Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Lumbar Disc Replacement Device Market, by Material (Metal-on-metal and Metal-on-biopolymer), By End User (Hospitals and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 740.3 million in 2020, and is expected to exhibit a CAGR of 13.5% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights
Lumbar Disc Replacement Device Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has negatively impacted lumbar disc replacement device market. In response to the COVID-19 pandemic in the U.S., most of the spine surgeries are suspended in order to avoid non-essential surgeries. According to an article published in Journal of Orthopedic Surgery and Research, in June 2020, the Saudi Spine Society released a set of guidelines to control the spread of novel coronavirus infection.
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The guidelines include spine surgery candidates be categorized into three categories category A (immediate), category B (urgent), and category C (elective). Category A (immediate) includes patients who need immediate surgical intervention within 24 h. Category B (urgent) includes patients who require urgent surgical intervention, generally within 72 h. Category C (elective) includes patients suffering from chronic or sub-acute spine disorders, other than oncological or infectious diseases, who may eventually need surgical intervention. This basic protocol with different levels of care are developed to help hospital systems, especially departments dealing with spine patients, to provide optimal care and to help spine care practitioners and patients to cope with the COVID-19 situation as well.
Increasing patient population of lower back pain across the world is the major factor that is expected to drive growth of the market. Moreover, patients who does not get relief form non-surgical treatment methods are recommended to adopt lumbar disc replacement by doctors. In 2019, according to the AME journal prevalence of lumbar spinal stenosis (LSS) is around 200,000 adult patients in the U.S, and it is expected to reach around 64 million by the year 2025.
Furthermore, the lumbar disc replacement device market is very niche and consolidated market. Moreover the U.S Food and Drug Administration (FDA) have approved only three lumbar total disc replacement devices. There are several other lumbar disc that have been developed by companies without the U.S. FDA approval. SB Charite III lumbar disc was the first lumbar disc approved by the U.S FDA in 2004. Later, this lumbar disc was discontinued from the market because the advanced version of INMOTION is launched in the market. The Activ-L, INMOTION (formerly Charite) and ProDisc – L are three lumbar disc available in the market, which are approved by the U.S Food and Drug Administration. Moreover, companies are focused on developing new products to offer various treatment options for spine related patients.
In addition, manufacturers are focusing on acquisition strategies to strengthen their product portfolios, which is expected to drive global lumbar disc replacement devices market growth. For instance, Centinel Spine in October 2017, entered into an asset purchase agreement to acquire ProDisc Total Disc Replacement portfolio from DePuy Synthes.
However, high cost associated with spinal disease treatments such as lumbar disc replacement and spinal fusion are expected to hamper the market growth over the forecast period. For instance, the average cost of specific disc replacement surgery procedure ranges between US$ 16,000 to US$ 46,000 in different states of the U.S.
Browse 20 Market Data Tables and 17 Figures spread through 102 Pages and in-depth TOC on “Global Lumbar Disc Replacement Device Market, Forecast to 2027″
To know the latest trends and insights related to Global Lumbar Disc Replacement Device Market Press Release, click the link below: https://www.coherentmarketinsights.com/press-release/lumbar-disc-replacement-device-market-3324
Key Takeaways of the Global Lumbar Disc Replacement Device Market:
- The global lumbar disc replacement device market is expected to exhibit a CAGR of 13.5% over the forecast period (2020-2027), owing to increasing spine related health issues globally
- Among material, metal-on-biopolymer segment is expected to hold dominant position in the global lumbar disc replacement device market, owing to increasing focus of key market players to develop advanced devices for the treatment of spine related problems
- Major players operating in the global lumbar disc replacement device market include AxioMed, Medtronic, B.Braun Melsungen, Stryker Corporation, DePuy Synthes, NuVasive Inc., Paradigm Spine LLC, and Zimmer Biomet.
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