Artificial discs are synthetic implants used as an alternative to spinal fusion surgery for treating back and neck pain caused by degenerative disc disease. They mimic the natural movement of a healthy disc and help preserve spinal function. Artificial discs allow spinal movement and flexibility while distributing body weight evenly. This enhances recovery and reduces the risk of adjacent disc degeneration seen after fusion surgery. They relieve pressure on nerves and ease chronic back and neck pain without restricting mobility.
The global Artificial Discs Market is estimated to be valued at US$ 0.86 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in popularity of minimally invasive artificial disc replacement surgery and continued technological advancements are major trends witnessed in the artificial discs market. New generation discs are being developed with advanced biomaterials that better mimic the cushioning qualities of natural discs. 3D printed discs are gaining interest as they can be customized as per the patient’s anatomy. Companies are focusing on polymer, metal-on-metal and composite disc designs to improve wear resistance and longevity. Adoption of artificial discs is increasing among younger patients as these implants offer long-term mobility benefits compared to fusion. Widening clinical acceptance and insurance coverage are expanding the patient pool for artificial disc replacement procedures.
Porter’s Analysis
Threat of new entrants: Low as it requires huge capital investments in R&D and manufacturing facilities for production of Artificial discs.
Bargaining power of buyers: Moderate as buyers have reasonable alternatives in the market but attributes like biocompatibility and ability to mimic natural disc movement give advantage to certain products.
Bargaining power of suppliers: Low due to availability of substitute components and focus on developing own production capabilities by key players.
Threat of new substitutes: Low currently but new biomaterial technologies can emerge as substitutes.
Competitive rivalry: High due to increasing focus on newer biocompatible materials, competing on product features, R&D investments & strong sales networks by existing players.
Key Takeaways
The global Artificial Discs Market Growth is expected to witness high. The market size for 2024 is US$ 0.86 Bn and projected to reach over US$ 2 Bn by 2031, implying a CAGR of 13% during the forecast period.
Regional analysis: North America dominates currently due to higher adoption rates and favorable reimbursement policies. Asia Pacific is expected to witness fastest growth led by countries like China, Japan and India due to increased awareness, growing geriatric population and favorable government policies pushing healthcare infrastructure.
Key players: Key players operating in the Artificial Discs Market are Sichuan Yongxiang Co. Ltd (Tongwei Co. Ltd), GCL-TECH, DaqoNew Energy Co. Ltd, Wacker Chemie AG, and XinteEnergy Co. Ltd. These players are focusing on new product developments using advanced biomaterials, strategic collaborations and expansion of manufacturing and supply chain capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
