Pedicle screw systems market is expected to reach USD 0.81 Billion at CAGR of 6.05 % during the forecast period of 2023 to 2032.
Pedicle screw system are used in spinal surgery to stop the pain caused by joints owing to disease. The placement of the pedicle screw is independent of the laminar integrity and extends its application to a different level of spinal pathologies such as degenerative, oncological, degenerative and deformity correction.
The increasing incidences of spinal cord injuries, spinal deformities, degenerative spinal disorders, and rising geriatric population are the major factors driving the growth of the global pedicle screw system market. Additionally, increasing research and development spending by the top players are fueling the growth of the market during forecast period. For instance, according to report published by Iranian Journal of Neurosurgery, in 2016, prevalence of traumatic spinal cord injuries in Tehran ranged from 1.2 to 11.4 per 10,000 people. Also, according to the report published by The International Spinal Cord Injury (InSCI), in 2017, each year around 12,500 new cases of spinal cord injuries occur in United States.
Major Key Players:
Some of the key players in the global Pedicle Screw Systems Market Players are Globus Medical, Inc., K2M Group Holdings, Inc., Medtronic PLC, Nvision Biomedical Technologies, LLC., Alphatec Spine, Inc., Amedica Corporation, B. Braun Melsungen AG, Depuy Synthes, Orthofix International N.V., RTI Surgical, Inc., SeaSpine, Stryker Corporation, Zimmer Biomet Holdings, Inc.
Segment Analysis
The Global Pedicle Screw System Market has been segmented on the basis of surgery type, product type, indication, application, and end user.
On the basis of surgery type, the market has been classified as open surgery and minimally invasive surgery. The market, by product type, has been segmented into polyaxial pedicle screw systems, monoaxial pedicle screw systems, stryker pedicle screw and others. Based on indication, the market has been segmented into spinal degeneration, spinal trauma, spinal deformities, and others. The market, by application, has been segmented into thoracolumbar fusion and spinal cervical fusion. On the basis of end user, the market has been classified as hospitals and clinics, research organization and academic institute, and others. On the basis of product type, polyaxial pedicle screw systems segment is likely to hold the largest market share of the pedicle screw systems market. Also, minimally invasive surgery to register the significant growth rate in the global pedicle screw systems market during the forecast period.
Regional Analysis
Based on the region, the global pedicle screw systems market is segmented into North America, Europe, the Middle East and Africa, and Asia Pacific.
The Americas (North America and Latin America) is assessed as the largest region in the global market for pedicle screw systems. The region also accounts for the largest market share, owing to the rising prevalence of spinal disorders caused by the sedentary lifestyle of the working populace and rise in the geriatric population. The established healthcare sector, early adoption of advanced technologies, along with a steady flow of investments, has led to several product upgradations. These favorable conditions are expected to fuel market growth over the review period.
Europe is the second-largest region for the global pedicle screw systems market and is expected to register a substantial market share over the evaluation period. The growth of the region is attributed to the financial support offered by governments towards research and development, which consequently leads to improved products, and market growth.
The Asia Pacific is assessed as the fastest-growing region in the global pedicle screw systems market. This exponential growth is attributed to the growing cases of orthopedic surgeries, and the large patient populace in developing countries such as India, and China, among others. Moreover, the adoption of advanced technologies and increasing government initiatives towards the enhancement of the healthcare sector offers a vast scope of growth opportunities for the global pedicle screws market over the review period.
The Middle East and African market for pedicle screw systems are expected to register the smallest market share over the evaluation period. This is due to the weak healthcare sector, poor technological penetration, and a lack of skilled medical workforce in Africa. On the other hand, government efforts towards the advancement of the healthcare sector are expected to contribute to the gradual growth. Moreover, there is an increase in medical infrastructural development activities in Middle Eastern developing countries such as the United Arab Emirates (UAE), Saudi Arabia, and Kuwait, which is likely to fuel the market growth from this region.
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