing to their robust product portfolio and global distribution networks. Companies are engaged in new product launches and partnerships with local players to strengthen their presence across regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it