Pedicle screw systems are used in spinal surgery in the lumbar spine for more complex anatomy such as the thoracic and thoracolumbar level. Over the past few years, the pedicle screw system market is growing rapidly due to the rising prevalence of arthritis and increasing incidence of spinal cord injuries. Moreover, the increasing R&D expenditures and aggressive strategies adopted by the top players such as new product launches are escalating the market on the global platform.
Acknowledging the exponential traction, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global pedicle screw system market will reach USD 506.65 MN by 2023, registering approximately 6.3 % CAGR throughout the forecast period (2018–2023).
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Additional factors helping the market to boost further, include the increasing number of geriatric populaces and growing preference of minimally invasive surgeries. Moreover, accident and trauma cases along with hyper-obesity disorders drive the demand for pedicle screw systems, causing severe spinal injuries.
With the vast technological advancements that happened over the last decade, pedicle screw systems have undergone several bettering transformations, and with each innovation and bettering efforts, pedicle screw system market has garnered prominence & value, globally. Simultaneously, the increasing prevalence of conditions and disorders such as arthritis of the spine, scoliosis and other deformities of the spine has fostered the market growth.
On the other hand, factors such as the high cost associated with pedicle screw systems, delayed processes of product approval and stringent regulatory frameworks are expected to impede the growth of the market during the assessment period.
Global Pedicle Screw Systems Market – Segments
For enhanced understanding, the market has been segmented into six key dynamics: –
By Surgery Type : Open Surgery and Minimally Invasive Surgery
By Product Type : Polyaxial Pedicle Screw Systems and Monoaxial Pedicle Screw Systems among others.
By Indication : Spinal Degeneration, Spinal Trauma, and Spinal Deformities among others.
By Application : Thoracolumbar Fusion and Spinal Cervical Fusion among others.
By End-user : Hospitals & Clinics and Research Organization & Academic Institute among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Pedicle Screw Systems Market – Regional Analysis
The North American region, heading with the increasing number of populaces suffering from lumbar spine accounts for the leading market in the global pedicle screw systems. Countries like the U.S. and Canada, backed by substantial technological innovation and advancement in manufacturing processes, play a vital role in the growth of the regional market.
Factors such as the contribution of nanotechnology in the spinal care, rising prevalence of spinal disorders, increasing geriatric population, and the increase in FDA approvals, substantiate the growth of pedicle screws systems market in the region. Higher per capita healthcare expenditures and rising R&D funding to develop new techniques in spinal care are some of the major factors supporting the growth of the market in the region.
The pedicle screw systems market in the European region accounts for the second-largest market, globally. Factors such as the financial support from the government for research and development activities, the increasing geriatric population and the demand for pedicle screw systems in the treatment procedures of spinal disorders in the region drive the market growth.
The Asia Pacific pedicle screw systems market is emerging as a profitable market, globally. Rising cases of obesity disorders, increasing healthcare expenditure, increasing government funding, and the presence of a large number of patient population, along with the growing awareness about novel spine treatment techniques in the region are some of the key driving forces behind the growth of the regional market. Moreover, factors such as the rising number of orthopedic surgeries, rising investments in healthcare and expansions by market players, impact the market growth in the region, positively.
Key players leading the global pedicle screw systems market include Amedica Corporation, Alphatec Spine, Inc., B. Braun Melsungen AG, Globus Medical, Inc., Depuy Synthes, K2M Group Holdings, Inc., Nvision Biomedical Technologies, LLC., Medtronic PLC, Orthofix International N.V., SeaSpine, RTI Surgical, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc. among others.
Industry/ Innovation/ Related News:
March 06, 2019 ––– SpineGuard, S.A. (France), a leading global company developing and marketing the PediGuard probes for the enhancement of spine surgery such as the smart pedicle screw announced the receiving of the patent for its ultrasound mapping of the spine in France and Japan. This, as a result, strengthens the intellectual property portfolio of SpineGuard for 13 patent families.
The new utilization of ultrasound in surgical robotic platforms offers less dependence on X-Ray. France was the first to grant the patent followed by Japan which is 3rd largest spinal device market globally and an important market with manufacturers of ultrasound imaging platforms.
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