New York, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The Global Bone Growth Stimulator Market Size is To Grow from USD 1.30 Billion in 2022 to USD 2.28 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period.
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A Bone Growth Stimulator is a medical device that promotes and accelerates the natural healing process of bone fractures and non-unions. Using low-intensity pulsed ultrasound (LIPUS) or pulsed electromagnetic fields (PEMF), it stimulates cellular activity and enhances blood flow to the affected area. This encourages the formation of new bone tissue, reducing healing time and increasing the chances of successful bone union. Bone Growth Stimulators are used when fractures are slow to heal or resist conventional treatments. The non-invasive and targeted therapy offers a promising solution for improved recovery and better patient outcomes.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Bone Growth Stimulator Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, and Platelet-Rich Plasma), By Application (Spinal Fusion Surgeries, Delayed Union & Nonunion Bone Fractures, Oral & Maxillofacial Surgeries, and Others), By End-User (Hospitals & Ambulatory Surgical Centers, Home Care Settings, and Academic & Research Institutes), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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In 2022, the bone growth stimulation devices segment accounted for around 35.4% market share
On the basis of the material type, the global bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma. The bone growth stimulation devices segment held the largest market share due to increasing aging population across the globe is more susceptible to bone fractures and related ailments, driving the demand for these devices. Advancements in medical technology have led to the development of more efficient and sophisticated bone growth stimulator devices, enhancing their effectiveness and acceptance. Moreover, the rising incidence of sports injuries and road accidents has further boosted the adoption of bone growth stimulators as an adjunct therapy for faster healing.
The spinal fusion surgeries segment held the largest market over the forecast period
Based on the application, the global bone growth stimulator market is segmented into spinal fusion surgeries, delayed union & nonunion bone fractures, oral & maxillofacial surgeries, and others. The spinal fusion surgeries segment held the largest market over the forecast period due to a growing prevalence of degenerative spine disorders, such as herniated discs and spinal stenosis, leading to an increased demand for spinal fusion procedures to alleviate pain and stabilize the spine. The advancements in surgical techniques and technologies have improved the success rates of spinal fusion surgeries, making them a preferred choice for treating various spinal conditions.
The hospitals & ambulatory surgical centers segment held the largest market
Based on the end-user, the global bone growth stimulator market is segmented into hospitals & ambulatory surgical centers, home care settings, and academic & research institutes. The hospitals & ambulatory surgical centers segment held the largest market share for several reasons, such as the hospitals are major healthcare facilities that handle a wide range of medical conditions, including orthopedic and spine-related issues, leading to a higher demand for bone growth stimulators. Additionally, ambulatory surgical centers offer outpatient surgical procedures, providing a convenient and cost-effective setting for patients who require bone growth stimulation treatments without an extended hospital stay.
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Asia Pacific is predicted to grow at a higher CAGR of around 6.2% over the projected period
Asia Pacific's projected rapid growth in the bone growth stimulator market during the forecast period can be attributed to several factors. The region's large and aging population is prone to orthopedic conditions, increasing the demand for bone growth stimulators. Moreover, improving healthcare infrastructure and rising disposable incomes allow greater accessibility to advanced medical technologies. Additionally, a surge in sports-related injuries and road accidents necessitates effective treatments like bone growth stimulators. Furthermore, increasing awareness about these devices and supportive government initiatives for healthcare development further fuel the market growth in the Asia-Pacific region, making it the fastest-growing market during the forecast period
North America's dominance in the bone growth stimulator market can be attributed to several factors. The region has a substantial geriatric population, leading to a higher incidence of bone-related ailments, driving demand for these devices. Additionally, North America is at the forefront of medical research and technological advancements, leading to the development of cutting-edge bone growth stimulator devices.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global bone growth stimulator market include Orthofix Medical Inc., Enovis Corporation, ZimVie, Bioventus LLC, Medtronic PLC, Terumo Corporation, Ossatec Benelux BV, BTT Health GmbH, Stimulate Health, Isto Biologics, Colfax Corporation and others.
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Recent Developments
- In May 2022, Orthofix Medical Inc. (US) obtained FDA premarket approval for the AccelStim Bone Growth Stimulation Device. This approval signifies that the device has met the necessary regulatory requirements and can now be marketed and sold in the United States. The AccelStim Bone Growth Stimulation Device is expected to offer advanced therapeutic options for promoting bone healing and treating fractures effectively.
- In March 2022, the corporation announced the competition of ZimVie, its offshoot. The separation represents a significant step forward in Zimmer Biomet's active portfolio management.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global bone growth stimulator market based on the below-mentioned segments:
Bone Growth Stimulator Market, By Material Type
- Bone Growth Stimulation Devices
- Bone Morphogenetic Proteins
- Platelet-Rich Plasma
Bone Growth Stimulator Market, By Application
- Spinal Fusion Surgeries
- Delayed Union & Nonunion Bone Fractures
- Oral & Maxillofacial Surgeries
- Others
Bone Growth Stimulator Market, By End-User
- Hospitals & Ambulatory Surgical Centers
- Home Care Settings
- Academic & Research Institutes
Bone Growth Stimulator Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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