Slip Disc Market to Witness Increase in Revenues by 2023

 

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.

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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.

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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.