The pedicle screw systems market studied was anticipated to witness a CAGR of 6.5% during the forecast period. The major factors attributing to the growth of the market are the increased adoption of these devices in treating degenerative spinal disorders. A steep rise in the incidences of sports-related and spinal cord injury (SCI) and accidental fracture cases resulted in surgical procedures. According to the National Safety Council (NSC) report, in 2017, about 526,000 were diagnosed with sports and recreation-related injuries. The report states that damage to the vertebral column, extensive loss of sensory functions, or motor control of limbs occurs majorly in these traumas. Thus, the aforementioned factors are likely to fuel the growth of the pedicle screw systems market during the forecast period.
Key Market Trends
Minimal Invasive Surgery Products are Expected to Hold the Major Market Share in the Pedicle Screw Systems Market
The Minimal invasive surgery (MIS) segment is expected to account for the largest share over the forecast period. This can be owing to the rising adoption of MIS procedures, coupled with the application of technologically advanced robotic and image-guided (IG) surgeries. Increasing demand for robotic and IG surgeries can be attributed to the clear visualization of intraoperative patient data, and safety during critical spinal surgical procedures with tiny incisions, and safeguarding organs near the operative location. Thus, an increased preference among the surgeons and patients, higher availability in the market with the latest approvals are likely to further drive the segment throughout the forecast period.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the pedicle screw systems market throughout the forecast period. This dominance is mainly owing to the surging demand for with growing prevalence of spinal deformities, accidents, and geriatric population in the region. According to the National Spinal Cord Injury Database report for 2019, about 291,000 persons are estimated to live with SCI in the United States. Also, vehicular injuries were found to be the highest cause of the SCI, representing more than 39% of total SCI, which is driving the market in the region. Furthermore, adoption for MIS procedures with higher awareness and affordability due to disposable income in the United States fuels the market. Additionally, the high cost of the products is likely to contribute to the outstanding share of the region, propelling the global market revenue across the forecast period.
The pedicle screw systems market is moderately competitive and consists of several major players. Some prominent players that are currently dominating the market in terms of market share are acquiring the products, launching new products to consolidate their market positions across the globe. In 2017, DePuy Synthes launched cement-augmented pedicle screw systems, VIPER and EXPEDIUM designed for enhanced fixation in patients with advanced-stage spinal tumors. The launch of such advanced products is expected to have a positive impact on the global market revenue during the forecast period. Some of the companies which are currently dominating the market are Zimmer Biomet, Stryker Corporation, Globus Medical Inc., B. Braun Melsungen AG, and Johnson & Johnson.
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