Bone Growth Stimulators Market Size to Hit USD 3.8 Billion by 2030

According to Nova one advisor, the global Bone Growth Stimulators market was valued at USD 1.95 billion in 2021 and it is expected to hit around USD 3.8 billion by 2030 with a CAGR of 7.69% during the forecast period 2022 to 2030.

Request Free Sample of This Report@ https://www.novaoneadvisor.com/report/sample/6939

Key Takeaways:

• North America bone growth stimulators market size was valued at USD 0.86 billion in 2021.
• Asia-Pacific is anticipated to grow at a CAGR of 6.8% from 2022 to 2030.
• By product, the bone growth stimulation devices segment has garnered 52.4% revenue share in 2021.
• By application, the spinal fusion surgeries held 47% market share in 2021.
• North America region has accounted for nearly 41.5% of the total revenue share in 2021.

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.

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.

n 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.

Report Scope of the Bone Growth Stimulators Market

Product Insights

In 2021, the external devices segment accounted for the largest share of the market owing to an increase in demand for noninvasive surgical treatments for bone healing. In addition, these devices are usually lightweight, battery-powered, portable, and easy to handle, as a result, they are being increasingly adopted by patients.

In addition, the availability of advanced products, such as CMF OL1000 Bone Growth Stimulators and CMF SpinaLogic Bone Growth Stimulators, is expected to boost market development. Moreover, external stimulator devices are less expensive as compared to invasive internal devices, which is projected to increase their adoption in developing countries such as South Africa, India, and China.

The BMP and PRP segment is expected to exhibit lucrative growth over the forecast period owing to the rising incidence of arthritis, spinal injuries, and trauma & accident cases. According to the CDC, annually, around 70.4 million adults in the U.S. had some form of rheumatoid arthritis, arthritis, lupus, gout, or fibromyalgia from 2017 to 2022. In addition, PRP has high safety, lower adverse effects, and no risk of an allergic reaction, and these factors are expected to boost the growth of the segment.

There are several leading vendors, including Medtronic; Stryker; DePuy Synthes Companies; Arthrex, Inc.; Bioventus LLC; and TERUMO BCT, INC. that provide advanced devices for treatment of spinal fusion, delayed fracture union, nonunion bone fractures, etc.

Application Insights

The spinal fusion surgeries segment dominated the market in terms of revenue in 2021. Increased incidence of spinal cord injuries such as fractures, spinal stenosis, and herniated disc injuries has led to increased demand for spinal fusion surgeries across the globe. According to WHO, worldwide, around 250,000 to 500,000 people suffer from spinal cord injuries annually, mainly because of road accidents, falls, and violence.

Moreover, increasing incidence of age-related spinal problems and fractures are driving the market. Aging leads to lowering of bone density and weakening of bones due to excessive loss of bone mass, and this is likely to result in fractures & spinal problems. According to the U.S. Census Bureau, around 617.1 million people were aged 65 years and older in 2017, and this number is expected to reach about 1,000.0 million by 2030. A surge in the geriatric population prone to osteoarthritis conditions is primarily driving demand for these products globally.

The delayed union and nonunion bone fracture segment is expected to grow at a significant rate during the study period. There is a high prevalence of osteoporosis that causes pain and debilitating fractures, which is expected to propel market growth. According to the International Osteoporosis Foundation, osteoporosis causes about 20.9 million fractures annually. In addition, around 1.6 million hip fractures take place globally each year, and this number is projected to reach between 4.5 and 6.3 million by 2050.

Manufacturers are focusing on the launch of new and advanced products to cater to the unmet needs of healthcare professionals and patients. For instance, in January 2021, Orthofix International N.V. announced the approval of CervicalStim and SpinalStim, bone growth stimulators used for postoperative spinal fusion, by U.S. FDA and European Commission (CE Mark). These devices deploy a low-level pulsed electromagnetic field that activates and enhances the natural healing process of the body.

End-use Insights

Hospitals and clinics held the largest market share owing to increasing admission of patients suffering from traumatic injuries, road accidents, spinal injuries, and fractures. Thus, this segment dominated the market in 2021 owing to high patient turnaround and frequent readmissions for surgery and other treatments.

Furthermore, increasing focus on the development of healthcare infrastructure in developing countries of Asia Pacific and African regions is expected to propel the growth of the segment. Rising disposable income and the availability of advanced medical devices for the treatment of different chronic diseases are expected to boost the usage of these products in hospitals and clinics.

The homecare segment is expected to showcase lucrative growth during the forecast period due to product advancements and rising healthcare awareness among people. These devices are lightweight & portable and can be easily handled by patients at home for management of arthritis, fractures, acute & chronic pain, and osteoporosis. Thus, the availability of advanced noninvasive products is projected to drive the adoption of these home-use products.

The other end-use segment consists of research institutes and ambulatory surgical centers. This segment is projected to witness lucrative CAGR during the forecast period owing to a substantial rise in the number of spine fusion surgeries performed in ambulatory surgical centers. In addition, research institutes are actively involved in the study of BMP and PRP to improve and increase their clinical applications, which is anticipated to propel growth.

Regional Insights

North America dominated the bone growth stimulator market with the largest revenue share owing to the high prevalence of osteoporosis or vertebral fractures. According to the American Association of Neurological Surgeons, in the U.S., 8 million women are suffering from osteoporosis and 25% of women are estimated to be affected by Vertebral Compression Fractures (VCFs). An increase in the prevalence of osteoporosis and VCFs has led to a rise in demand for bone growth stimulators used for enhanced healing, which boosts the market growth.

Europe was the second-largest market for bone growth stimulators due to the high demand for innovative therapies for chronic diseases and the local presence of leading medical device manufacturers such as Medtronic; Orthofix Holdings, Inc.; Zimmer Biomet; Bioventus; Stryker; and Terumo BCT, Inc. In addition, highly developed healthcare infrastructure primarily in Germany, Switzerland, the UK, and France is expected to drive the regional market.

Asia Pacific region is expected to exhibit the highest CAGR during the study period due to the growing number of road accidents and trauma cases. According to World Road Statistics, around 5,00,279 road accidents occurred in 2015 in India as compared to 4,93,474 in 2014, representing a 1.4% increase in the number of injuries. Thus, a large number of road accidents in India boost the demand for these products.

Some of the prominent players in the Bone Growth Stimulators Market include:

• Orthofix Medical, Inc.
• DJO Finance, LLC 
• BTT Health GmbH
• Stimulate Health Inc
• Zimmer Biomet
• Elizur Corporation.
• Kinex Medical Company, LLC
• Fintek Bio-Electric Inc.
• Bioventus LLC
• Medtronic plc
• Stryker (US), DePuy Synthes
• Arthrex, Inc.
• Isto Biologics
• Terumo Corporation
• Ember Therapeutics, Inc.
• Ossatec Benelux Ltd.
• Regen Lab SA
• ITO Co., Ltd.
• Biomedical Tissue Technologies Pty Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Bone Growth Stimulators market

By Product

• Bone Growth Stimulation Devices
• Electrical Bone Growth Stimulators
• Capacitive Coupling (CC) Devices 
• Combined Magnetic Field Devices (CMF)
• Pulsed Electromagnetic Field Devices (PEMF)
• Implantable Bone Growth Stimulators
• Ultrasonic Bone Growth Stimulators
• Bone Morphogenetic Proteins
• Platelet-Derived Growth Factor

By Application

• Spinal Fusion
• Maxillofacial & Dental
• Non-union & union bone fractures
• Others

By End User

• Hospitals
• Homecare
• Others

Full Report is Ready | Quick Buy This Premium Report from Here@ https://www.novaoneadvisor.com/report/checkout/6939

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Bone Growth Stimulators industry analysis from 2022 to 2030 to identify the prevailing Bone Growth Stimulators industry 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 global Bone Growth Stimulators industry 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 industry trends, key players, market segments, application areas, and market growth strategies.

Full Report is Ready | For Purchase Inquiry@ https://www.novaoneadvisor.com/report/checkout/6939

You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333

Blog: https://www.novaoneadvisor.com/

Blog: https://www.visionresearchreports.com/

Blog: https://qyresearchmedical.com/

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.