Global Pedicle Screw System Market is expected to grow at a CAGR of 21.61% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Pedicle Screw System Market by Product (Polyaxial Pedicle Screw Systems, Monoaxial Pedicle Screw Systems, Other), Surgery Type, Indication, Application (Thoracolumbar Fusion, Cervical Fusion), Region and Global Forecast 2018-2025.
As per the report, 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 from 2018-2025. 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.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Prominent companies in the industry include 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, Medtronic Sofamor Danek, and Medtronic are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. 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.
Product segment includes polyaxial pedicle screw systems, monoaxial pedicle screw systems, and other. Polyaxial pedicle screw systems segment dominated the pedicle screw system market with the market size of USD 294.53 million in 2017 due to growing occurrence of spinal cord injuries. Surgery type segment is divided into open surgery and minimal invasive surgery. Open surgery segment held highest market share of 56.18% in 2017 owing to increasing geriatric population and growing occurrences of spinal deformities. Indication segment is segmented into spinal degeneration, spinal trauma injuries, spinal deformities, and other. Spinal degeneration segment is anticipated to grow with highest CAGR 5.81% during the forecast period owing to swelling incidence of degenerative spinal disorders. Application segment is categorized into thoracolumbar fusion and cervical fusion. Thoracolumbar fusion segment is expected to hold the largest share of 54.01% during the forecast period. This is attributable to increasing incidences of lumbar degenerative disc diseases and the launch of new products.
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 the growth of pedicle screw system market in 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.
About the report:
The global pedicle screw system market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an 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, and competitor position grid analysis.
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