Bone Growth Stimulators Market size in 2019 is estimated to be $1.3 billion, growing at a CAGR of 5.3% during the forecast period 2020-2025. Bone Growth Stimulators are devices that help promote bone growth in conditions where healing process of fractures is difficult. These devices use the technique of applying electric current in order to stimulate healing. Bone growth stimulators are also used as an adjunct for spinal fusion. Increasing cases of Arthritis and Osteoporosis and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for bone growth stimulators during the forecast period 2020-2025.
Bone Growth Stimulators Market Segment Analysis – Application
Based on the Application, Bone Growth Stimulators Market is segmented into Fractures, Spinal Fusion, Osteogenesis, Arthrodesis Treatment, Spondylolithesis. The Fractures segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 4.8% during the forecast period 2020-2025. Bone growth stimulation is utilized to promote bone healing in difficult to heal fractures by applying electrical or ultrasonic current to the fracture/fusion site are contributing to the growth of this segment.
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Bone Growth Stimulators Market Segment Analysis – End Use Industry
Based on the End Use Industry, Bone Growth Stimulators Market is segmented into Hospitals, Clinics, Home Care, Others. In 2019, hospitals held the largest share in the Bone Growth Stimulators Market. This is mainly owing to availability of skilled professional and technology are contributing to the growth of this segment.
Bone Growth Stimulators Market Segment Analysis – Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to rising prevalence of osteoporosis, huge number of skilled professionals, high adoption rate of advanced technology, presence of highly developed healthcare infrastructure.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Bone Growth Stimulators Market Drivers
Increasing Cases of Arthritis and Osteoporosis
Rising cases of clinical conditions such as arthritis and osteoporosis are some factors driving the market growth of this segment. The vulnerability to fractures increases with age, thus the growing geriatric population which are increasing the market growth of bone growth stimulators.
Increasing technological advancement and rising research in medical are some factor driving the growth of the market. Moreover, increasing research and development activities helps to develop new treatments and growing patient preference for non-invasive and minimally invasive surgical treatments are contributing to the growth of the market.
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Bone Growth Stimulators Market Challenges
High cost of treatment and Side effects associated with BMP-based orthopedic treatment are challenging the growth of the market. Moreover, limited medical reimbursement for bone stimulation products are further restraining its market growth during the forecast period 2020-2025.
Bone Growth Stimulators Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Bone Growth Stimulators Market. Bone Growth Stimulators top 10 companies are Orthofix Holdings, Inc.; Medtronic; Zimmer Biomet; DJO Global, Inc; Bioventus LLC; Stryker; DePuy Synthes; Arthrex, Inc.; Isto Biologics; and Terumo BCT, Inc.
On April 2017, Orthofix International N.V. launches its next-generation bone growth stimulators, namely, Cervical-Stim and Spinal- Stim. These devices are used to stimulate and enhance natural healing process of the body post spinal fusion operation.
On March 2016, Bioventus LLC, launched its Ultrasound Bone Healing System, EXOGEN in Saudi Arabia. The product is used in the treatment of delayed unions, non-unions, and joint fusion.
In 2019, North America dominates the Bone Growth Stimulators Market owing to rising prevalence of osteoporosis, huge number of skilled professionals, high adoption rate of advanced technology, presence of highly developed healthcare infrastructure.
Increasing cases of arthritis and osteoporosis and technological advancement is driving the market growth of bone growth stimulators.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Bone Growth Stimulators Market report.
High cost of treatment and side effects associated with BMP-based orthopedic treatment are challenging the growth of the market.
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