Bone Growth Stimulator Market Scope
Bone growth stimulators are devices which promote bone health in situations of critical fractures. These devices can use electric current to expedite the healing process. The global bone growth stimulator market report by Market Research Future (MRFR) comprises analysis of latest trends in bone repair, patents of latest devices, and market dynamics for the period of 2018 to 2023 (forecast period). The impact of the COVID-19 pandemic and its effects are also included in the report.
Global bone growth stimulator market is expected to grow significantly over the forecast period. The market held a market value of USD 1,213 million in 2017 and is projected to grow at a CAGR of 5.86% over the forecast period. Preference of electric bone stimulation in lieu of surgeries can drive the market growth. According to clinical trials conducted by the Cedars-Sinai Hospital, electric bone growth stimulators can expedite the healing process in ankle fractures. Success of these trials can pave the path for the global bone growth stimulator market.
Bone Growth Stimulator Market Segmentation
The global bone growth stimulator market has been segmented by product, application, and end user.
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By product, the market has been segmented into platelet-rich plasma, bone growth stimulation devices, bone morphogenetic proteins, and others. The bone growth stimulation devices segment is further segmented into ultrasonic bone growth stimulators, external bone growth stimulators, and implanted bone growth stimulators. Among the product segment, bone growth stimulation devices are expected to account for the largest share in the global bone growth stimulator market in 2017. This is majorly attributed to the wider acceptance of the devices and better patient compliance.
On the basis of application, the market has been segmented into oral and maxillofacial surgeries, spinal fusion surgeries, delayed union & non-union bone fractures, and others. The spinal fusion surgeries segment is expected to lead in the global bone growth stimulator market in 2017.
On the basis of end users, the market has been segmented into academic and research institutes, hospitals & clinics, home care and others. The hospitals & clinics segment is expected to account for the largest share in the global bone growth stimulator market in 2017. However, growth of home care services in the developed and developing countries has been estimated to drive the segment growth during the forecast period.
Bone Growth Stimulator Market Regional Analysis
Based on the regions, the bone growth stimulator market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Geographically, the Americas is anticipated to dominate the global bone growth stimulator market owing to the rising prevalence of the orthopedic and spinal ailments such as bone fractures and spinal damage. Development of better therapeutic approaches and advanced treatments has positively affected the regional market growth. Moreover, increasing numbers of spinal fusion procedures, patient preference for orthopedic fixation procedures, high awareness among the population, and high disposable income levels are some of the factors driving the bone growth stimulator market growth.
Europe is expected to hold the second largest market share in the global bone growth stimulator market. The market growth is majorly attributed to the increasing government support for the device manufacturers. Establishment of manufacturing units of medical device companies in this region has brought traction to bone growth stimulators.
Similarly, APAC has observed a rapid growth in the bone growth stimulator market owing to continuous developments in the healthcare sector. Moreover, increase in government funding for healthcare, a rise in R&D expenditure, and growing number of medical device companies in the region is predicted to be highly lucrative for the market in the region.
Lastly, the MEA region is anticipated to show a modest growth rate in the bone growth stimulator market during the forecast period.
Bone Growth Stimulator Market Competition
Depuy Synthes, Harvest Technologies, Orthofix International N.V., Stryker Corporation, Isto Biologics, DJO Finance LLC, Zimmer Biomet Holdings, Inc., Arthrex, Inc., Bioventus LLC, and Medtronic PLC are key players of the global bone growth stimulator market.