According to a recent market study by Future Market Insights (FMI), the global pedicle screw system market is set to experience substantial growth over the coming years. Valued at USD 4.71 billion in 2022, the market is projected to reach USD 6.46 billion by 2029, reflecting a compound annual growth rate (CAGR) of 4.6% during the forecast period.
Pedicle screw systems, essential components in spinal surgeries, have gained significant traction due to their effectiveness in stabilizing the spine and enhancing patient outcomes. The increasing prevalence of spinal disorders, coupled with advancements in surgical techniques, is driving the market’s upward trajectory.
Future Market Insights’ analysis attributes this growth to several key factors, including the rising geriatric population, advancements in minimally invasive surgical procedures, and growing awareness of spinal health. The development of bioresorbable screws and enhanced imaging techniques further bolsters the market, allowing for more precise and effective surgeries.
“Pedicle screw systems have become a vital tool in spinal surgeries, offering solutions that improve both patient recovery and surgical outcomes,” an FMI commented. “The continuous demand for innovative spinal solutions, paired with advancements in technology, is fueling the market’s growth. We anticipate these developments will contribute significantly to the global expansion of this market in the coming years.”
Key market players are focusing on expanding their product portfolios and enhancing research and development efforts to address the evolving needs of the healthcare industry. Additionally, strategic partnerships, mergers, and acquisitions are expected to shape the competitive landscape, driving further innovations and market consolidation.
As the market evolves, FMI projects that technological innovations, coupled with the increasing global demand for spinal solutions, will play a pivotal role in sustaining the market’s growth momentum.
Key Takeaways:
- The pedicle screw system market experienced steady growth with a CAGR of 4.4% between 2014 and 2021.
- It represented approximately 10.4% of the orthopedic implant market in 2021, equating to around USD 4.5 billion.
- The global market is expected to reach USD 6.46 billion by 2029, driven by a projected CAGR of 4.6%.
- The US leads the market due to its aging population and the increasing use of pedicle screws for spinal disorders.
- Germany dominates the European market, supported by a high prevalence of spinal disorders, trends towards minimally invasive surgeries, and government support for development.
- China is anticipated to exhibit the fastest growth, with a CAGR of 9.6%, driven by increased healthcare spending, a growing elderly population, and rising demand for spinal treatments.
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Competitive Landscape:
Key players in the pedicle screw systems market include Medtronic plc, Aesculap Implant Systems LLC, Alphatec Holdings Inc., DePuy Synthes Inc., Evolution Spine LLC, Exactech Inc., Globus Medical Inc., Implanet SA, Life Spine Inc., NuVasive Inc., Orthofix Inc., Qualgenix LLC, RTI Surgical Inc., Solco Biomedical Co Ltd., Stryker Corp, and Synthes Inc. These companies are focusing on product innovations, regulatory approvals, and strategic expansions to maintain competitive advantage.
Recent developments include:
- September 2021: Intelivation Technologies received FDA 510(k) Clearance for its Golden Isles Pedicle Screw System™.
- June 2021: Neo Medical obtained FDA 510(k) clearance for its pedicle screw system for late-stage tumor indications, in combination with BonOs Inject cement from OSARTIS.
- September 2019: Stryker announced its definitive agreement to acquire Mobius Imaging & Cardan Robotics.
Market Segmentation:
- By Product: Cervical Pedicle Screw Systems, Thoraco-Lumbar Pedicle Screw Systems
- By Material: Stainless Steel, Titanium Alloys, Unalloyed Titanium
- By Application: Spondylolisthesis, Fracture, Scoliosis, Spinal Tumor, Failed Fusion, Others
- By Level of Surgery: One-level, Two-level, Three-level, Four-level and higher Pedicle Screw Systems
- By End-User: Hospitals, Ambulatory Surgery Centers, Specialized Clinics
- By Region: North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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