The pharmaceutical industry is making use of AI for discovering new-fangled drugs. January 2020 witnessed the invention of the very first drug molecule using AI, whose patent lay with Japanese and British scientists. The medicine is being used for treating OCD (obsessive-compulsive disorder). Likewise, several promising formulas are being discovered as an outcome of AI-enabled lab experimenting. This would how the Artificial Disc Replacement Market looks in the near future.
The global Artificial Disc Replacement market will reach US$ 1,546.1 Mn by 2029 – says PMR, a well-known name in market research.
The current scenario is such that the North American market is projected to claim a massive share of the Artificial Disc Replacement market and the scenario is expected to remain the same in the near future because of its aging population and higher success rate of artificial disc replacements. In 2019, North America alone held more than 50% of total artificial disc replacement market share and is estimated to show significant growth over the forecast period.
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Company Profiles:
- Zimmer Biomet Holdings. Inc.
- Medtronic Plc.
- B. Braun Melsungen AG
- Johnson and Johnson (DePuy Synthes)
- Medicrea International
- Orthofix Holdings, Inc.
- NuVasive, Inc.
- Globus Medical Inc.
- Stryker Corporation (K2M Group Holdings, Inc.)
- Alphatec Spine, Inc.
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This trend is, by all means, favoring the Artificial Disc Replacement market growth. North America will scale greater heights in the Artificial Disc Replacement market because of the rising healthcare expenditures and the existence of well-established healthcare infrastructure.
Europe and Asia Pacific region is also expected to provide huge market opportunities due to the increase in the musculoskeletal diseases in the region owing to the growing geriatric population. Countries like China and India are regarded as significantly rising markets due to their improving healthcare systems, increased awareness, and demand for technologically advanced artificial spine discs due to increasing instances of spine surgeries.
The COVID-19 pandemic did stall the entire healthcare vertical in wake of the healthcare personnel shifting their focus on mitigating Covid-19. However, the scenario has improved after September 2021.
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PMR has presented a comprehensive report based on artificial disc replacement market as per indication (Cervical and Lumbar) based on seven regions.
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