The artificial disc replacement market is anticipated to grow at a staggering rate during the forecast period 2019-2029, and a lot of this healthy growth is attributed to the initiatives taken by governments of numerous countries and regulatory bodies to increase funding to foster the development of implants. The aforementioned insight has been culled from a recently published report by Persistence Market Research (PMR). According to the study, consumers have been evincing huge interest towards minimally-invasive surgical procedures, which is likely to hold significant opportunities for the artificial disc replacement market.
The report also finds that the rise in the artificial disc replacement treatment as an alternative to fusion therapy, on account of its better recovery times and lesser susceptibility to complexity, is likely to add new dimension to the movement of the landscape. However, the cost of the artificial disc replacement landscape taking technological leaps is high, which is likely to remain a challenge for market players to tackle.
Technological Innovation to Underpin Growth of North America
The study opines that North America will hold a leading stance in the artificial disc replacement market, on account of the numerous aspects that contribute to the movement of the landscape. The well-established healthcare sector coupled with the technological maturity possessed by the region is likely to catapult the growth of the market in North America during the forecast period. In addition, stringent scrutiny of implants will ensure that only quality healthcare reaches to patients.
Besides the quality factor, favorable reimbursement scenarios also play a part in encouraging patients towards availing artificial disc replacement treatment without any financial hassles. For instance, market majors including Anthem BlueCross and BlueShield began covering the disc replacement procedures through health insurances.
The report shows the exponential growth of the Asia Pacific market, on account of the region’s growing prominence as a medical tourist destination. With the rise in the government initiatives taken towards upgrading the quality of healthcare provided to patients has also been reflecting on the artificial disc replacement market. In addition, such treatments come at an affordable prices in the region, which further attracts medical tourists from developed region, thereby, serving as a goldmine of an opportunity to market players to set up research and development hubs or intensify distribution channels in the region.
Market Players Need to Focus on Quality to Achieve a Faster Clearance
With the increase in the incidences of spinal disorders at an alarming rate, the pressure on market players to meet the supply with the demand has intensified, which requires large-scale production of artificial discs and implants. However, the product needs to conform to the protocols set by the regulatory bodies to have better time-to-market.
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Market players can focus on the development of implants that cause minimal incisions, less trauma, and better healing times to have improved sales chances in the artificial disc replacement landscape. For instance, in March 2019, a leading player, AxioMed, announced that its product Cervical Freedom Total Disc Replacement has received CE Mark. Another player, Zimmer Biomet Holdings, Inc. announced the launch of Mobi-C Cervical Disc for damaged discs in Japan.