Industry players relied mainly on product launches and approvals to achieve growth in the global Pedicle Screw Systems Market
The pedicle screw systems market is expected to reach USD 724.23 million by 2023 from USD 538.64 million in 2018, at a CAGR of 6.1%. The major factors driving the growth of this market are the increasing incidence of spinal cord injuries, technological advancement, rising geriatric population, and the growing preference for minimally invasive surgeries.
Prominent players in the market include DePuy Synthes (US), Zimmer Biomet (US) and Globus Medical (US). The key strategies followed by most companies in the pedicle screw systems market are product launches, expansions, and acquisitions. The strategy of product launches and approvals accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
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DePuy Synthes held the leading position in the global pedicle screw systems market in 2017. The company has a strong product portfolio of pedicle system products. In order to further expand and maintain its leading position in this market, it focused on inorganic and organic strategies such as acquisitions, product launches & approvals. For instance, in 2017, the company acquired Sentio, LLC (US) to strengthen its portfolio of minimally invasive spine surgery. In 2017, The Company launched the VIPER and EXPEDIUM Fenestrated Screw Systems. Such developments helped the company strengthen its position in the pedicle screw systems market.
Zimmer Biomet (US) held the second position in the global pedicle screw systems market in 2017. The company offers a broad portfolio of pedicle screw systems. The company markets its products in more than 100 countries across the Americas, Europe, and the Asia Pacific. Zimmer Biomet has a diversified product portfolio. The company focuses on acquisitions and product launches to enhance its share in the pedicle screw systems market. For instance, in 2016, the company acquired LDR Holding Corporation to enhance its product portfolio in the spine business segment.
Globus Medical (US) held the third position in the pedicle screw systems market in 2017. The company is engaged in the manufacturing and marketing of pedicle screw products. To remain competitive in the market, the company focuses on product launches and acquisitions. In 2018, the company launched the CREO Fenestrated Screw System. Moreover, in 2016, the company acquired the international business of Alphatec Holdings Inc.
Related Reports:
Pedicle Screw System Market by Product Type (Monoaxial & Polyaxial Pedicle Screw), Surgery (Open Surgery, Minimal Invasive Surgery), Indication (Spinal Deformities, Spinal Trauma), Application (Thoracolumbar, Cervical Fusion) - Global Forecast to 2023
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