According to Coherent Market Insights, the global lumbar disc replacement devices market is estimated to be valued at $740.3 million in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 13.5 percent to reach $2.044 billion by 2027.
 
The global lumbar disc replacement devices market is expected to witness significant growth over the forecast period, owing to rising prevalence of lumbar degenerative spine disease, across the globe. For instance, according to the National Center for Biotechnology Information report, around 266 million patients, globally were diagnosed with lumbar degenerative spine disease (DSD) in 2018. According to the same source, the highest and lowest estimated incidence were found in Europe (5.7 percent) and Africa (2.4 percent), respectively.
 
Furthermore, increasing adoption of innovative lumbar discs for artificial disc replacement surgery by patients of lumbar disc disorders is expected to boost growth of the lumbar disc replacement devices market over the forecast period. For instance, in July 2017, Spinal Kinetics Inc., the designer and manufacturer of innovative M6 artificial disc, announced that total implantations of the company’s M6-C Cervical and M6-L Lumbar discs exceeded 50,000 units’ sales in the international markets, where the M6 is commercially available.
 
Key players in the market are focusing on raising funds for the development of lumbar disc replacement devices to cater to increasing demand of lumbar disc replacement devices for patients with spinal diseases. For instance, in August 2018, Spinal Stabilization Technologies raised $11 million for its lumbar disc replacement device. The company is developing the PerQdisc device to treat degenerative disc disease of the lumbar spine in adults. The company needs more than $4 million to complete the ongoing developmental activities of PerQdisc device. The funding was raised from nine unnamed investors.
 
The global lumbar disc replacement devices market is expected to exhibit a CAGR of 13.5 percent during the forecast period (2019-2027), owing to new product approvals by the regulatory bodies in the market. For instance, in June 2015, B. Braun Medical Inc., a subsidiary of B. Braun Melsungen AG, received the U.S. Food and Drug Administration approval for its ActivL artificial disc, which is indicated for the treatment of 1-level lumbar degenerative disc disease.
 
Moreover, increasing clinical trials by research institutes of innovative products for the treatment of lumbar disc diseases is expected to drive growth of the lumbar disc replacement devices market over the forecast period. In May 2018, Second Affiliated Hospital of Wenzhou Medical University, Yuying Children's Hospital of Wenzhou Medical College & Zhejiang Provincial Yuying Hospital, China, collaboratively initiated a comparative clinical trial to evaluate the safety and efficacy of Cortical Bone Trajectory Screws versus traditional Pedicle Screws Fixation for the treatment of Intervertebral Disc Degeneration, Spinal Stenosis Lumbar, and Lumbar Disc Herniation. The study is estimated to complete in December 2021.
 
Key players operating in the global lumbar disc replacement devices market include AxioMed, Medtronic plc, B.Braun Melsungen, Stryker Corporation, DePuy Synthes, NuVasive Inc., Paradigm Spine LLC, and Zimmer Biomet Holdings Inc.