Market Research Future has a cooked research report on the global slip disc market. The global slip disc market is growing continuously and expected to grow at a CAGR of 5.7% from 2017 to 2023.
Pune, India -- (SBWIRE) -- 09/28/2017 -- Slip Disc market information, by types (thoracic herniated discs, lumbar herniated disc, and others), by diagnosis (physical examination, nerve conduction test, and others), by treatment (medications, therapy, and others) - global forecast till 2023
Market Scenario: Slipped (Herniated) disc occurs when a soft cushion of tissue between the bones in spine pushes out and is painful when it presses on nerves. The most common symptoms of slipped disc are loss of motor control, pain etc. Slipped disc mainly occurs due to weaker outer ring that allows inner portion to slip out. Lack of physical activity and weak muscles may also lead to slipped disc. In overweight people, the risk of slipped disc is more because their disks must support the additional weight. Introduction and rapid adoption of technologically advanced diagnostic medical devices is a major factor for the market growth. Medical device manufacturing companies and drug manufacturers are investing large amount of money in research, clinical trials, and new product launch to provide effective solution for slipped disc. Some other factors such as rising geriatric population, increasing government support, and increasing healthcare expenditure has fuelled the growth of the market. Rapid adoption of new therapies also play an important role in the growth of this market. However, high cost of the treatment and lack of skilled medical professionals in many developing areas may restrict the market growth Global Slip Disc market is expected to grow at the CAGR of ~5.4% during the forecast period and is estimated to reach USD 11,011.3 million by 2023.
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Market Highlights The global Slip Disc market is growing moderately and it is expected to grow at the same pace over the forecast period 2017-2018. Increasing number of patients suffering from slip disc is key factor for the market growth. According to the Agency for Healthcare Research and Quality of the U.S. Department of Health & Human Services, 23% of low back pain affect patients over 65 years of age. Increasing number of treatments and growing awareness are also key drivers for the market growth. Rising demand for advanced diagnostic medical devices and drugs, especially from emerging economies of Asia Pacific is another key factor for the market growth. Growing aging population is also one of the important drivers for the market growth. Approximately one-third of adults over the age of 20 show signs of slip disc. Global Slip Disc market is expected to grow at the CAGR of ~5.4% during the forecast period and is estimated to reach USD 11,011.3 million by 2023.
Major Players in Slip Disc Market Some of the key market players: Some of the key players in this market are: Captiva Spine, Inc. (US), DePuy Synthes Companies (US), GlaxoSmithKline plc. (UK), Globus Medical, Inc. (US), NuVasive, Inc. (US), Pfizer Inc. (US), and TEVA Pharmaceutical LTD (Israel).
Regional Analysis The global Slip Disc market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas dominate this market, particularly North America due to increasing cases of people suffering from slip disc in the region. Availability of advanced medical facilities, and rapid adoption of new therapies are driving the market growth. Growing awareness in Latin American population regarding this disorder is major driving force. Rising prevalence of slip disc is driving the growth for European market. As per the National Center for Biotechnology Information, the prevalence is higher among people aged 30-50 years and male to female ratio is about 2:1. The prevalence rate in Finland and Italy is about 1-3%. Some other factors such as availability of skilled medical professionals and top class medical facilities are spurring the market growth. Rapidly developing healthcare infrastructure, adoption of new medical practices, advanced medical devices, rising healthcare expenditure, growing awareness and government support makes Asia Pacific the fastest growing region in global slip disc market. The Middle East & Africa region is expected to slower than the global average due to lack of awareness about slip disc and limited access to healthcare facilities. Segmentation Global Slip Disc market has been segmented on the basis of type which comprises of thoracic herniated discs, lumbar herniated disc, and cervical herniated discs. On the basis of diagnosis, it is segmented into physical examination, nerve conduction test, and imaging tests. On the basis of treatment, this market is segmented into medications, therapy, and surgery.
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Key Findings: - Imaging tests is the second largest market by type which is projected to grow at the CAGR of 5.7% during the forecast period from 2017-2023. - Medications segment is expected to command the largest market share of around 46.2% in 2016. - China holds the largest market share in the Asia Pacific slip disc market and is expected to reach $ 587.0 million by 2023. Due Increasing funding for research and new product development, European region is also expected to grow significantly during the forecast period. Europe is the second largest market and holding around 31.0% market share in global slip disc market. Availability of advanced diagnostic and treatment facilities, skilled medical professionals, high healthcare expenditure and adoption of new therapies are driving the growth for this market.
The prevalence of slip disc in Asia Pacific region is key factor for the market growth. Rising awareness about the slip disc and related cure is playing important role in the growth of the market. Growing number of patients suffering from back pain either severe or mild is leading the market growth. China is holding the largest share in this market. Asia Pacific slip disc market is expected to grow at a CAGR of 6.0% during the forecast period of 2017-2023. Middle East & Africa is expected to have the least growth in this market due to some major factors such as lack of awareness about the slip disc, limited access and availability of diagnostic and treatment facilities, low income etc. Middle East holds 70.9% market share in the Middle East & Africa slip disc market.
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