The increasing prevalence of degenerative disc disease (DDD) among the elderly population and the innovations in imaging technology & surgical tools are projected to drive the global degenerative disc disease treatment market’s growth during the forecast period. The North America region is predicted to witness prominent growth by 2032.
PORTLAND, Ore. , May 23, 2024 /PRNewswire/ — Allied Market Research has recently published a report, titled, “Degenerative Disc Disease Treatment Market Size, Share, Competitive Landscape and Trend Analysis Report by Drugs, By Treatment Type, By End Use, By Route of Administration : Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global degenerative disc disease treatment market generated $28 billion in 2022, and is anticipated to generate $46.2 billion by 2032, rising at a CAGR of 5.5% from 2023 to 2032.
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Prime Determinants of Growth
The increasing prevalence of degenerative disc disease (DDD) among the aging population, growing awareness about spine health and available treatment options, and the innovations in imaging technology & surgical tools are the factors expected to drive the growth of the global degenerative disc disease treatment market in the forecast period from 2023 to 2032. However, the increasing availability of various alternative treatment and pain management methods for degenerative disc disease may restrict market growth in the coming future. Contrarily, technological innovations in medical technology, such as robotics, 3D printing, and advanced imaging techniques is expected to offer remunerative opportunities for the degenerative disc disease treatment market expansion during the forecast period.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$28 billion |
|
Market Size in 2032 |
$46.2 billion |
|
CAGR |
5.5 % |
|
No. of Pages in Report |
320 |
|
Segments covered |
Drugs, Treatment Type, Route of Administration, End Use, and Region |
|
Drivers |
Increasing awareness about spine health and available treatment options Rising demand for minimally invasive procedures Growing prevalence of degenerative disc disease |
|
Opportunities |
Advancements in medical technology Ongoing research & development |
|
Restraints |
Availability of various alternative treatment and pain management methods |
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Drugs: NSAIDs (Non-Steroidal Anti-Inflammatory Drugs) Sub-segment to be the Most Dominant by 2032
The NSAIDs (non-steroid anti-inflammatory drugs) sub-segment accounted for the largest global degenerative disc disease treatment market share of 35.1% in 2022 and is expected to hold major share and rise at a CAGR of 6.2% during the forecast period. NSAIDs’ effectiveness in reducing pain, inflammation, and fever, their over-the-counter availability, and their ability to address multiple symptoms simultaneously drive their widespread use for various conditions like arthritis and minor ailments, which is driving the sub-segment’s growth. In addition, NSAIDs are a popular choice for self-medication.
Treatment Type: Physical Therapy Sub-segment to Flourish Immensely During the Forecast Period
The physical therapy sub-segment held the largest market share of 30.6% in 2022 and is predicted to grow at the highest CAGR of 6.5% during the forecast period. This dominant growth can be attributed to physical therapy’s non-invasive nature, its proven effectiveness in reducing pain and improving mobility, and its use of therapeutic exercises and modalities like ultrasound and electrical stimulation make it a preferred treatment for degenerative disc disease. This approach appeals to both patients and healthcare providers seeking conservative management options.
Route of Administration: Oral Sub-segment to Witness Dominant Growth by 2032
The oral control sub-segment accounted for the largest global degenerative disc disease treatment market share of 65.5% in 2022 and is expected to be most dominant by growing at the highest CAGR of 6.0% during the forecast period. This is mainly because oral medications for degenerative disc disease, such as NSAIDs, muscle relaxants, and analgesics, offer convenience and ease of administration, making them preferred by patients and healthcare providers. Their availability over-the-counter or with a prescription ensures accessibility in hospitals, clinics, and pharmacies, providing flexibility in managing the condition.
End Use: Hospitals Sub-segment to Thrive Significantly During the Forecast Period
The hospitals sub-segment held the largest market share of 45.5% in 2022 and is predicted to grow at the highest CAGR of 6.2% during the forecast period. This is mainly because specialized departments in hospitals dedicated to orthopedics, neurology, or spine care, equipped with advanced diagnostic tools and treatment modalities enable comprehensive care for patients with complex spinal conditions. This infrastructure drives hospitals to become preferred destinations for specialized treatment of degenerative disc disease.
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Region: North America Market to Hold Major Share by 2032
The North America degenerative disc disease treatment market accounted for the largest share of 34.1% in 2022 and is predicted to continue to hold major share by 2032. This is mainly due to the advancements in medical technology, rising healthcare expenditure, and increased patient awareness. Besides, the increasing prevalence of degenerative disc disease (DDD) attributed to aging populations and sedentary lifestyles is another factor driving the regional market growth.
Leading Players in the Degenerative Disc Disease Treatment Market:
- Eli Lilly and Company
- Spine BioPharma
- Novartis AG
- FibroGenesis
- Ferring B.V.
- Pfizer Inc.
- AstraZeneca Plc
- Medtronic plc
- DiscGenics, Inc.
- Braun Melsungen AG
The report provides a detailed analysis of the key players of the global degenerative disc disease treatment market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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