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Pedicle Screw Systems Global Market Analysis, Trends, Growth, Research And Forecast 2033
Pedicle Screw Systems Global Market Analysis
According to The Business Research Company's, The pedicle screw systems market size has grown strongly in recent years. It will grow from $5.4 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to advancements in surgical techniques, rise in spinal disorders, aging population, research and development, regulatory approvals and standards.
The pedicle screw systems market size is expected to see steady growth in the next few years. It will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to adoption of value-based healthcare models, patient preference for improved quality of life, surgeon training and education programs, market competition and product development. Major trends in the forecast period include personalized implants, navigation and robotics, biocompatible materials, focus on minimally invasive surgery (mis), expandable and adjustable systems, wireless implantable monitoring.
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Market Drivers and Trends:
The rise in the prevalence of arthritis is expected to drive the growth of the pedicle screw systems market going forward. Arthritis is a term used to describe joint pain or joint disease. Pedicle screw systems are used to achieve the accuracy and safety of cervical pedicle screw insertion in patients with cervical disorders, including those with rheumatoid arthritis (RA). For instance, in October 2021, according to Centers for Disease Control and Prevention, a US-based agency for the department of Health & Human Services, by 2040, approximately 78.4 million adults who are 18 years or older (equivalent to 25.9% of the anticipated total adult population) will be diagnosed with arthritis, which is an increase from 63 million in 2020. Therefore, the rise in the prevalence of arthritis is expected to propel the growth of the pedicle screw systems market.
Product innovation is a key trend gaining popularity in the pedicle screw systems market. Major companies operating in the pedicle screw systems market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, Intelivation Technologies, a US-based medical equipment manufacturer, launched Golden Isles Pedicle Screw System. The system is specifically created to offer immobilization and stabilization to spinal segments in adults when treating the lumbar and sacral spine. It is intended for non-cervical pedicle fixation at the back for patients who have reached skeletal maturity and is intended to address a variety of conditions such as deformities, trauma, degenerative disc disease, pseudoarthrosis, spondylolisthesis, and failed previous fusions.
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Major Key Players of the Market:
Globus Medical Inc.; Medtronic plc; Orthofix Medical Inc.; Stryker Corporation; DePuy Synthes Companies of Johnson & Johnson; Zimmer Biomet Holdings Inc.; B. Braun Melsungen AG; Alphatec Holdings Inc.; RTI Surgical Inc.; Johnson & Johnson; Atec Spine Inc.; CoreLink Holding LLC; Xtant Medical Inc.; Implant Systems LLC; Evolution Spine LLC; Exactech Inc.; Life Spine Inc.; NuVasive Inc.; Qualgenix LLC; Solco Biomedical Pvt Ltd; CTL Amedica Corporation; Precision Spine Inc.; Spineart SA; Aesculap Implant Systems LLC; K2M Inc.; LDR Holding Corporation; Paradigm Spine LLC; Spinal Elements Inc.; Titan Spine LLC; Vertebral Technologies Inc.; X-spine Systems Inc.; Aurora Spine Corporation; Captiva Spine Inc.; ChoiceSpine LP; Expanding Orthopedics Inc.; FH Orthopedics Inc.; Intrinsic Therapeutics Inc.; Kuros Biosciences AG
Pedicle Screw Systems Market 2024 Key Insights:
• The pedicle screw systems market size will grow to $6.8 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Increased Prevalence Of Arthritis Fuels Expansion In The Pedicle Screw Systems Market
• Innovative Products Revolutionize Pedicle Screw Systems Market Growth
• North America was the largest region in the pedicle screw systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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