The market size of the Global Bone Growth Stimulator Market in the year 2021 is valued at 1.05 billion and is predicted to reach 1.81 billion by the year 2030 at an 6.43% CAGR during the forecast period.
Bone growth stimulators are medical devices that help patients recover faster from ailments such as spinal fixation and orthopedic fixing. Bone growth stimulators treat fresh fractures, fractures that heal slowly or not at all, and fractures with a high risk. During the projected period, the worldwide bone growth stimulators market is expected to be propelled by an increase in demand for bone growth stimulators in emerging economies. Other factors driving global market expansion include an increase in the number of accidents and spinal injuries, an increase in the incidence of orthopedic diseases, and an increase in the number of people prone to orthopedic disorders. Companies in the bone growth stimulators market focus on technical developments to create better goods that drive the industry.
Furthermore, the increasing prevalence of bone illnesses is anticipated to propel the market during the forecast period. Rising rates of osteoporosis are expected to be the primary cause of fractures worldwide, benefiting the sector during the projection period. Limited medical reimbursement for bone stimulation products and the high cost of treatment associated with BMP and PRP products may stymie market expansion over the projected period, while adverse effects connected with BMP-based orthopedic treatment pose further challenges.
The bone growth stimulator market is segmented on the product, applications and end-use. Based on product, the market is divided into bone growth stimulation devices, bone morphogenetic proteins and platelet-rich plasma. Based on applications, the bone growth stimulator market is divided into spinal fusion surgeries, delayed union & non-union bone fractures, and oral and maxillofacial surgeries. Based on end-use, the bone growth stimulator market is segmented into hospital & ASCs home care settings, academic & research institutions.
Based on the product, the bone growth stimulation devices segment is a significant contributor to the bone growth stimulator market.
The bone growth stimulation devices segment is estimated to hold a significant market share. The segment's growth can be due to the growing number of patients undergoing spinal fusion operations worldwide. Furthermore, the rising prevalence of age-related spinal disorders and fractures propels the market. Aging causes bone density to decrease and bones to weaken owing to excessive bone mass loss, which can lead to fractures and spinal issues. Furthermore, the high cost of the treatment and the rising volume of procedures are significant drivers supporting segmental expansion during the forecast period.
The Spinal fusion surgeries segment witnessed growth at a rapid rate.
Spinal fusion surgeries grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. This considerable market share is primarily due to increasing patient knowledge of the procedural aid provided by bone growth stimulation devices and technological developments. The bone growth stimulation devices have various applications, including spinal fusion procedures, non-union bone fractures, and maxillofacial surgeries. Rapid technological improvements in these devices are positively encouraging product uptake. These developments in external and ultrasonic bone growth stimulators for expediting the repair of specified bone and various other breakthroughs have increased the procedure's outcome and success rate.
The North American bone growth stimulator market holds a significant regional revenue share.
The North American bone growth stimulator market is expected to register the highest market share in revenue soon. Because of the increased occurrence of orthopedic and spinal disorders such as bone fractures and spinal injury, better therapeutic techniques and enhanced treatment processes have positively impacted the American market's expansion. Furthermore, the growing patient population for orthopedic fixation treatments, high awareness among the American public, and high spending income are some of the numerous reasons driving the market in this region's growth. In addition, Asia Pacific is projected to grow rapidly in the global Bone growth stimulator market. The regional market's growth can be ascribed to the vast population base and the increasing prevalence of bone and joint diseases. The presence of growing countries such as India, China, and Japan, among others, is a vital driver boosting the bone growth stimulant market.
Some major key players in the bone growth stimulator market are Orthofix US LLC, Stryker, Medical Device Business Services, Inc., Bioventus, Medtronic, DJO, LLC, Zimmer Biomet, Arthrex, Inc., Terumo Corporation, and Ossatec Benelux BV.