According to the World Population Ageing 2020 report, by 2050, the global population of individuals aged 65 years or above will reach over 1.5 billion. This age-pool will account for nearly 16.0% of the total population in 2050. As the elderly population is more sustainable to degenerative disc disease, the requirement for artificial discs will increase in the coming years. Owing to this reason, the artificial disc market will progress at 18.8% CAGR during 2018–2024. The market size is expected to rise from $1.0 billion in 2017 to $3.4 billion by 2024.
These artificial discs offer long-term cost benefits over spinal fusion procedures. Spinal fusion requires several surgeries over a long period of time, whereas artificial disc replacement requires one-time surgery. Owing to the cost-benefits of the discs, the adoption of these medical products has increased considerably. To meet the high requirement, market players are opting for mergers and acquisitions in large numbers. For instance, Zimmer Biomet Holdings Inc. acquired LDR Holding Corporation (LDR), in July 2016, to strengthen its position in musculoskeletal healthcare by adding a premier spine platform to its product portfolio.
Get More Insights: https://www.psmarketresearch.com/market-analysis/artificial-disc-market
According to P&S Intelligence, the Asia-Pacific (APAC) artificial disc market will exhibit the fastest growth in the foreseeable future, globally. This can be attributed to the increasing geriatric population, surging healthcare spending, and growing investments by private and public organizations in the healthcare industry to meet the medical needs of people in the region. As the aging population is more prone to lumbar and cervical diseases, the consumption of artificial discs will amplify in the coming years.
Thus, the surging population of the elderly and the rising cases of cervical-related diseases will fuel the adoption of artificial discs in the foreseeable future.
These artificial discs offer long-term cost benefits over spinal fusion procedures. Spinal fusion requires several surgeries over a long period of time, whereas artificial disc replacement requires one-time surgery. Owing to the cost-benefits of the discs, the adoption of these medical products has increased considerably. To meet the high requirement, market players are opting for mergers and acquisitions in large numbers. For instance, Zimmer Biomet Holdings Inc. acquired LDR Holding Corporation (LDR), in July 2016, to strengthen its position in musculoskeletal healthcare by adding a premier spine platform to its product portfolio.
Get More Insights: https://www.psmarketresearch.com/market-analysis/artificial-disc-market
According to P&S Intelligence, the Asia-Pacific (APAC) artificial disc market will exhibit the fastest growth in the foreseeable future, globally. This can be attributed to the increasing geriatric population, surging healthcare spending, and growing investments by private and public organizations in the healthcare industry to meet the medical needs of people in the region. As the aging population is more prone to lumbar and cervical diseases, the consumption of artificial discs will amplify in the coming years.
Thus, the surging population of the elderly and the rising cases of cervical-related diseases will fuel the adoption of artificial discs in the foreseeable future.