The global bone screw system market in 2020 is estimated for more than US$ 1,734.2 Mn and expected to reach a value of US$ 2,271.0 Mn by 2028 with CAGR of 3.4%
Global Bone Screw System Market, by Material Types (Stainless-steel, Titanium, and Bio-absorbable), by Patient Anatomy (Lower Extremity, Upper Extremity, Spinal, and Others), by End Users (Hospital, Ambulatory Surgical Centre, and Clinic) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global bone screw system market in 2020 is estimated for more than US$ 1,734.2 Mn and expected to reach a value of US$ 2,271.0 Mn by 2028 with CAGR of 3.4%.
As per the report, the mounting count of patient pool suffering from orthopedic diseases is the major growth driving factor for the bone screw system market globally; as the teenagers and elderly people are more to these disorders. The population suffering from trauma also aids in the growth of the market.
Moreover, the advancements in technology, including the adoption and implementation of robotics and nanotechnology, for the betterment of mankind also propels the market growth. This also led to the development and introduction of biodegradable, affordable, and auto-dissoluble bone screws in the global market.
Furthermore, the on-going and improving R & D activities for the innovation and launch of novel healthcare products coupled with the driving focus on technical healthcare experts for the invention of bio-composite materials and affordable bone screw system is also expected to fuel the growth of global bone screw system market during the upcoming years.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the developing cases of pathological conditions and traumatic fractures are also a growth-supporting factor for the bone screw system market. However, the strict norms and guidelines for FDA approval and other such regulations coupled with the dearth of proper treatment or diagnosis options for patients are some of the factors that are responsible for hampering the growth of the global bone screw system market over the forecast period.
On the other hand, the developing factors like the grant of U.S. Food and Drug Administration's (FDA) 510(k) approval for the GEO Bone Screw System to the Gramercy Extremity Orthopedics for the treatment of osteotomies, osteochondritis, bone fractures, and other such conditions also positively impacts the market growth.
MMC Study identifies some of the key participating players in the bone screw system market globally are Arthrex, CONMED Corporation, DePuy Synthes, Integra Life Sciences, Medtronic, Orthofix International N.V., Smith & Nephew, Stryker Corporation, Wright Medical Group N.V., and Zimmer Biomet Holdings, Inc.
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