18% CAGR for Artificial Cervical Intervertebral Disc Market to Reach $4375 Million by 2028

Rising Geriatric Population Drives Artificial Intervertebral Cervical Discs Market Growth

NEW YORK, UNITED STATES, April 24, 2023 /EINPresswire.com/ -- According to our new research study on "Artificial Cervical Intervertebral Disc Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, End User and Geography," the market is expected to grow from US$ 1,621.66 million in 2022 to US$ 4,375.29 million by 2028. It is estimated to grow at a CAGR of 18.0% during 2022–2028.

Impact of COVID-19 Pandemic on Artificial Cervical Intervertebral Disc Market

The COVID-19 pandemic has significantly affected the global healthcare system. To combat the spread of SAR-CoV-2, governments imposed stringent policies in 2020 and 2021 to prevent and reduce the infection and mortality rates. Many companies offering artificial cervical intervertebral disc have their business operations in the US, and their business were adversely affected by the disease outbreak. This disrupted and restricted the ability of enterprises to distribute their products and compelled them to temporarily shut down their facilities. Also, to free-up limited space for the people who were being treated for COVID, hospitals had postponed or cancelled elective surgeries, including spinal surgeries. For instance, the British Journal of Surgery published in May 2020 stated that orthopedic procedures were affected most, with 6.3 million operations cancelled worldwide. The cancellation of elective surgeries to reduce exposure to COVID-19 in the hospital, negatively affected the growth of the artificial cervical intervertebral disc market. However, the world is slowly returning to normal, and it is also a time to start rebuilding lives and economies. Therefore, with the easing of lockdowns across the world and elective procedures starting to resume, the artificial cervical intervertebral disc market is expected to significantly recover the loss in the coming years.

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Zimmer Biomet Holdings, Inc.; Globus Medical, Inc.; Centinel Spine, LLC; Synergy Spine Solutions, Inc.; B. Braun Melsugen AG; Aditus Medical; AxioMed LLC; NuVasive, Inc.; Medtronic; and Orthofix Medical, Inc. are among the leading companies operating in the artificial cervical intervertebral disc market.

Factors driving the growth of the artificial cervical intervertebral disc market are increasing incidences of cervical injuries and a rise in the aging population. The high cost of cervical intervertebral disc surgeries hinder the overall market growth. Surging market potential in developing economies are expected to provide lucrative opportunities for the artificial cervical intervertebral disc market in the coming years. Furthermore, growing number of product approvals and developments is likely to create positive impact on the artificial cervical intervertebral disc market during the forecast period.

The cervical intervertebral disc has the ability to absorb a huge compressive load while providing different types of motion between the bones in the neck. Market players have developed several artificial intervertebral cervical discs that are used to treat cervical disc problems. Artificial cervical disc replaces the movement and cushioning function of damaged cervical disc.

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The artificial cervical intervertebral disc market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio globally and meet the growing demand. The developments by the companies in the global artificial cervical intervertebral disc market have been characterized as organic and inorganic developments. Organic growth strategies adopted by market players include product launch and expansion. Inorganic growth strategies witnessed in the artificial cervical intervertebral disc market were partnerships and collaborations. These growth strategies have allowed the market players to expand their businesses and enhance their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped strengthen the company’s customer base and increase its product portfolio. Organic developments hold 80.95% of the total strategic developments in the market, whereas inorganic strategies account for 19.05% of the growth of the companies.

Company Profiles

- Zimmer Biomet Holdings, Inc.
- Globus Medical, Inc.
- Centinel Spine, LLC
- Synergy Spine Solutions, Inc.
- B. Braun Melsugen AG
- Aditus Medical
- AxioMed LLC
- NuVasive, Inc.
- Medtronic

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Sameer Joshi
The Insight Partners
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