by Cervical spondylosis is a degenerative condition that affects the spinal discs between the vertebrae in the neck. Some common symptoms include neck pain, headaches, pain in shoulders, arms and hands. Cervical spondylosis treatment involves non-surgical and surgical approaches based on the severity of symptoms. Non-surgical treatments include pain medications, physical therapy, cervical collar and epidural steroid injections. In cases of severe spinal cord or nerve compression, surgical treatments like discectomy, laminectomy or spinal fusion are recommended. Several novel drug therapies based on biochemical pathways involved in neck pain are under clinical trials that may provide relief without surgery.
The global Cervical Spondylosis Treatment Market is estimated to be valued at US$ 7.5 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the major trends witnessed in the global cervical spondylosis treatment market is the growing demand for minimally invasive surgical procedures. Recent advancements have led to development of microsurgical techniques like articular facet drilling, foramenotomy and percutaneous disc decompression which offer various advantages over open surgery such as lesser trauma, reduced hospital stay and faster recovery. These procedures involve using specialized equipment like endoscopes, micro-osteotomes and surgical drills through small incisions. Growing awareness about minimally invasive surgeries amongst physicians and patients is expected to drive the adoption of these techniques thereby supporting market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Low – It requires significant investments to establish manufacturing infrastructure for drugs and other medical devices for cervical spondylosis treatment. This acts as a barrier for new players.
Bargaining power of buyers: Moderate – The presence of several established brands provides buyers with opportunities to negotiate on price however, the need for effective treatments limits their power.
Bargaining power of suppliers: Moderate – Key raw material suppliers possess bargaining power due to their specialized expertise however, the threat of forward integration restricts the exercise of power.
Threat of new substitutes: Low – Limited substitutes are available for drug-based and device-based treatment options for cervical spondylosis.
Competitive rivalry: High – The market is highly fragmented with many global and local players offering generic and branded treatment options. Players compete based on product features, pricing, and marketing.
Key Takeaways
The global Cervical Spondylosis Treatment Market Demand is expected to witness high growth over the forecast period. The global Cervical Spondylosis Treatment Market is estimated to be valued at US$ 7.5 billion in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
The North American region currently dominates the market due to the high incidence of cervical spondylosis and favorable reimbursement scenario in the region. Asia Pacific is poised to grow at the fastest pace during the forecast period. Factors such as increasing healthcare expenditure, growing geriatric population, and improving medical facilities in emerging countries like China and India will support the growth of the cervical spondylosis treatment market.
Key players – Key players operating in the cervical spondylosis treatment are Pfizer, Johnson & Johnson, Bayer, Allergan, Sanofi. Players are focusing on new product launches, collaborations, and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
