The global cervical collars market is set to chart a steady CAGR (Compound Annual Growth Rate) of about 5% between 2019 and 2023, creating lucrative growth opportunities, for market players to tap into. And, it will also contribute to increase in market worth in the stated period.
A number of factors are leading to the growth of this market. The prominent among them is the rise of geriatric population, people aged 65 and above. This demographic will see a steep rise. By 2050, one in six people in the world would occupy this age bracket. The ratio would be more pronounced in regions of North America and Europe, where it will be one is to four.
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It is also worth noting here that in the year 2018, history was created in terms of demographic shift. For the first time in the history of mankind did the number of geriatrics crosses the number of people in the age bracket of five and below.
To add to this, there is the issue of change in lifestyle which is leading to issue related to neck and spine. As work days have gotten longer, so have issue with neck gotten more pronounced, particularly for people who are chained to desks for long stretches of time and those who work on the computer for longer periods. An extension of the same factor is the lack of exercise, which makes neck and spine susceptible to pain and associated issues, leading to higher growth in the global cervical collars market.
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The fairly fragmented market landscape of cervical collars includes the following as prominent players – Ambu AS, Aspen Medical Products, Biomatrix Srl, Colfax Corp., Dynatronics Corp., Laerdal Medical, Me.Ber. Srl Unipersonale, Oscar Boscarol Srl Össur hf, Thuasne Group, and Tynor Orthotics Pvt. Ltd, among many others.