LUMBAR DISC REPLACEMENT DEVICE MARKET ANALYSIS

Lumbar Disc Replacement Device MarketSize and Trends

Global lumbar disc replacement device market is estimated to be valued at US$ 1,214.7 million in 2023 and is expected to exhibit a CAGR of 13.7% during the forecast period (2023-2030).

Analysts’ Views on Global Lumbar Disc Replacement Device Market:

Increasing advancements in products and ongoing research by key players and the high incidence of spinal cord injuries due to the increase in road accidents is expected to drive the growth of the global lumbar disc replacement device market. Whereas, an increase in the number of trauma-related and sports-related injuries, as well as orthopedic procedures is also expected to fuel the growth of the market over the forecast period. For instance, in June 2021, according to the Johns Hopkins University in the U.S., about 30 million children and teens participate in some form of organized sports, and each year, more than 3.5 million injuries occur that result in some loss of participation time for the participants. Almost one-third of all injuries incurred in childhood are sports-related injuries.

Global Lumbar Disc Replacement Device Market– Drivers

New product launches by the key market players

New product launches by the key market players to drive the adoption of spinal devices is expected to drive the market over the forecast period. For instance, in July 2021, Orthofix US LLC., a global medical device company with a spine and orthopedics focus, announced the launch and first patient implants with the fiberFUSE Strip, an advanced demineralized fiber bone-graft solution containing cancellous bone. The fiberFUSE Strip is formulated as a convenient preformed bone-graft strip to enable optimized application for posterior cervical, posterior lumbar, and degenerative spinal procedures.

Technological advancements and strong research and development activities

Technological advancements and strong research and development activities are anticipated to drive the global lumbar disc replacement device market. For instance, in June 2020, Aesculap, Inc., a healthcare service provider offers an advanced product, named activL Artificial Disc. This is an ultra-high molecular weight lumbar disc device made of polyethylene that allows translational, and combines natural motion with mechanical stability, and rotational movement.

Figure 2. Global Lumbar Disc Replacement Device Market Share (%), By Region, 2023

Global Lumbar Disc Replacement Device Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global lumbar disc replacement device market over the forecast period owing to the increasing prevalence of lower back pain is expected to boost the growth of the lumbar disc replacement device market. For instance, in September 2022, according to the Spinal Cord Injury Report data, in 2020, it was estimated that the incidence of spinal cord injury (SCI) was around 48 cases per 1 million population in the U.S. In the same year, the prevalence of SCI was estimated to be around 291,000 patients in the U.S.

Global Lumbar Disc Replacement Device Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global lumbar disc replacement device market over the forecast period owing to the increasing prevalence of lower back pain is expected to boost the growth of the lumbar disc replacement device market. For instance, in September 2022, according to the Spinal Cord Injury Report data, in 2020, it was estimated that the incidence of spinal cord injury (SCI) was around 48 cases per 1 million population in the U.S. In the same year, the prevalence of SCI was estimated to be around 291,000 patients in the U.S.

Market- Trends

New product launches by the key market players

New product launches by the key market players to drive the adoption of spinal devices is expected to drive the market over the forecast period. For instance, in July 2021, Orthofix US LLC., a global medical device company with a spine and orthopedics focus, announced the launch and first patient implants with the fiberFUSE Strip, an advanced demineralized fiber bone-graft solution containing cancellous bone. The fiberFUSE Strip is formulated as a convenient preformed bone-graft strip to enable optimized application for posterior cervical, posterior lumbar, and degenerative spinal procedures.

Technological advancements and strong research and development activities

Technological advancements and strong research and development activities are anticipated to drive the global lumbar disc replacement device market. For instance, in June 2020, Aesculap, Inc., a healthcare service provider offers an advanced product, named activL Artificial Disc. This is an ultra-high molecular weight lumbar disc device made of polyethylene that allows translational, and combines natural motion with mechanical stability, and rotational movement.