The major factors driving the growth of pedicle screw systems market are the increasing incidence of spinal cord injuries, the growing preference for minimally invasive surgeries, and a rising geriatric population.[110 Pages Report] The global pedicle screw systems market is expected to reach USD 724.23 million by 2023 from USD 538.64 million in 2018, at a CAGR of 6.1%. The base year for this study is 2017 and the forecast period is 2018–2023.
Top-down and bottom-up approaches are used to estimate and validate the size of pedicle screw systems industry and the size of various other dependent submarkets. The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation—by product type, surgery type, indication, and application) through percentage splits from secondary and primary research.
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By product type, the pedicle screw systems market is segmented into monoaxial, polyaxial, and other pedicle screw systems. In 2018, the polyaxial pedicle screw systems segment is estimated to command the largest share of the pedicle screw systems market. The large share of this segment can be attributed to the increasing incidences and prevalence of spinal cord injuries.
On the basis of surgery type, the pedicle screw systems market has been segmented into open surgery and minimally invasive surgery. The open surgery segment is expected to account for the largest share of the pedicle screw systems market in 2018. The large share of this segment can be attributed to the rising geriatric population and increasing incidence of spinal deformities.
Based on indication, the pedicle screw systems market has been segmented into spinal degeneration, spinal trauma, spine deformities, and other indications. In 2018, the spinal degeneration segment is projected to account for the largest share of the pedicle screw systems market. The increasing incidence of degenerative spinal disorders is the major driving factor for this market.
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Geographical growth scenario of Pedicle Screw Systems Market:
The market is dominated by North America, followed by Europe. North America will continue to dominate the market during the forecast period. The rising geriatric population and increasing incidence of spinal disorders in this region are the major factors supporting the growth of the pedicle screw systems market in North America.
Stringent regulatory frameworks and time-consuming product approval processes may hinder the growth of the pedicle screw systems market to a certain extent.
Leading market players and strategies adopted :
The major players in the pedicle screw systems market include Globus Medical (US), DePuy Synthes (US), Zimmer Biomet (US), B. Braun (US), Stryker (US), and Medtronic (Ireland).