Lumbar Disc Replacement Device: Introduction
- Lumbar disc replacement is a type of spine surgery that involves replacement of a damaged or degenerated disc of spine with an artificial lumbar disc replacement device in the lumbar region
- Lumbar disc replacement helps treat lower back pain. Currently, lower back pain is major issue across the world; it may be acute, sub-acute, or chronic.
- Major risk factors associated with back pain include obesity, occupational posture, and age. Furthermore, high work load, changing lifestyle, and lack of exercise are also key factors responsible for lower back pain.
Key Drivers of Global Lumbar Disc Replacement Device Market
- Increase in incidence of spinal disorders and rise in awareness about lumbar disc replacement devices are projected to boost the global lumbar disc replacement device market. According to International Journal of Physical Education, Sports and Health, globally, low back pain is a leading cause of disability, worldwide, affecting an estimated 540 million people at any one time. According to American Chiropractic Association, half of all working Americans admit to having back pain symptoms each year.
- Technological advancements and strong research and development activities are anticipated to drive the global lumbar disc replacement device market. For instance, Aesculap, Inc. offers an advanced product, named activL Artificial Disc. This is an ultra-high molecular weight lumbar disc device made of polyethylene that allows translational, combines natural motion with mechanical stability, and rotational movement.
- Lumbar disc replacement is a minimally invasive surgery. Increase in preference for minimally invasive surgical procedures is expected to boost the market. Furthermore, surge in new diagnostic tools and new device launches by major manufacturers are expected to fuel the global lumbar disc replacement device market.
Request a sample to get extensive insights into the Lumbar Disc Replacement Device Market
Metal-on-biopolymer Segment to Expand Significantly
- In terms of material, the global lumbar disc replacement device market can be bifurcated into metal-on-metal and metal-on-biopolymer
- The metal-on-biopolymer segment accounted for a prominent share of the global lumbar disc replacement device market in 2019. This type of device provides better compatibility, high degree of rotation and flexible movement of the spine and easy insertion. These factors are likely to drive the segment.
Hospitals to be Most Promising Segment
- Based on end-user, the global lumbar disc replacement device market can be classified into hospitals and ambulatory surgical centers
- Hospitals was a prominent segment of the global market, in terms of revenue, in 2019. The trend is projected to continue during the forecast period. This can be attributed to strong product penetration and increase in number of surgical procedures in hospital settings. Furthermore, adoption of new and advanced technologies by hospitals is expected to drive the segment during the forecast period.
To understand how our report can bring difference to your business strategy, Ask for a brochure
North America to Dominate Global Lumbar Disc Replacement Device Market
- In terms of region, the global lumbar disc replacement device market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global lumbar disc replacement device market in 2019, and the trend is anticipated to continue during the forecast period. The region’s dominance can be attributed to an increase in people with lower back pain, presence of major players, and well-established healthcare system. According to American Chiropractic Association, around 80% of the U.S. population is likely to experience back pain at some time in their lives.
- The lumbar disc replacement device market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to an increase in the rate of adoption of new products and a rise in the demand for lumbar disc replacement device in emerging countries such as India and China
Key Players Operating in Global Lumbar Disc Replacement Device Market
The global lumbar disc replacement device market was highly fragmented in 2019. Key players operating in the global market are:
- Zimmer Biomet
- B. Braun Melsungen AG
- DePuy Synthes (Johnson & Johnson)
- Stryker Corporation
- Medtronic plc
- NuVasive Inc
- Paradigm Spine LLC
Global Lumbar Disc Replacement Device Market: Research Scope
- Lumbar Disc Replacement Device Market, by Material
Global Lumbar Disc Replacement Device Market, by End-user
- Ambulatory Surgical Centers
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.