Bone Growth Stimulators Market

Bone Growth Stimulators Market Statistics - 2030

The global bone growth stimulators market size was valued at $2.0 billion in 2020, and is projected to reach $3.3 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.Bone growth stimulator devices are the medical devices that boost the fracture healing process in cases of delay or failure. They raise the natural speed of healing by giving electric shocks to patients. Some bone growth stimulators available in the market include bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma. There are three types of bone growth stimulation devices, which include pulsed electromagnetic field devices, capacitive coupling devices, and combined magnetic field devices.

The outbreak of the COVID-19 pandemic had a short-term negative impact on the global bone growth stimulators market due to postponed elective surgeries, temporary closure of orthopedic clinics, ban on organized sports, and restriction in non-essential care across hospitals, and slow-down in-patient flow and referral.

Rise in geriatric population; increase in incidences of fracture and accidents; rise in prevalence of arthritis; surge in cases of diabetes and other medical conditions such as obesity, vascular disease, and renal disorders, and rise in inclination of patients toward minimally invasive & non-invasive surgical treatments are the major factors that drive the growth of the global bone growth stimulators market size. According to Center for Disease Control and Prevention (CDC), in 2020, it was reported that around 58.5 million of the U.S population (24% of all adult) are diagnosed with arthritis. Further, rise in platelet-rich plasma and bone morphogenetic proteins; and availability of cost effective bone growth stimulation devices propel the growth of the bone growth stimulators market.

In addition, surge in patient awareness regarding bone growth stimulators, procedural benefits provided by bone growth stimulation devices in bone fracture treatment and orthopedic diseases, rise in technological advancements in bone growth stimulators, and increase in adoption rate for bone growth stimulators by both patients and prescribers are other factors that contribute toward the growth of the bone growth stimulators market. For instance, in February 2020, Orthofix Medical Inc., a global medical device company, announced the U.S Food and Drug Administration (FDA) approval for STIMonTrack, which is a mobile app of version 2.1. The STIMonTrack technology is designed to work with the Orthofix bone growth therapy devices and help the patient to adhere to their prescriptions and enhance the clinical outcomes.This factor surge the growth of bone growth stimulators industry

However, stringent approval process and limited medical reimbursement policies for bone stimulation products are expected to hinder the bone growth stimulators market growth.

Bone Growth Stimulators Market Segmentation

The bone growth stimulators market is segmented into distribution channel, product, application and region. By product, it is categorized into bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma. Depending on application, it is classified into spinal fusion surgeries, delayed union & nonunion bone fractures, oral & maxillofacial surgeries, and others. By distribution channel, it is divided into hospitals & clinics, home care, and others.

By region, the bone growth stimulators market share is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).

Segment Review

Depending on product, the bone growth stimulation devices segment was the major revenue contributor in 2020, and is projected to grow significantly during the forecast period. The key factors that drive the market growth are rise in demand for bone growth stimulation devices, rise in geriatric population, increase in incidence of spinal deformities, and development in bone growth stimulation devices.

 However, the platelet-rich plasma segment is expected to witness considerable growth during the forecast period due to key factors such as adoption of technologically advanced platelet-rich plasma products, rise in prevalence of rheumatoid arthritis, juvenile arthritis, osteoarthritis, and other such disorders, increase in number of orthopedic surgeries and sports injuries, and high demand for plasma therapy in orthopedic therapeutic areas.

By application, the spinal fusion surgeries segment accounted for majority of the market share in 2020, owing to rise in incidences of spinal disorders, adoption rate of minimally invasive spinal surgeries, rise in technological advancements in spinal surgery, increase in incidence of obesity & degenerative spinal conditions, and increase in patient preference toward spinal fusion surgery procedures across the globe.

By distribution channel, the hospitals and clinics segment was the major revenue contributor in 2020, and is projected to witness growth significantly during the bone growth stimulators market forecast period. The key factors that drive the market growth are increasingly showing an inclination toward bone growth stimulator products, and initiative taken by government and private organization to develop advanced hospitals and clinics.

By region, North America garnered a major share in the bone growth stimulators market in 2020, and is expected to dominate the global market during the forecast period, owing to rise in number of bone and joint problems, large presence of medical device companies, well developed healthcare infrastructure, and wide availability of bone growth stimulators drugs in the region.

 However, Asia-Pacific is expected to register the highest CAGR of 6.9% from 2021 to 2030 owing to high population base, surge in demand for bone growth stimulators products, rise in incidence of bone fractures, and spinal fusion surgical procedures. The key players operating in the global bone growth stimulators industry market include 3M Company, Ambu A/S, Becton, Dickinson and Company, Cognionics, Inc., ConMed, The Cooper Companies, Inc., DyMedix, Koninklijke Philips N.V., Medtronic, Plc., and Natus Medical Inc.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bone growth stimulators market analysis from 2020 to 2030 to identify the prevailing bone bone growth stimulators market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the bone growth stimulators market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global bone growth stimulators market trends, key players, market segments, application areas, and market growth strategies.

 Bone Growth Stimulators Market Report Highlights