The global electric vehicle charging infrastructure market plays a significant role in encouraging the adoption of electric vehicles. Electric vehicle charging infrastructure includes AC and DC chargers installed at public, private and commercial locations that enable electric vehicle owners to charge their vehicles. The increasing EV demand coupled with supportive government policies and investments are fueling the deployment of EV charging infrastructure across major cities and highways. Cervical traction collars provide gentle traction and support to the cervical spine and neck. They aid in relieving neck pain, stiffness, and discomfort caused by herniated discs, degenerative disc disease, pinched nerves and other cervical issues.
The global Cervical Traction Collars Market is estimated to be valued at US$ 1.32 billion in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
With rising awareness about benefits of cervical traction collars, their demand is expected to increase significantly over the forecast period. Ease of use, ability to avoid immobilization, and provision of instant pain relief without any side effects are major advantages propelling the adoption of cervical traction collars. Furthermore, growing geriatric population prone to neck injuries and cervical issues will further drive the market growth. Technologies innovations leading to development of advanced cervical traction collars with enhanced comfort, traction control, and monitoring systems will provide lucrative business opportunities for market players.
Porter's Analysis
Threat of new entrants: Low, the cervical traction collars market requires huge funding to develop treatment care facilities, medical devices and obtain regulatory approvals, making it difficult for new players to enter.
Bargaining power of buyers: High, there are a few existing players and low differentiation between brands. Buyers can negotiate on prices.
Bargaining power of suppliers: Low, there is a large number of raw material suppliers for cervical collars like plastic, foam and fabrics. Switching costs are low.
Threat of new substitutes: Low, other treatments like physiotherapy require time and alternative devices are not as effective.
Competitive rivalry: High, existing players compete on innovation, pricing and contracts with hospitals & care providers.
SWOT Analysis
Strengths: Growing geriatric population susceptible to cervical pain and injuries. Rising awareness about neck pain treatment and management.
Weaknesses: High costs of advanced collars limiting adoption in developing nations. Lack of trained medical professionals in rural areas for proper fitting.
Opportunities: Untapped potential in emerging Asian and Latin American markets. Growing demand for customizable and self-fitting collars online.
Threats: Alternative non-invasive therapies and exercise regimes gaining popularity. Reimbursement issues and regulatory compliance adds to business costs.
Key Takeaways
The Global Cervical Traction Collars Market Size is expected to witness high growth supported by rising incidence of cervical spondylosis and disc injuries worldwide. The global Cervical Traction Collars Market is estimated to be valued at US$ 1.32 billion in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030.
North America currently dominates led by advanced healthcare system and availability of innovative products in the US and Canada. However, Asia Pacific is emerging as the fastest growing regional market with countries like China, India expanding insurance coverage and improving medical infrastructure. Rising elderly population, growing medical tourism and expanding healthcare budgets are driving the APAC cervical collars market. China leads the region accounting for over 30% revenue share supported by presence of major local players and increasing prominence of traditional Chinese medicine. Other high potential markets include India, South Korea and Vietnam.
Key players operating in the global cervical traction collars market are Ossur, Aspen Medical, Bauerfeind, OttoBock, Bird & Cronin, DJO, Medi, Orthoservice, Breg, Thuasne, and Trulife. These players are focusing on new product development, partnerships and geographical expansion to gain market share.
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