Bone Screw System Market likely to grow at a CAGR of 6.4% through 2028, reaching US$ 1,963.9 Million
Future Market Insights tracks the performance of the global bone screw system market in a new publication titled “Bone Screw System Market: Global Industry Analysis 2013 – 2021 and Opportunity Assessment 2022 – 2028”. The bone screw system market is anticipated to record a year-over-year growth rate of 6.4% and reach a market value of US$ 1,963.9 Mn in 2028. Titanium will continue to account for the leading market revenue share by Material Type, accounting for 45.0% share of the global bone screw system market in 2022. In this report, the bone screw system market is segmented based on material type, patient anatomy, end user and region.
Bone Screw System Market: Segmental Insights
Lower extremity segment leads the market for bone screw system owing to increasing number of cases registered due to prolonged effects of osteoporosis among the mass population. In contrast, there are limited number of companies conducting research activities for introducing novel products in the market. In terms of revenues, the lower extremity segment is expected to account for the largest revenue share of 39.2% in 2022 and is expected to witness significant growth during the forecast period. This growth in the lower extremity segment is expected to be primarily driven by rising awareness among the geriatric population and increasing number of orthopaedic cases undergoing surgical interventions.
Stainless steel is likely to be the preferred choice of material used in common practice due to its ready availability and cost efficiency as compared to titanium based screws and bioabsorbable material. Titanium holds a major share in the global market currently due to widespread usage. The bioabsorbable material segment has limited adoption in the market due to premium pricing over other bone screw products.
Among end users, hospitals are expected to hold the maximum share in the overall bone screw system market due to the large number of surgical procedures performed in hospitals using bone screws as compared to other end users such as ambulatory surgical centres and clinics. The hospitals end user segment is estimated to hold a market share of 65.6% in 2022.
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Bone Screw System Market: Trends
Computer assisted technology is a revolutionary concept used in orthopaedic treatment procedures. Companies are focussing on collaboration with all end users to develop new effective products with better user interfaces. They are involving breakthrough options in this market to initiate a sense of revolution in using more advanced alternatives. In 2016, Surgebright in cooperation with the German Institute for Tissue and Cell Replacement (DIZG) in Berlin developed latest technology that uses real bone material to form a screw. 3D printing is another innovative technology that could be used in developing bone screws in the near future.
Bone Screw System Market: Regional Insights
The report tracks the global bone screw system market across the key geographies of North America, Europe, Latin America, Asia Pacific Excluding China, China and Middle East & Africa. This report assesses the trends driving each regional market and offers analysis and insights about the bone screw system market across specific countries in the assessed regions. North America accounts for a major share in the global bone screw system market and is expected to grow at a CAGR of 7.1% during the period of assessment. North America is projected to be the most lucrative market in the global bone screw system market with an attractiveness index of 2.3 during the forecast period due to the presence of leading manufacturers and implementation of healthcare reforms in the region.
Bone Screw System Market: Competition Tracking
The key players operating in the bone screw system market include companies such as Stryker Corporation, Zimmer Biomet Holdings Inc, CONMED Corporation, Arthrex, Orthofix, SMITH & NEPHEW, Johnson & Johnson (DePuy Synthes), Integra LifeSciences, Wright Medical Group N.V, SURGIVAL INTERNATIONAL, Spineology Inc, GPC Medical ltd., Osteogenics Biomedical, Altimed, JEIL MEDICAL CORPORATION, Fine Science Tools, MEIRA Inc. and Medtronic.
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