According to the latest market report published by Persistence Market Research titled “Cervical Total Disc Replacement Device Market: Global Industry Analysis & Forecast: North America to Witness Highest Growth by 2021”, the CTDR device market is expected to be valued at US$ 489.7 Mn by the end of 2015. It is anticipated to expand at a CAGR of 23.1% during the forecast period (2015 - 2021) to account for US$ 1,750.1 Mn by 2021.
New York, NY -- (SBWIRE) -- 02/09/2016 -- According to the latest market report published by Persistence Market Research titled "Cervical Total Disc Replacement Device Market: Global Industry Analysis & Forecast: North America to Witness Highest Growth by 2021", the CTDR device market is expected to be valued at US$ 489.7 Mn by the end of 2015. It is anticipated to expand at a CAGR of 23.1% during the forecast period (2015 - 2021) to account for US$ 1,750.1 Mn by 2021.
Cervical total disc replacement (CTDR) device is used to treat patients suffering from degenerative disc disorders (DDD). Neck pain is the major cause for development of DDD in cervical region of the spine. Cervical disc replacement procedures is performed for treatment of DDD, where the degenerated disc is removed surgically and an artificial disc is implanted in the vertebra. This is a minimal incision surgery (MIS) and results in quick recovery post-surgery, short hospital stay and low revision surgery rate. Various benefits of this procedure is increasing adoption rate of this surgery over conventional spinal fusion surgery. Conventionally, DDD is treated through spinal fusion surgery, but due to high rate of revision surgery and increasing prevalence of adjacent segment disc degeneration post fusion surgery, doctors are considering cervical disc replacement over spinal fusion.
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Growing ageing population, low revision surgery rate of cervical disc replacement surgery and increasing demand for advanced innovative CTDR device for treatment of both class I and class II degenerative disc disease are major factors leading to increased demand for CTDR devices, thereby fuelling growth of the CTDR device market.
Major trends in the CTDR device market include technological advancements with regard to CTDR device, consistent investment in research and development and surge in acquisitions and mergers.
The global total disc replacement market was valued at US$ 614.4 Mn in 2014. The CTDR device market accounted for 66% of global total disc replacement market in 2014, and was valued at US$ 409.7 Mn. Revenue contribution by CTDR device market to the global total disc replacement market is expected to increase to US$ 1,750.1 by the end of 2021, expanding at a CAGR of 23.1% during 2015–2021. Increasing prevalence of chronic diseases and growing ageing population are factors expected to positively affect growth of the CTDR device market across the globe.
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Key market players covered in this report are Medtronic, plc, Depuy Synthes, Globus Medical, Inc., NuVasive, Inc., LDR Holding Corporation. Major players in CTDR device market focus on enhancing their global and regional presence through strategic acquisitions and mergers, and operational expansion.
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