New Jersey, NJ, Sept. 03, 2019 (GLOBE NEWSWIRE) -- The key contributing factors for the market growth are rising investment for the development of new products, increasing occurrences of arthritis and spinal injuries, rising geriatric population, and growing preference for minimally invasive surgeries. The global pedicle screw system market is expected to grow from USD 551.34 million in 2017 to USD 811.58 million by 2025, at a CAGR of 21.61% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Pedicle screw system are the devices used in spinal surgeries to stop joints pain. These screws are corrosion resistant and are compatible with magnetic resonance imaging (MRI). In addition, pedicle screw system are designed to control motion as well as load bearing of the motion to treat back pain. For instance, in 2017, DePuy Synthes launched Purevue visualization system imaging platform applicable for the usage in minimally invasive surgery procedures.
Rising investment for the development of new products, increasing occurrences of arthritis and spinal injuries, and rising geriatric population are the key driving factors for the pedicle screw system market. In addition, growing preference for minimally invasive surgeries will lead to the growth of pedicle screw system market in a couple of years. The emerging economies and time-consuming approval process may limit the growth of market. However, increase in healthcare expenditure and growth in disposable income is expected to boost the pedicle screw system market over the forecast period.
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Key players operating in the global pedicle screw system market are Zimmer Biomet, B. Braun, Stryker, Inc., Orthopedic Implant Company, CTL Medical Corporation, LDR Holding Corporation, X-spine Systems, Synthes Spine, KM Group Holdings, Orthofix International N. V., Stryker Corporation, Pioneer Surgical Technology Spine, Globus Medical, Depuy Synthes, Z-medical GmbH + Co. KG, Alphatec Spine, Aesculap Implant Systems, LLC, Auxein Medical, Bio-Spine Corp., Applied Spine Technologies, RTI Surgical, K2M, Exactech, ArthroCare Corporation, Ulrich GmbH & Co, and Medtronic Sofamor Danek. The Globus Medical, DePuy Synthes, Zimmer Biomet, B. Braun, Stryker, and Medtronic are the top leading players of the market. In order to enhance their market position in the global pedicle screw system market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in June 2019, icotec AG, a Swiss company announced that its VADER®one pedicle screw system has obtained the U.S. Food and Drug Administration (FDA) 510(k) clearance for both minimally-invasive and open spine surgical procedures. VADER®one, made from icotec's unique BlackArmor® material, was designed for secure stabilization and post-operative visualization, which is important after spinal tumor procedures.
- For instance, in 2017, Wenzel Spine acquired OsteoMed, LLC’s PrimaLOK™ SP Interspinous Fusion System and PrimaLOK™ FF Facet Fixation System. PrimaLOK SP & FF platforms include a polyaxial interspinous process device and percutaneous facet screw system designed for MIS applications in treatment of lumbar spinal disorders.
- For instance, in 2016, Smith & Nephew signed distribution agreement with OrthAlign Inc. to distribute Smith & Nephew’s KneeAlign product in Asia, Africa, Middle East, Australia and New Zealand based countries.
Open surgery based segment valued around USD 309.74 million in 2017
Surgery type segment is divided into open surgery and minimal invasive surgery. Open surgery segment valued around USD 309.74 million in 2017 owing to increasing geriatric population and growing occurrences of spinal deformities. Open surgery is the traditional type of surgery in which an incision is made using a scalpel whereas the minimally invasive surgery are associated with less pain, a shorter hospital stay and fewer complications.
Polyaxial pedicle screw systems segment held the largest market share of 53.42% in 2017
Product segment includes polyaxial pedicle screw systems, monoaxial pedicle screw systems, and other. Polyaxial pedicle screw systems segment held the largest market share of 53.42% in 2017 due to growing occurrence of spinal cord injuries. These systems are intended to provide immobilization and stabilization of spinal segments in skeletally mature patients. The monoaxial pedicle screw systems provide surgeons greater flexibility in the treatment of various posterior and non-cervical fixation procedures.
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Thoracolumbar fusion segment is anticipated to grow with highest CAGR 5.49% during the forecast period.
Application segment is categorized into thoracolumbar fusion and cervical fusion. Thoracolumbar fusion segment is anticipated to grow with the highest CAGR of 5.49% during the forecast period. This is attributable to increasing incidences of lumbar degenerative disc diseases and the launch of new products.
Regional Segment Analysis of the Pedicle Screw System Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global pedicle screw system market with USD 205.04 million in 2017 where as the Europe region held the second dominant position in the market. North America region is leading the market due to factors such as rising geriatric population, increasing incidence of spinal disorder, and increasing orthopedic joint replacement surgery. Asia Pacific is the second fastest growing region due to the increasing number of orthopedic surgeries and preference to the minimally invasive surgeries.
About the report:
The global pedicle screw system market is analysed on the basis of value (USD Million), volume (‘000 Units), consumption (‘000 Units), imports (‘000 Units) and exports (‘000 Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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