Pedicle Screw Systems Market Highlight —
According to Market Research Future (MRFR), the global pedicle screw systems market is slated to record a substantial market valuation at a steady 6.3% CAGR over the review period (2018-2023).
Several factors that are influencing the market growth of the global pedicle screw systems over the forecast period are the increasing prevalence of arthritis and spinal cord injuries, and the growing consumer preference for minimally invasive surgeries. Additionally, the rising geriatric population is also projected to contribute significantly to the global demand for pedicle screw systems. Leading market players are likely to increase their investment towards research and development activities to enhance their business strategies and launching innovative products.
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On the other hand, the high costs associated with pedicle screw systems, slow product approval procedures, and stringent regulations are predicted to hinder the growth of the global pedicle screw systems market over the evaluation period.
The global market for pedicle screw systems is segmented based on surgery type, product type, indication, application, and end-user.
Based on surgery type, the market for pedicle screw systems has been bifurcated into open surgery and minimally invasive surgery. The minimally invasive surgery segment is likely to register the highest growth rate over the assessment period, owing to the higher consumer preference.
Types of products available in the market are monoaxial pedicle screw systems, polyaxial pedicle screw systems, and others. The polyaxial pedicle screw systems segment is anticipated to account for the largest market share.
Based on indication, the market for pedicle screw systems is segmented into spinal deformities, spinal degeneration, spinal trauma, and others.
The applications of pedicle screw systems are thoracolumbar fusion and spinal cervical fusion.
The end-users operating in the market are hospitals and clinics, and research organization and academic institute, and others.
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.
The key market players identified by MRFR in the global pedicle screw systems market are Amedica Corporation, Alphatec Spine, Inc., B. Braun Melsungen AG, Globus Medical, Inc., Medtronic PLC, K2M Group Holdings, Inc., Nvision Biomedical Technologies, LLC., Depuy Synthes, Orthofix International N.V., RTI Surgical, Inc., Stryker Corporation, SeaSpine, Zimmer Biomet Holdings, Inc.
July 2019 – Icotec AG, a Swiss medical device company, announced that the U.S. Food and Drug Administration (FDA) approved the new product, VADERone pedicle screw system, used for open spine and minimally-invasive surgeries.
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