Pedicle Screw Systems Market to hit USD 3.5 billion by 2032, says Global Market Insights Inc.
The pedicle screw systems industry is anticipated to register 3.5% CAGR between 2023 and 2032 due to increasing accidents and spinal cord injuries.
Selbyville, Delaware, Jan. 11, 2023 (GLOBE NEWSWIRE) — Pedicle screw systems market value is estimated to reach USD 3.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The rising incidents of degenerative conditions such as spinal cord injuries are likely to increase demand for pedicle screw systems. Pedicle screw systems are gaining preference among surgeons to treat various conditions including scoliosis, spinal fracture or trauma, kyphosis, spinal cancers, spondylolisthesis, and degenerative diseases, among other disorders. Pedicle screws give the required stability and strength to the damaged spine, which will increase their adoption among medical professionals.
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Monoaxial pedicle screws gain preference as spine fixation solution
Pedicle screw systems market from monoaxial segment surpassed USD 792 million in 2022 and is estimated to show similar gains during the forecast timeframe. Monoaxial screw systems have a wide range of uses, including as spinal fixation devices such as a posterior hook fixation system, posterior pedicle screw fixation system, or an anterolateral fixation system. These screws are extensively used in the treatment of spinal fractures to boost structural stiffness and shield the fractured vertebral body from various anterior loads. Such factors are also anticipated to drive the adoption of monoaxial pedicle screw systems.
Shift in preference toward minimally invasive procedures may boost product consumption
Pedicle screw systems market share from the minimally invasive surgery segment was valued at more than USD 653 million in 2022. This form of surgery is becoming one of the most preferred techniques due to its various advantages, such as quick recovery, shortened hospital stay, less scarring, and smaller incision, among others. Advanced technologies are also used in these surgeries to improve a surgeon’s precision and enhance patient outcomes, thereby fostering revenue.
Browse key industry insights spread across 150 pages with 249 market data tables & 17 figures & charts from the report, Pedicle Screw Systems Market Size By Product Type (Monoaxial Pedicle Screw, Polyaxial Pedicle Screw), Surgery (Open Surgery, Minimally Invasive Surgery), Indication (Spinal Deformities, Spinal Trauma), Application (Cervical Fusion, Thoracolumbar, Lumbar), Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2022– 2032” In detail along with the table of contents:
Increasing burden of low back pain to fuel use of pedicle screw systems for lumbar treatment
Pedicle screw systems market size from the lumbar product segment is estimated to register more than 3.5% CAGR by 2032. The percentage of people suffering from low back pain (LBP) is growing at a significant rate every year. For example, as per a Branko PRPA M.D. Spine Surgery report, women are more prone to back problems than men, with approximately 30% of the adult female population suffering from LBP, as compared to 25% of the male population. This, in turn, will bolster the usage of pedicle screws for the treatment of pain in the lumbar area.
Implementation of innovative spinal fusion techniques to drive industry development in North America
North America accounted for more than 62% expansion of the pedicle screw systems market in 2022. The expansive presence of leading market players using cutting-edge technologies to make pedicle screw systems has augmented product usage in multiple spinal surgeries. Advanced spinal fusion techniques are being developed to enhance patient outcomes and quality of care. The accessibility to innovative implants has also improved, further driving regional market development.
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New product launch initiatives by key players to bolster industry outlook
B Braun Melsungen AG, Orthofix Medical Inc., Stryker Corporation, Globus Medical Inc., XTANT Medical, and Zimmer Biomet are among the top participants operating in the pedicle screw systems market. These firms are focused on various strategies, including product launches, to strengthen their presence in the global market landscape.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.