Bone Growth Stimulators Market Size is Envisioned to Grow at a CAGR of 5.8% and reach USD 2 billion by 2031: Report by TMR
Market participants are focusing on technological advancements to develop improved products. They should increase research and development activities to innovate affordable electronic bone growth stimulators to drive their acceptance among patients.
Wilmington, Delaware, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global bone growth stimulators market is estimated to record a 5.8% CAGR from 2022 to 2031, reaching US$ 2 billion by 2031. Bone growth stimulators work as medical devices help to cure fractures and other bone-related conditions. Increasing cases of fractures, accidents, and spinal injuries are the factors likely to fuel the bone growth stimulators market. The number of road accidents is increasing at a rapid pace in developing as well as developed countries across the globe.
Bone growth stimulator provides painless electrical or ultrasound stimulation, which promotes bone growth and facilitates faster bone healing. Several orthopedic surgeons recommend this device for patients with a history of smoking. The device is also recommended for spinal fusion surgery or cervical fusion surgery.
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The prevalence of osteoarthritis increases with age. The Arthritis Foundation states that osteoarthritis affects nearly 10% of the world’s population over the age of 60. Therefore, an increase in the prevalence of orthopedic disorders is anticipated to augment the bone growth stimulators market during the forecast period.
Fracture healing is a long and complicated process. In some cases, there is a high chance that the fracture will not heal at all, leading to bone loss. In such cases, bone growth stimulators prove helpful. Orthopedic surgeons use electric and electromagnetic fields in the bone healing process. This is propelling the demand for bone growth stimulators.
The global market is fragmented due to the presence of a large number of market players. Most companies are investing significantly in research & development activities. Diversification of product portfolio and mergers & acquisitions are key strategies adopted by the market players.
International players are adopting various strategies for geographic expansion, thereby increasing the availability of technologically advanced devices for bone healing and growth. The prominent players in the global bone growth stimulators market
- Zimmer Biomet
- Medtronic plc
- Terumo Corporation
- Bioventus, Inc.
- Orthofix Medical Inc.
- Ossatec Benelux BV
- BTT Health GmbH
- Stimulate Health
Key Takeaways from the Market Study
- The bone growth stimulators market reached US$ 1.2 billion in 2021.
- The devices segment dominated the global market in 2021. This trend is estimated to continue during the forthcoming years.
- The spinal fusion surgeries segment accounted for the majority of the market share in 2021.
- The hospitals & clinics segment held a relatively large share of the global bone growth stimulators market in 2021.
- North America acquired a significant share of around 40% of the global bone growth stimulators market in 2021.
- The market in North America is likely to develop at a CAGR of 5.8% from 2022 to 2031.
Key Trends in the Bone Growth Stimulators Market
- Increasing adoption of bone growth stimulators in emerging economies to drive market growth. The adoption of bone growth stimulators is increasing in developing countries of Asia Pacific, owing to the rise in minimally invasive surgical procedures, and the strengthening of healthcare infrastructure in the region.
- The bone growth stimulator market is witnessing ongoing technological advancements, including the development of user-friendly and efficient devices. This included the integration of sensors, improved battery life, and remote monitoring capabilities.
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Regional Landscape of the Bone Growth Stimulators Market
- North America obtained a significant share of around 40% of the global bone growth stimulators market in 2021. The market in the region is projected to expand at a CAGR of 5.8% from 2022 to 2031. Companies are increasing the availability of electrical bone growth stimulators that play an active role post spinal fusion surgeries.
- Asia Pacific is expected to be the significantly growing bone growth stimulator market during the forecast period. The market in the region is anticipated to capture a CAGR of 6.8% during the forecast period. The usage of pulsed electromagnetic field (PEMF) bone growth stimulators is increasing in the Asia Pacific due to the rise in the number of fractures and accident cases in countries like India.
- Medtronic is a leading player in the bone growth stimulators market. Various products have been developed by their Bone Healing and Spinal Biologics division like the INFUSE Bone Graft. It is a recombinant human bone morphogenetic protein (rhBMP-2) used to promote spinal fusion.
- Zimmer Biomet has developed different bone growth stimulator devices. Their portfolio includes the EBI Bone Healing System, which uses pulsed electromagnetic fields to promote bone healing.
- Bioventus is known for its Exogen Ultrasound Bone Healing System, a non-invasive, portable device that uses low-intensity pulsed ultrasound (LIPUS) to stimulate bone healing. It has been used in the treatment of various orthopedic conditions.
Bone Growth Stimulators Market Segmentation
- External Devices
- Pulsed Electromagnetic Field Devices
- Combined Magnetic Field Devices
- Capacitive Coupling Devices
- Ultrasound Devices
- Implantable Devices
- External Devices
- Bone Morphogenetic Protein
- Platelet-rich Plasma (PRP)
- Spinal Fusion Surgeries
- Delayed Union & Nonunion Bone Fractures
- Oral & Maxillofacial Surgeries
- Hospitals & Clinics
- Academic & Research Institutes and CROs
- Home Care
- North America
- Latin America
- Latin America
- Middle East & Africa
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