According to the latest study on “Cervical Retractors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Core Material and Application,” the market was valued at US$ 200.54 million in 2021 and is projected to reach US$ 352.91 million by 2028; it is expected to grow at a CAGR of 8.4% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth. The growth of the market is mainly attributed to the key factors such as growing prevalence of age-related cervical conditions and surging geriatric population and rise in number of cervical spine surgeries. However, availability of alternative therapies restrain the market growth. On the other hand, the medical tourism in developing countries would offer lucrative opportunities for the growth of the market during the forecast period.
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Geriatric population is defined as a group of people with age 65 and above. Surge in aging population is poised to one of the most significant causes of social transformations in the 21st century. As per the data published by the United Nations, the world had ~962 million people with age 60 or above in 2017, which was 13% of the global population in that year. Further, this population is estimated to grow at a rate of 3% every year. At present, Europe and Asia Pacific have the highest population of age 60 and above.
The elderly population in the world is projected to reach ~1.4 billion, ~2.1 billion, and ~3.1 billion by 2030, 2050, and 2100. Aging is linked with various chronic diseases. Spinal conditions are the most common conditions observed in older adults, affecting 5–55% of people with age 55 and above. These medical conditions are associated with a high risk for adverse outcomes such as mortality, disability, institutionalization, and hospitalization. Overall trends regarding the number of cervical spine procedures are increasing due to many factors, chief of which is an aging population. Hence, with the growing geriatric population and rise in prevalence of associated cervical pain, the cervical retractors market is witnessing significant growth.
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