According to a new market research report titled, ‘Bone Growth Stimulators Market by Product (Stimulation Device [External, Ultrasonic, Implantable], Bone Morphogenetic Proteins, Platelet Rich Plasma), Application (Spinal Fusion, Fracture, Oral Surgeries), and End User (Hospital, ASC) - Global Forecast to 2030’, published by Meticulous Research®, the bone growth stimulators market is projected to reach $1.94 billion by 2030, at a CAGR of 4.9% from 2023 to 2030.
A bone growth stimulator (BGS) is a technology prescribed by several orthopedists to promote faster bone healing. Stimulators use pain-free ultrasound or electrical stimulation to promote bone growth. Cervical or lumbar fusion surgery or spinal fusion surgery are among the most common applications of bone growth stimulator therapy. BGS are progressively utilized in delayed union and non-union treatments after spinal or ankle fusion and fractures. In addition, some bone growth stimulators, such as bone morphogenetic proteins (BMPs), serve as an alternative to autografts in some surgeries.
The growth of this market is driven by the increasing preference for minimally invasive treatments, rising cases of bone fractures and spinal injuries, increasing geriatric population and subsequent increase in the cases of orthopedic diseases and injuries, and growing incidence rate of sports injuries. In addition, the growing number of hospitals and surgical centers worldwide, increasing utilization of platelet-rich plasma (PRP) in other applications, and emerging economies offer opportunities for the growth of this market.
However, the high costs of bone morphogenetic proteins & platelet-rich plasma products and the inadequate medical reimbursement scenario for bone growth stimulators hinder the growth of this market.
Bone growth stimulators market: Future Outlook
The bone growth stimulators market is segmented by Product (Bone Growth Stimulation Devices [External Bone Growth Stimulators {Capacitive Coupling Devices, Combined Magnetic Field Devices, and Pulsed Electromagnetic Field Devices}, Ultrasonic Bone Growth Stimulators, Implantable Bone Growth Stimulators], Bone Morphogenetic Proteins, and Platelet-Rich Plasma), Application (Spinal Fusion Surgeries, Union & Non-union Bone Fractures, Oral and Maxillofacial Surgeries, and Other Applications), End User (Hospitals & Specialized clinics, Ambulatory Surgery Center, and Other End-User), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Based on product type, the bone growth stimulators market is segmented into bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma. In 2023, the bone growth stimulation devices segment is expected to account for the largest share of the bone growth stimulators market. The large market share of this segment is attributed to the high inclination towards minimally invasive or non-invasive surgical treatments and the increasing cases of bone fractures.
Based on application, the bone growth stimulators market is segmented into spinal fusion surgeries, union & non-union bone fractures, oral & maxillofacial surgeries, and other applications. In 2023, the spinal fusion segment is expected to account for the largest share of the bone growth stimulators market. The large market share of this segment is attributed to the increasing geriatric population with orthopedic problems and the growing demand for minimally invasive spine surgery. However, the delayed union & non-union bone fractures segment is projected to register the highest CAGR over the forecast period. The growth of this segment is attributed to the rising cases of bone fractures among the geriatric population with orthopedic problems. Furthermore, the delayed union and non-union bone fractures are due to a lack of nutrition and blood supply. According to the International Osteoporosis Foundation, osteoporosis causes about 4.3 million fragility fractures and healthcare spending of nearly $59.012 million (€56 billion) annually in Europe. In addition, the number of women and men aged 75 years and over is expected to rise between 2019 and 2034, nearly 29% and 42%, respectively, resulting in a significant increase in osteoporotic fractures.
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Based on end user, the bone growth stimulators market is segmented into hospitals & specialized clinics, ambulatory surgery centers, and other end users. In 2023, the hospitals and specialized clinics segment is expected to account for the largest share of the bone growth stimulators market. The large market share of this segment is attributed to the quick & accurate diagnosis offered by primary healthcare facilities such as hospitals and the rising number of surgeons and doctors.
Based on geography, the bone growth stimulators market is segmented into North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the bone growth stimulators market. North America’s major market share is mainly attributed to the availability of advanced technologies and the high adoption rate of innovative products in the healthcare sector in the region. Additionally, the increasing healthcare expenditures, the growing elderly population, and the rising incidence & prevalence of musculoskeletal diseases contribute to the growth of this regional market. However, Asia-Pacific is projected to register the highest CAGR over the forecast period. The growth of this regional market is attributed to the improving healthcare infrastructure and the increasing number of spinal injuries and road accidents. According to the data published by the Indian Ministry of Road Transport and Highways, in 2021, approximately 4,12,432 road accidents occurred in India that caused injuries to nearly 3,84,448 people and claimed around 1,53,972 lives.
Key companies operating in the bone growth stimulators market are Orthofix Medical Inc.(U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Medtronic, plc (Ireland), Stryker Corporation (U.S.), Johnson & Johnson Private Limited (U.S.), DJO, LLC (U.S.), Bioventus LLC (U.S.), OssaTechnics BV (Germany), Arthrex GmbH (U.S.), Smith & Nephew plc (U.K.), and ITO CO., Ltd. (Japan).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/bone-growth-stimulator-market-3530
Key questions answered in the report-
• Which are the high-growth market segments in terms of product, application, end user, and geography?
• What was the historical market for bone growth stimulators across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, opportunities, and challenges in the bone growth stimulators market?
• Who are the major players in the bone growth stimulators market?
• How is the competitive landscape, and who are the market leaders in the bone growth stimulators market?
• What are the recent developments in the bone growth stimulators market?
• What are the different strategies adopted by the major players in the bone growth stimulators market?
• What are the geographic trends and high-growth regions/countries?
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