February 26, 2024

Growing Need For Ergonomic Products To Boost Growth Of Global Cervical Traction Collars Market

Market Overview:

 They provide gentle and constant traction on the neck to help decompress the vertebrae and reduces pressure on the nerves. Cervical traction collars are made of lightweight yet durable materials such as neoprene, plastic, or thermoplastic which provides comfort and support to the neck. They come in adjustable sizes to fit all ages and collar heights to provide adequate traction levels.

Market key trends:

The global cervical traction collars market is witnessing significant growth owing to growing need for ergonomic medical devices for neck pain treatment. Neck pain is a common musculoskeletal problem affecting people of all age groups. Thus, demand for cervical traction collar is increasing as they provide pain relief and improve mobility of the neck. Furthermore, introduction of advanced technologically driven smart cervical traction collars integrated with heat therapy, TENS, and massage options is supporting market growth. Growing healthcare expenditure along with availability of various insurance coverage for traction therapy is further propelling the market. However, alternative pain management therapies such as chiropractic treatment and physiotherapy may hinder market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as substantial investment is required to establish manufacturing facilities and develop an extensive distribution network. Significant resources are also needed to achieve economies of scale and gain brand recognition in this competitive market.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and lack of differentiation between products of various manufacturers. Buyers can negotiate on price points which puts pressure on manufacturers.

Bargaining power of suppliers: As the manufacturing process requires expertise to develop specific components, the bargaining power of suppliers is moderate. However, established manufacturers have access to multiple component suppliers globally.

Threat of new substitutes: Alternative manual therapies like chiropractic treatment pose a moderate threat. However, wide acceptance and customized care offered by cervical traction collars make them a preferred choice for orthopedic patients.

Competitive rivalry: The global market is highly fragmented with the presence of several regional and global players. Players compete based on product features, quality, and pricing.

Key Takeaways

The global Cervical Traction Collars market is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period, due to increasing incidence of cervical spondylitis and road accidents.

The global Cervical Traction Collars Market Demand is estimated to be valued at US$ 2.53 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

North America region is expected to dominate the market during the forecast period owing to high awareness regarding orthopedic devices and presence of major players. Asia Pacific region is anticipated to witness fastest growth rate owing to growing geriatric population, improving healthcare infrastructure and rising disposable income in the region.

Key players operating in the cervical traction collars market are Meditrac, Trulife, Everyway Medical Instruments Co. LTD, Enovis (DJO, LLC), Orthoservice AG, Aurora Health & Beauty Inc., Compass Health, Advanced Orthopaedics, Disc Disease Solutions, Inc., Jiangsu Folee, Baker Medical., Tynorindia, SCOLIOLIFE, and Pettibon System. Meditrac and Trulife collectively account for over 30% of the global market share.

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