Cervical traction collars are neck braces used to apply gentle force to the cervical region of the spine for therapeutic purposes. They are effective for initial treatment of neck pain, strains, and herniated discs by decompressing the spine and reducing nerve root impingement. Cervical traction collars provide favorable outcomes for patients by relieving pain and reducing pressure on cervical discs without surgery.
The global Cervical Traction Collars Market is estimated to be valued at US$ 2.53 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
According to the American Association of Neurological Surgeons, over 1 million surgeries are performed each year in the US to treat herniated discs. Cervical traction provided by collars has proven effective in addressing herniated discs non-invasively by decompressing the spine. This is expected to drive higher demand and adoption of cervical traction collars for initial treatment of herniated discs, especially among individuals not opting for or not eligible for surgery, thereby supporting market growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: The global cervical traction collars market has a moderate threat of new entrants due to the established brand presence of key players and requirements for extensive research and development.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiation in products offered by manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials and parts.
Threat of new substitutes: The threat of new substitutes is moderate as alternative treatment options are available.
Competitive rivalry: The market is highly competitive due to the presence of established brands.
SWOT Analysis:
Strengths: Cervical traction collars provide non-invasive pain relief and accelerate healing. They are portable and easy to use.
Weaknesses: Prolonged use can cause skin irritation. Some patients find them uncomfortable.
Opportunities: Rising geriatric population suffering from neck pain and injuries increases market potential. Technological advances can enhance product efficacy.
Threats: Alternative treatment options like medications, physiotherapy pose competition. Economic downturns may reduce discretionary spend on such devices.
Key Takeaways:
The Global Cervical Traction Collars Market Demand is expected to witness high growth over the forecast period due to the growing geriatric population and rising prevalence of musculoskeletal disorders. The Asia Pacific region holds significant growth potential due to the increasing healthcare expenditure and large patient pool in major markets like China and India.
Regional analysis: North America currently dominates the global cervical traction collars market owing to rising health awareness and availability of advanced healthcare facilities. Asia Pacific is anticipated to be the fastest growing region over the forecast period supported by improving access to healthcare and a surge in medical tourism in countries like India, China, and Singapore.
Key players: Key players operating in the global cervical traction collars market are Shaanxi Undersun Biomedtech Co., Ltd., Tocris Bioscience (Bio-Techne Corporation), BioOrigin, Nature’s Sunshine Products, Inc., Organic Herb Inc., Damin Foodstuff (Zhangzhou) Co., Ltd., Nutra Green Biotechnology Co., Ltd., Xian Yuensun Biological Technology Co., Ltd., Guangxi Yiyuan Biotechnology Co., Ltd., Changsha Heking Bio-Tech Co., Ltd., Hangzhou Botanical Technology Co., Ltd., Novoherb Technologies, Jiangsu Changhai Food Additive Co., Ltd., Xian Sost Biological Science & Technology Co., Ltd., Xi’an Plant Bio-Engineering Co., Ltd.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
