According to a recent report by Future Market Insights Inc., the Global Bone Growth Stimulators Industry is on track for a remarkable surge. The market, currently valued at US$ 2.1 billion in 2023, is projected to reach a staggering US$ 5.4 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.1%.
This phenomenal growth can be attributed to the rising incidence of bone fractures worldwide. As the need for effective solutions in fracture rehabilitation and treatment intensifies, bone growth stimulators are poised to witness a significant increase in demand.
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A bone growth stimulator’s best advantage is that it accelerates the entire process of bone healing, resulting in faster recovery, shorter hospitalization, higher cost-effectiveness, and fewer infections.
According to a recent study conducted by the International Osteoporosis Foundation, statistics revealed that more than 200 million people are suffering from osteoporosis. Worldwide, 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime. These numbers are anticipated to increase at a fast pace in the assessment period, therefore, bolstering the demand for Bone Growth Stimulators worldwide.
Global Bone Growth Stimulators Industry Key Takeaways
- Because of an aging population, rapid economic expansion in growing Asia-Pacific (APAC) countries, and an increase in the volume of spine surgeries, the Bone Growth stimulants market in numerous Asia-Pacific countries is likely to grow rapidly over the forecast period.
- India is predicted to be the fastest-growing market in APAC, with a CAGR of 11.4%. Growth will be fueled by improvements in the country’s healthcare landscape.
- The US market for Bone Growth Stimulators is estimated to exceed US$ 2.2 billion by 2033.
- With a rise in medical tourism and a growing demand for less invasive procedures, the United Kingdom is expected to dominate the European Bone Growth Stimulators market in the next years. Sales are expected to account for 20.4% of the global market in 2022.
- The hospital segment is estimated to be valued at more than US$ 743 million by 2028.
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Global Bone Growth Stimulators Industry Competitive Landscape
The prominent players operating in the Global Bone Growth Stimulators Industry are extensively investing in research and development activities to launch innovative and technologically advanced products that cater to an expanding customer base. In addition to that, dominant market players are heavily investing in mergers, acquisitions, collaborations, and partnerships to strengthen their distribution networks.
Some of the leading companies operating in the Global Bone Growth Stimulators Industry are
- Zimmer Biomet Holdings Inc
- Bioventus LLC.
- DJO Global, Orthofix Holdings, Inc.
- Ossatec Benelux Ltd.
- IGEA
- Ito Co., Ltd.
More Insights into the Global Bone Growth Stimulators Industry
The US is expected to dominate the North American region by garnering maximum sales in the Global Bone Growth Stimulators Industry. The global market is anticipated to account for about 42.5% of the total market share in 2022. According to the CDC, around 1 out of every 4 US adults (23.7%, 58.5 million people) suffer from diagnosed arthritis. The incidence of arthritis and osteoarthritis is predicted to grow in the forthcoming years, which in turn will propel the demand for electrical Bone Growth Stimulators over the assessment period.
The UK is predicted to dominate the European Bone Growth Stimulators market in the forthcoming years, as it accounts for around 20.4% of the total market share in 2022. The growth is attributed to the growing preference for minimally invasive procedures and the rising popularity of medical tourism in the country.
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Global Bone Growth Stimulators Industry by Category
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
Application:
- Trauma Injury and Fractures
- Spinal Fusion
- Osteogenesis
End User:
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Homecare settings
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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