SEATTLE–(BUSINESS WIRE)–#LumbarDiscReplacementDevice–According to Coherent Market Insights, the global lumbar disc replacement devices market is estimated to be valued at US$ 740.3 million in 2020 and is expected to exhibit a CAGR of 13.5% during the forecast period (2020-2027).
Key Trends and Analysis:
The global lumbar disc replacement devices market is expected to witness significant growth over the forecast period, owing to rising prevalence of lumbar degenerative spine disease, across the globe. For instance, according to the National Center for Biotechnology Information report, around 266 million patients, globally were diagnosed with lumbar degenerative spine disease (DSD) in 2018. According to the same source, the highest and lowest estimated incidence were found in Europe (5.7%) and Africa (2.4%), respectively.
Furthermore, increasing adoption of innovative lumbar discs for artificial disc replacement surgery by patients of lumbar disc disorders is expected to boost growth of the lumbar disc replacement devices market over the forecast period. For instance, in July 2017, Spinal Kinetics, Inc., the designer and manufacturer of innovative M6 artificial disc, announced that total implantations of the company’s M6-C Cervical and M6-L Lumbar discs exceeded 50,000 units’ sales in the international markets, where the M6 is commercially available.
Key players in the market are focusing on raising funds for the development of lumbar disc replacement devices to cater to increasing demand of lumbar disc replacement devices for patients with spinal diseases. For instance, in August 2018, Spinal Stabilization Technologies raised US$ 11 million for its lumbar disc replacement device. The company is developing the PerQdisc device to treat degenerative disc disease of the lumbar spine in adults. The company needs more US$ 4 million to complete the ongoing developmental activities of PerQdisc device. The funding was raised from nine unnamed investors.
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Key Market Takeaways:
The global lumbar disc replacement devices market is expected to exhibit a CAGR of 13.5% during the forecast period (2019-2027), owing to new product approvals by the regulatory bodies in the market. For instance, in June 2015, B. Braun Medical Inc., a subsidiary of B. Braun Melsungen AG, received the U.S. FDA approval for its ActivL artificial disc, which is indicated for the treatment of 1-level lumbar degenerative disc disease.
Moreover, increasing clinical trials by research institutes of innovative products for the treatment of lumbar disc diseases is expected to drive growth of the lumbar disc replacement devices market over the forecast period. For instance, in May 2018, Second Affiliated Hospital of Wenzhou Medical University, Yuying Children’s Hospital of Wenzhou Medical College & Zhejiang Provincial Yuying Hospital, China, collaboratively initiated a comparative clinical trial to evaluate the safety and efficacy of Cortical Bone Trajectory Screws versus traditional Pedicle Screws Fixation for the treatment of Intervertebral Disc Degeneration, Spinal Stenosis Lumbar, and Lumbar Disc Herniation. The study is estimated to complete in December 2021.
Key players operating in the global lumbar disc replacement devices market include AxioMed, Medtronic, B.Braun Melsungen, Stryker Corporation, DePuy Synthes, NuVasive Inc., Paradigm Spine LLC, and Zimmer Biomet
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Global Lumbar Disc Replacement Device Market, By Material:
Global Lumbar Disc Replacement Device Market, By End User:
- Ambulatory Surgical Centers
Global Lumbar Disc Replacement Device Market, By Region :
- Rest of Latin America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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