Cervical Retractors Market to reach US$ 352.91 Mn by 2028 COVID-19 Impact and Global Analysis By The Insight Partners
According to the latest study on “Cervical Retractors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, and End User,” the market was valued at US$ 200.54 million in 2021 and is projected to reach US$ 1,749.60 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth.
Geriatric population is defined as a group of people with age 65 and above. Surge in aging population is poised to one of the most significant causes of social transformations in the 21st century. As per the data published by the United Nations, the world had ~962 million people with age 60 or above in 2017, which was 13% of the global population in that year. Further, this population is estimated to grow at a rate of 3% every year. At present, Europe and Asia Pacific have the highest population of age 60 and above. The elderly population in the world is projected to reach ~1.4 billion, ~2.1 billion, and ~3.1 billion by 2030, 2050, and 2100. Aging is lisnked with various chronic diseases. Spinal conditions are the most common conditions observed in older adults, affecting 5–55% of people with age 55 and above. These medical conditions are associated with a high risk for adverse outcomes such as mortality, disability, institutionalization, and hospitalization. Overall trends regarding the number of cervical spine procedures are increasing due to many factors, chief of which is an aging population. Hence, with the growing geriatric population and rise in prevalence of associated cervical pain, the cervical retractors market is witnessing significant growth.
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Aesculap Implant Systems, LLC; TeDan Surgical Innovations; Medfix International, LLC; Globus Medical, Inc.; NSI Health Systems; Thompson Surgical; Novo Surgical, Inc.; Life Spine; and Rudolf Storz GmbH are among the prominent players operating in the cervical retractors market.
These companies are adopting partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in September 2018, 4WEB Medical, announced at the North American Spine Society (NASS) Annual Meeting that the company has entered into an exclusive partnership with both TeDan Surgical Innovations and Lattus Spine, LLC to market a turnkey, best in class, Total Lateral Solution.
Cervical degenerative disc disease is not technically a disease, but rather a description of the degenerative process that discs located in the cervical spine go through. Essentially all people who live long enough will develop degenerated discs.
Different studies suggest that many adults show no symptoms of degenerative disc disease, even though a high percentage of them still experience the signs of disc degeneration on the spine, in on an MRI. According to one of the studies, ~50% of people start showing some signs of disc degeneration in an MRI by their early 20s. Another study found ~75% of people under age 50 have disc degeneration, while more than 90% of people with age 50 have the degenerative disc disease. While nearly everyone eventually gets cervical degenerative disc disease with age, and factors such as genetics, obesity, and smoking accelerate the process of developing this disease, so that the people become symptomatic sooner. The prevalence of obesity is high, exceeding 30% of the population in the US. The number of cervical spine surgeries has increased significantly in the last decade; it reached 36,441 in 2011 (P<0.001) from 27,445 in 2002, with anterior cervical fusions being the most common type (84%).
Based on end user, the global cervical retractors market is segmented into hospital, clinic, and others. The hospital segment held the largest share of the market in 2021, and it is expected to register the highest CAGR during the forecast period. For instance, hospital is a complex- organization and an institute that provides health to people through complicated but specialized scientific equipment and trained staff educated in the problems of modern medical science. Internal fixation of the spine or other surgical procedures requires shorter or more extended hospital stays, enables patients to return to function earlier, and reduces post-surgical complications. The hospitals are equipped with all the surgical procedures related to the neck. The hospitals' spending capability has increased due to the rising healthcare expenditures by the government, and the private sector hospitals are expected to support the segment growth.
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