The major factors driving the growth of this market are the increasing incidence of spinal cord injuries, technological advancement, rising geriatric population, and the growing preference for minimally invasive surgeries.
Pedicle screw systems are devices that are used in a spinal fusion to add additional support and strength to the fusion while it heals.
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On the basis of product type, the pedicle screw systems market is segmented into monoaxial, polyaxial, and other pedicle screw systems. In 2018, the polyaxial pedicle screw systems segment is expected to account for the largest share of the global pedicle screw systems market. The large share of this market segment can be attributed to the increasing prevalence of spinal cord disorders and product launches.
By indication, the market includes spinal degeneration, spinal trauma, spinal deformities, and other indications. The spinal degeneration segment is estimated to register the highest CAGR during the forecast period. The high prevalence of degenerative spine disorders is expected to result in a growing volume of surgical procedures performed. This will result in the increased adoption of pedicle screws, thereby driving market growth.
By surgery type, the pedicle screw systems market has been segmented into open surgery and minimally invasive surgery. In 2018, the open surgery segment is expected to account for the largest share of the pedicle screw systems market due to the rising geriatric population, increasing incidence of spinal deformities, and technological advancements in spinal fusion surgeries.
Based on region, the pedicle screw systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of the global pedicle screw systems market. The increasing incidence of spinal cord injuries, along with rising geriatric population in this region, are supporting the growth of the pedicle screw systems market in North America.
The pedicle screw systems market is expected to reach USD 724.23 million by 2023 from USD 538.64 million in 2018, at a CAGR of 6.1%.
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Key players in the pedicle screw systems market include DePuy Synthesis (US), Globus Medical (US), Zimmer Biomet (US), B. Braun (US), Medtronic (Ireland), and Stryker (US).
DePuy Synthes held the leading position in the global pedicle screw systems market in 2017. The company has a strong product portfolio of pedicle system products. In order to further expand and maintain its leading position in this market, it focused on inorganic and organic strategies such as acquisitions, product launches approvals.
