The global pedicle screw systems industry is set on a profitable growth trajectory over the recent years. This can be credited to the rising prevalence of spinal cord injuries and surgeries, along with the surging cases of degenerative diseases.
As per a recent study by National Spinal Cord Injury Statistical Center, the estimation of annual incidence of spinal cord injury is nearly 54 cases per one million people in the United States, which accounts for about 17,900 new SCI cases almost every year.
With the growing incidence of these, different surgeons and hospital authorities are now seeking the use of pedicle screw systems to effectively serve the purpose of adding extra spinal support till wounds heal. In one such instance, Nanovis in 2021, announced primary revelation of its first and only bioceramic nanotube-enhanced pedicle screw system. Labelled as Nano Fortifix, the product is designed with an exclusive and patent secured bio-ceramic nanotube surface.
“The global pedicle screw system market is speculated to exceed $3.4 billion by 2027, in terms of revenue”- Global Market Insights Inc.
Pedicle screw systems offer rigid, short segmental steadiness that enables stabilisation of the spine in the absence of intact posterior elements, and escalating prevalence of spinal injuries in the elderly population is projected to augment sales of these products incredibly. Having said that, the expanding geriatric population is perceived to have an impeccable impact on the growth status of the overall pedicle screw systems market expansion.
Increasing preference for minimally invasive surgeries to propel the market dynamics
The use of MIS techniques in spinal instrumentation is becoming quite popular in an effort to optimise patient care by reducing the amount of trauma to the nearby structure, facilitating speedy recovery, and maintaining higher clinical outcomes to conventional approaches.
Moreover, robust technological developments in minimally invasive surgical techniques such as IG surgeries and robotic surgeries would offer market impetus in the coming years. Reports estimate that the use of robotic surgery increased to 8.8% in the first four years after hospitals first introduced it. Speaking of the MIS spine surgery success rate, the Health University of Utah estimates that 80-90% of the patients report less pain and increased mobility post-surgery.
Driven by its positive success rate, different companies operating in the medical technologies are introducing novel MIS spine surgery ecosystems and products, enabling them to secure a prominent position in the market. To illustrate, Medtronic PLC introduced new additions to its minimally invasive spine surgery portfolio, inclusive of the launch of the Space-D Access System. This system enables pedicle-screw-based retraction, distraction, and compression which is compatible with the company’s leading MIS screw system-CD Horizon Solera Voyager.
Asia Pacific – A potential hotspot for pedicle screw system market
The Asia Pacific region, led by developing countries like China, India, Japan, Malaysia, Australia, and others, is anticipated to churn lucrative growth for the overall market through 2027. As per the latest report, Asia Pacific pedicle screw systems market share is predicted to grow at a CAGR of 4% over the forecast period. The reason? The elevating spinal cord injuries in the region. As per reliable estimates, nearly 5,000 people sustain spinal cord injuries annually in Japan and the number of people living with these injuries is expected to surpass 150,000.
Overall, the global pedicle screw systems market is all set to accrue considerable gains in the ensuing years, majorly driven by the expanding geriatric population, increasing cases of spinal cord injuries, rise in the frequency of spinal cord injuries and surgery, and significant technological advancements.
Source: https://www.gminsights.com/industry-analysis/pedicle-screw-systems-market
