Market Trends of Pedicle Screw Systems Industry
This section covers the major market trends shaping the Pedicle Screw Systems Market according to our research experts:
Minimally Invasive Surgery by Surgery Type is Expected to Hold Significant Share in the Market Over the Forecast Period
The Minimal invasive surgery (MIS) segment is expected to account for a significant share over the forecast period due to the rising adoption of MIS procedures, coupled with the application of technologically advanced robotic and image-guided (IG) surgeries. Minimally invasive surgeries of the spine provide various advantages over open surgeries such as less damage to muscles and soft tissue, less pain after surgery, shorter hospital stay, and quicker recovery and return to daily activities. Hence, due to the benefits offered by MIS surgeries, the studied segment is expected to witness growth.
The benefits of MIS spinal surgeries are expected to drive the growth of the segment. For instance, according to an article published by PubMed Central in May 2021, a study showed that minimally invasive spinal cord surgery had reduced operation time, blood loss, and postoperative back pain compared to conventional open posterior instrumentation surgery. The article also stated that the rate of postoperative complications was low in MIS surgery. Many developments are taking place concerning minimally invasive spine surgery which will boost the market growth. For instance, in October 2021, SeaSpineHoldings Corporation completed the first cases in the United States and Australia for the 7D Percutaneous Spine Module. The 7D Flash Navigation System allows The 7D Percutaneous Module will enable neurosurgeons to effectively navigate minimally invasive spine surgery procedures with a high level of accuracy and efficiency. Such technological advancements are impacting the growth of the studied segment globally.
Moreover, key market players focusing on the expansion of a minimally invasive product portfolio with the pedicle screw system are expected to boost the market over the forecast period. For instance, in September 2021, Alphatec Holdings, Inc. a provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, launched the InVictus OsseoScrew Expandable Spinal Fixation System, it is an expandable pedicle screw system. Thus, an increased preference for MIS among surgeons and patients, higher availability of products with the latest approvals in the market, increasing prevalence of spinal cord degenerating diseases, and rising research and development activities for spinal cord injury are likely to further drive the segment throughout the forecast period.
North America is Holding a Significant Share in the Market and it is Expected to do the Same Over the Forecast Period
North America is expected to hold a significant share of the pedicle screw systems market throughout the forecast period. This dominance is mainly owing to the surging demand for the growing prevalence of spinal deformities, accidents, and the ever-increasing geriatric population in the region. For instance, according to the National Spinal Cord Injury Statistical Center in 2022, about 30% of persons with spinal cord injury (SCI) are re-hospitalized one or more times during any given year following injury, and among those re-hospitalized, the length of hospital stay averages about 18 days. The indirect costs of SCI averaged USD 82,329 per year in 2021. Hence, the high burden of spinal cord injury in the United States is expected to increase the demand for pedicle screw systems.
Moreover, the rising incidence of spinal cord injury in Canada is also expected to enhance the market growth in the region. For instance, according to an article published by frontiers in November 2022, it is estimated that in Canada more than 86,000 people are affected by spinal cord injuries every year, from either a traumatic (e.g., fall) or non-traumatic injury (e.g., tumor).
Furthermore, strategies adopted by the key market players such as product launches, mergers, and acquisitions are anticipated to drive the market over the forecast period. For instance, in September 2021, Nanovis, a United States-based company, announced the first implantations of its Bioceramic Nanotube-Enhanced pedicle screw system, Nano FortiFix, a nanotechnology-designated titanium-surfaced pedicle screw system. Hence, due to the factors above such as the increasing incidence of spinal cord injuries, and various strategies adopted by the key market players such as product launches, mergers, and acquisitions, the market is expected to experience growth in the North American region.
