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Pedicle Screw Systems Market to Perceive Substantial Growth During 2017 – 2023

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Vinit Sawant

Market Highlights:

Pedicle screw system are used in spinal surgery to stop the pain caused by joints owing to disease. The placement of the pedicle screw is independent of the laminar integrity and extends its application to a different level of spinal pathologies such as degenerative, oncological, degenerative and deformity correction.

The increasing incidences of spinal cord injuries, spinal deformities, degenerative spinal disorders, and rising geriatric population are the major factors driving the growth of the global pedicle screw system market. Additionally, increasing research and development spending by the top players are fueling the growth of the market during forecast period.

The Global Pedicle Screw Systems Market size is accounted for USD 506.65 million in 2017 and expected to register ~ 6.3 % CAGR during the forecast period (2018–2023).

For instance, according to report published by Iranian Journal of Neurosurgery, in 2016, prevalence of traumatic spinal cord injuries in Tehran ranged from 1.2 to 11.4 per 10,000 people. Also, according to the report published by The International Spinal Cord Injury (InSCI), in 2017, each year around 12,500 new cases of spinal cord injuries occur in United States.

The strict regulatory frameworks and time-consuming product approval processes may hamper the growth of the market during the assessment period.

Regional Analysis:

The market is likely to dominate by Americas during the forecast period owing to the rising aging population, rising incidence of spinal disorders, and rising in FDA approved pedicle screws. The European market is expected to be the second-largest due to government funding and support of the healthcare sector, coupled with increasing research and development.

Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to increasing investments in healthcare, increasing number of the orthopedic surgeries, expansions by market players in the region, and favorable government initiatives for healthcare facilities. The market in the Middle East & Africa is likely to account for the smallest share of the global pedicle screw system market.

 

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Vinit Sawant
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