USD 1.93 billion
Report ID:
SQMIG35A2314 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
63 |
Figures:
77
Global Bone Growth Stimulators Market size was valued at USD 1.93 billion in 2022 and is poised to grow from USD 2.02 billion in 2023 to USD 2.97 billion by 2031, at a CAGR of 4.9% during the forecast period (2024-2031).
Bone growth stimulation, a complementary therapy, has gained popularity, particularly for bone mending. For fractures that have not recovered on their own, bone stimulators are frequently employed. The number of bone fractures and sports-related injuries is gradually rising, which is driving up demand for bone growth stimulators all around the world. According to the National Spinal Cord Injury Statistical Centre (NSCISC), there are about 54 cases of spinal cord injury (SCI) per million people in the United States per year. Around the world, 250,000 to 500,000 persons get spinal cord injuries annually, according to a recent report from the National Centre for Biotechnology Information. Orthopaedic surgeries have benefited from bone growth stimulating technology and products. Numerous clinical research on bone morphogenetic protein has been started because of the market potential. These simulators are used extensively in many different fields, including spinal fusion, dentistry, maxillofacial, fracture repair, and many more. The market is expanding as a result of the increasing incidence of osteoarthritis and degenerative bone diseases. Additionally, due to the quick uptake and demand for platelet-rich plasma and bone morphogenetic proteins market growth is also anticipated to be aided by improved healing outcomes.
Global Market Size
USD 1.93 billion
Largest Segment
Hospitals & ASCs
Fastest Growth
Hospitals & ASCs
Growth Rate
4.9% CAGR
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Global Bone Growth Stimulators Market is segmented on the basis of product, application, end user and region. By product, the market is segmented into bone growth stimulation devices, bone morphogenetic proteins, platelet derived growth factor. By end user, market is segmented into hospitals & ASCS, specialty clinics, home care. By application, the market is segmented into spinal fusion, maxillofacial & dental, nonunion & union bone fractures. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Bone Growth Stimulators Market Analysis by Application
In 2022, the market was mostly dominated by the spinal fusion category. The high share of the market is mainly attributed to the huge patient pools undergoing spinal fusion operations all over the world. Along with this, the expensive nature of the treatment and the rising number of procedures are the main reasons for the lucrative market shares observed during the analysis period. For instance, 1.62 million instrumented spinal surgeries are carried out each year in the United States, according to an article by Remedy Health Media.
It is anticipated that the non-union and union bone fractures market will expand at a high rate during the projection period. High increase is mostly a result of the rising number of fracture and trauma cases in the world. Segmental expansion is being aided by the rising number of fracture cases brought on by sports injuries and traffic accidents.
Bone Growth Stimulators Market Analysis by End User
Global market dominance in terms of end users was held by the hospital sector. Because so many orthopedic treatments are performed in hospital settings and there are so many patient visits, hospitals have a dominant market share. hospitals are found in such great numbers everywhere, in both developed and underdeveloped countries. The reason for the segment's domination is that government hospitals are unavoidable when it comes to subsidized care in a number of economies, particularly in the rising markets. According to the American Hospital Association, for instance, there are 6,146 hospitals in the United States overall, and there are 924,107 beds in those hospitals that are staffed.
Due to a number of factors, specialized clinics are predicted to have the greatest CAGR. Growing specialist clinics, where treatment is focused on particular medical specializations like orthopedics, is one of the major industry developments in developed markets. Due to the specialized care needed for the diagnosis and treatment of bone fractures, the segment is expected to rise over the course of the projection period.
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In 2022, North America had a predominant share of USD 0.72 billion. For bone growth stimulators, North America is the largest market. The market is expanding in North America due to the increased incidence of orthopedic injuries and disorders, the aging population, and the rising demand for less invasive procedures. The main elements promoting regional domination are the rising costs of healthcare, the prevalence of related bone illnesses, and the occurrences of these conditions that call for the administration of bone growth stimulators. The high shares of this region will also be strongly impacted by the robust procedure volumes related to orthopedic disorders.
Over the projection period, the industry in Asia Pacific is expected to grow profitably. The growing incidence of bone ailments in the area is the cause of the region's profitable development. Bone stimulator companies are anticipated to benefit from lucrative growth prospects that will allow them to expand in the area and boost regional growth due to the large prospective patient pool and under-penetration of the industry.
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Bone Growth Stimulators Market Drivers
Increasing Prevalence of Orthopaedic Conditions to Bolster market growth
Bone Growth Stimulators Market Restraints
Potential Side Effects and Risks to Hinder market growth
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The competitive landscape for the bone growth stimulator industry contains information on each competitor. A business overview, financials, revenue generated, market potential, R&D investments, new market initiatives, global presence, production sites and facilities, production capacities, product launches, product breadth and depth, and application dominance are all included in the data.
Bone Growth Stimulators Market Top Player’s Company Profiles
Bone Growth Stimulators Market Recent Developments
In February 2024, Orthofix Medical Inc., a prominent global company specializing in spine and orthopedic solutions, appointed Jason Shallenberger as the President of its Bone Growth Therapies business.
In May 2023, Orthofix Medical Inc., a prominent company specializing in spine and orthopedic solutions, declared that its STIM onTrack™ mobile app received an award for the "Best Patient Engagement Mobile App" from MedTech Breakthrough.
In April 2023, Orthofix Medical, an eminent company in the spine and orthopedics sector, introduced two access retractor systems tailored for minimally invasive spine (MIS) procedures. The launch of the Lattus lateral access system and the Fathom pedicle-based retractor system upgrades the company's portfolio of access solutions.
The evolution of the market is greatly influenced by advances in technology. Patient compliance and convenience have been improved by the miniaturization and portability of bone growth stimulator devices. Additionally, remote monitoring and personalized treatment plans are possible through the integration of smart technology and mobile applications, leading to an even more effective bone growth stimulation therapy.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global bone growth stimulators market is a rapidly growing segment within the medical device industry, driven by various factors such as increasing prevalence of orthopedic conditions, advancements in technology, and a growing geriatric population. Bone growth stimulators are non-invasive devices that utilize techniques like electrical stimulation, ultrasound, or magnetic fields to promote bone healing and stimulate bone growth. The global bone growth stimulators market is driven by the increasing incidence of orthopedic conditions, advancements in technology, and a growing geriatric population. With the rising demand for non-invasive treatment options and continuous technological innovations, the market is expected to witness further growth in the coming years. However, addressing challenges related to affordability, reimbursement, and awareness will be crucial for sustained market expansion.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1.93 billion |
Market size value in 2031 | USD 2.97 billion |
Growth Rate | 4.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Bone Growth Stimulators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bone Growth Stimulators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG35A2314