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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 medical implant devices used to replace one or more damaged discs in the cervical spine or neck region. These devices restore physiological motion, maintain disc height, and relieve neck and arm pain associated with degenerative disc disease of the cervical spine. Cervical total disc replacement offers advantages over fusion surgery such as preservation of mobility at the operated level and a faster recovery. The growing prevalence of degenerative disc disease and rising adoption of minimally invasive surgical procedures are expected to drive the demand for cervical total disc replacement devices over the forecast period.
Market key trends:
The cervical total disc replacement device market is expected to witness significant growth owing to rising adoption of minimally invasive surgical procedures. Minimally invasive surgeries offer benefits such as less tissue damage, blood loss, hospital stay, and faster recovery time in comparison to open spinal fusion surgeries. According to data provided by the National Center for Health Statistics, over 600,000 cervical fusion surgeries are performed each year in the United States. Growing awareness about advantages of motion preservation and new product approvals are also expected to support the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The cervical total disc replacement device market requires high R&D investment and regulatory approvals which poses a moderate threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatment options for cervical disc disorders.
Bargaining power of suppliers: A few medical device companies dominate the supply market, giving them moderate bargaining power over customers.
Threat of new substitutes: Alternatives like cervical fusion surgery and medication pose a minor threat as disc replacement is a relatively new and advanced treatment option.
Competitive rivalry: Major players compete based on device innovation, clinical evidence and geographic expansion resulting in high competitive rivalry.
Key Takeaways
The global cervical total disc replacement device market is expected to witness high growth, exhibiting a CAGR of 21% over the forecast period, due to increasing prevalence of degenerative disc disease and growing geriatric population. The North America region currently dominates the market due to favorable reimbursement policies and growing adoption of advanced spine surgeries in the US.
The cervical total disc replacement device market size for 2023 is estimated to be US$ 2.4 Bn. Regional analysis shows that North America will continue to hold the highest market share due to presence of key players and availability of reimbursements for disc replacement surgeries in the US.
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 leads the market with its flagship Mobi-C cervical disc, while Medtronic and Zimmer Biomet are other major brands in disc replacement devices.
