The bone growth stimulators market size is projected to be valued at US$ 2.1 billion in 2023 and is expected to rise to US$ 5.4 billion by 2033. The sales of bone growth stimulators are expected to grow at a significant CAGR of 10.1% during the forecast period
Over the past decades, spending on healthcare has grown globally. The growth of the emerging markets and increasing geriatric population in developed economies are among factors expected to boost healthcare spending, which is expected to subsequently expand the bone growth stimulators market.
Increasing healthcare spending is expected to boost the demand for bone growth stimulators, which is, in turn, predicted to create high growth opportunities for players in the bone growth stimulators market over the forecast period.
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Furthermore, the increasing number of fractures and technological advancements have increased non-invasive, and rapid technologies in the healthcare industry, which is boosting the bone growth stimulators market. Moreover, manufacturers are undertaking various efforts to provide bone growth stimulators that are more versatile and more convenient for patient use.
According to the World Bank, around 1.25 million people get injured in road accidents, which leads to fractures and the requirement of fusion surgeries for their treatment every year. These are some of the prime factors that are expected to drive the global Bone growth stimulators market over the forecast period 2019-2029.
Various alternative therapies and treatments for fractures, which include synthetic bone grafts, amputation, and allografts, as well as non-invasive therapies, such as electrical bone growth stimulation and low-intensity ultrasound stimulations, have been introduced, which are responsible for driving the global bone growth stimulators market. However, factors such as the high prices of devices and product recalls are expected to hamper the growth of the bone growth stimulators market.
Osteoporosis and osteoarthritis are among the common disabling joint disorders that are affecting millions of elderly people across the world. Some of the most common sites of osteoporotic fractures are the spine, wrists, hips, and shoulders. Thus, the increasing population suffering from orthopedic disease is creating high demand for bone growth stimulators. The cause of delayed bone healing and fractures is not known, however, it is creating a large economic impact on the market of bone growth stimulators.
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Key Players
- Bioventus LLC,
- Zimmer Biomet Holdings Inc.,
- Orthofix Holdings, Inc.,
- DJO Global,
- IGEA, and Ossatec Benelux Ltd.
BONE GROWTH STIMULATORS MARKET STRUCTURE ANALYSIS
- The global Bone growth stimulators market represents a consolidated competition landscape, wherein tier 1 companies of the Bone growth stimulators market hold a revenue share of approximately 80%
- Some of the Bone growth stimulators companies include Bioventus LLC, Zimmer Biomet Holdings Inc., Orthofix Holdings, Inc., DJO Global, IGEA, and Ossatec Benelux Ltd.
The North America bone growth stimulators market and Europe bone growth stimulators market combined are expected to hold a share of approximately 65% of the global bone growth stimulators market during the forecast period. This can be mainly attributed to the high adoption of advanced technology and reduced hospital visits.
Based on the product type, the global bone growth stimulators market has been segmented broadly into non-invasive bone growth stimulators and invasive bone growth stimulators. Non-invasive bone growth stimulators are also segmented into various other sub-segments such as Capacitive Coupling (CC) devices, Pulsed Electromagnetic Field (PEMF) devices, Combined Magnetic Field (CMF) devices, and ultrasound bone growth stimulators. The non-invasive bone growth stimulators segment is expected to hold a prominent share of the global bone growth stimulators market.
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Based on applications, the bone growth stimulators market has been segmented into trauma injury & fractures, spinal fusion surgeries, and osteogenesis. In terms of revenue, the trauma injury and fractures segment dominated the global bone growth stimulators market in 2018. Based on the end user, the bone growth stimulators market is segmented into hospitals, homecare settings, orthopaedic clinics, and ambulatory surgical centres. The hospitals segment held the maximum share of the bone growth stimulators market in 2018, and is predicted to continue to dominate the market throughout the forecast period.
Key Segment
By Product Type
- Non-Invasive Bone Growth Stimulators
- Capacitive Coupling (CC) devices
- Pulsed Electromagnetic Field (PEMF) devices
- Combined Magnetic Field (CMF) devices
- Ultrasound Bone Growth Stimulators
- Invasive Bone Growth Stimulators
By Applications
- Trauma Injury and Fractures
- Spinal Fusion
- Osteogenesis
By End User
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Homecare settings
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