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Global Bone Growth Stimulator Market Size was valued at USD 0.6 Billion in 2022. The Bone Growth Stimulator market Product is projected to grow from USD 0.7 Billion in 2023 to USD 1.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). Growing demand for non-invasive or minimally invasive procedures and rising incidence of bone and joint problems, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The global need for minimally invasive and non-invasive procedures, the rising elderly population, and the rising prevalence of bone and joint issues are the main factors driving the market for bone growth stimulators. Osteoarthritis is one of the articular diseases that affects persons over the age of 65 most commonly. According to the Centers for Disease Control and Prevention (CDC), 63 million Americans already have arthritis diagnoses, and by the year 2040, that number is expected to increase to 78 million. In addition, 1 in 11 people worldwide were above the age of 65 in 2019, per World Population Prospects: The 2019 Revision Data. This percentage is predicted to reach 1 in 6 people by 2050. The increased prevalence of trauma and accident cases worldwide is one of the major factors that is anticipated to be most likely to raise demand for the market under research. The National Safety Council reports that 4.5 million persons suffered severe injuries as a result of incidents in 2018. It is predicted that the market for bone growth stimulators would expand significantly over the course of the estimated period as a result of the aforementioned factors.
The increase in the geriatric population, the increase in fracture and accident rates, the increase in the prevalence of arthritis, the increase in cases of diabetes and other illnesses like obesity, vascular disease, and renal disorders, as well as the increase in patient preference for minimally invasive & non-invasive surgical treatments, are the primary factors driving the growth of the global market size for bone growth stimulators. The Centers for Disease Control and Prevention (CDC) reported that in 2020, there were approximately 58.5 million Americans (24% of the adult population) who had been diagnosed with arthritis. The key variables influencing the market for bone growth stimulators include platelet-rich plasma, bone morphogenetic proteins, and the emergence of reasonably priced bone growth stimulation devices.
The increased patient awareness of bone growth stimulators, the procedural advantages offered by bone growth stimulation devices in the treatment of bone fractures and orthopaedic diseases, the technological development of bone growth stimulators, and the increased adoption rate of bone growth stimulators by patients and prescribers are additional factors that contribute to the growth of the bone growth stimulators market. For instance, the international medical device company Orthofix Medical Inc. reports that the U.S. Food and Drug Administration (FDA) approved the smartphone app STIMonTrack in February 2020. The Orthofix bone development therapy equipment is made to work in conjunction with STIMonTrack technology, which will make it easier for patients to adhere to their treatment plans and produce better clinical outcomes.This factor hastened the growth of the bone growth stimulator market. Thus, driving the Bone Growth Stimulator market revenue.
The global Bone Growth Stimulator market segmentation, based on Product, includes bone growth stimulation devices, bone morphogenetic proteins, platelet-rich plasma, and others. Bone growth stimulation devices segment dominated the global market in 2022. Modern features of these gadgets, including as portability, light weight, and simplicity of use, are a major driver of the present segment's growth. According to a study published in Bone & Joint Open, 2020, the COVID-19 lockdown in the United Kingdom in 2020 increased the number of fractures and minor injuries requiring surgery among older patients compared to 2019.
The global Bone Growth Stimulator market segmentation, based on Application, includes spinal fusion surgeries, delayed union & nonunion bone fractures, oral and maxillofacial surgeries, and others. Spinal fusion surgeries segment dominated the global market in 2022. The rise in spinal disorders, adoption of minimally invasive spinal surgery, technological advancements in spinal surgery, prevalence of obesity and degenerative spinal conditions, and a rise in patient preference for spinal fusion surgery procedures globally are all contributing factors to this.
The global Bone Growth Stimulator market segmentation, based on End User, includes hospitals & clinics, home care, academic & research institutes, and others. Hospitals and clinics segment dominated the global Bone Growth Stimulator market in 2022. The increased demand for bone growth stimulator products and the initiatives taken by both public and private organizations to construct cutting-edge hospitals and clinics are the main factors driving market expansion.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Bone Growth Stimulator Market dominated this market in 2022 (45.80%). The burden of orthopaedic disorders in the area and the expanding older population are the main causes of this. The National Spinal Cord Injury Statistical Centre's 2019 edition of Spinal Cord Injury, Facts and Statistics states that there are 17,730 new spinal cord injury cases recorded each year and that between 249,000 and 363,000 Americans are believed to be living with the condition. Further, In the North American area, the U.S. Bone Growth Stimulator market had the biggest market share, while the Canada Bone Growth Stimulator market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In 2022, Europe's market for bone growth stimulators held a sizable market share. This is due to the increased prevalence of bone and joint disorders, the presence of more medical device companies in the region, the development of the healthcare system, and the accessibility of drugs that promote bone growth. Further, In the European region, the German Bone Growth Stimulator market had the biggest market share, and the U.K. Bone Growth Stimulator market had the quickest rate of growth.
From 2023 to 2032, it's anticipated that the Asia Pacific Bone Growth Stimulator market would expand significantly. The huge population base, rising demand for goods containing bone growth stimulators, an increase in the frequency of bone fractures, and surgical procedures for spinal fusion are all contributing factors. Moreover, In the Asia-Pacific region, the Indian Bone Growth Stimulator market had the quickest rate of growth while China's Bone Growth Stimulator market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Bone Growth Stimulator market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Bone Growth Stimulator sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Bone Growth Stimulator industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Bone Growth Stimulator sector. Major players in the Bone Growth Stimulator market, including Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc, are attempting to increase market demand by investing in research and development operations.
Orthofix Medical Inc. (Orthofix), a producer of medical equipment, formerly known as Orthofix International NV, provides reconstructive and regenerative musculoskeletal solutions to medical professionals everywhere. The company's major products include those for managing fractures, regenerative goods and tissue forms, paediatrics and limb reconstruction, mobility preservation and fixation implant devices, and foot and ankle products. Orthofix offers its products both directly and through a network of distributors in order to reach hospitals, physicians, integrated health delivery systems, ambulatory surgery centers, and other purchasing organizations across the world. It also has facilities there, in addition to the US, UK, Brazil, Italy, France, and Germany. Based in Lewisville, Texas, Orthofix is a company with US operations. Version 2.1 of Orthofix Medical Inc.'s STIM on Track mobile app, which will assist clinicians in treating patients with their bone growth stimulators like CervicalStim, SpinalStim, and PhysioStim, received US FDA approval in February 2020.
A company that specializes in medical technology under the name of Medtronic Plc (Medtronic), formerly known as Medtronic Inc., designs, develops, manufactures, and sells a wide range of medical items. It offers treatments for ailments such heart valve problems, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as for illnesses affecting the spine and musculoskeletal system and the ears, nose, and throat. For the dentistry and orthopedic areas, it also provides biologic solutions. It sells its goods to hospitals, clinics, institutions, government-sponsored health care programs, distributors, and group purchasing organizations in Asia Pacific, Europe, the Americas, the Middle East, and Africa. Dublin, Ireland is home to Medtronic's corporate headquarters. In January 2020, Medtronic acquired Stimgenics to diversify its offering in Differential Target Multiplexed Spinal Cord Stimulation Therapy. In January 2020, Medtronic acquired Stimgenics to diversify its offering in Differential Target Multiplexed Spinal Cord Stimulation Therapy.
· Arthrex Inc.
· Bioventus LLC
· Depuy Synthes
· DJO Finance LLC
· Harvest Technologies
· Isto Biologics
· Medtronic PLC
· Orthofix International N.V.
· Stryker Corporation
· Zimmer Biomet Holdings Inc
March 2021: Bioventus LLC announced the acquisition of Bioness, Inc. The goods that Bioventus LLC offers for bone growth therapy will be diversified as a result of this acquisition.
November 2020: For USD 93.0 million, DJO, LLC announced the acquisition of OrthoLogic Corporation's bone growth stimulation device division.
· Bone Growth Stimulation Devices
· Bone Morphogenetic Proteins
· Platelet-Rich Plasma
· Others
· Spinal Fusion Surgeries
· Delayed Union & Nonunion Bone Fractures
· Oral and Maxillofacial Surgeries
· Others
· Hospitals & Clinics
· Home Care
· Academic & Research Institutes
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.6 Billion |
|
Market Size 2023 |
USD 0.7 Billion |
|
Market Size 2032 |
USD 1.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
5.80% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product, Application, End User, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc |
|
Key Market Opportunities |
Increase in government funding for healthcare and rising R&D expenditure |
|
Key Market Dynamics |
Rising burden of bone and joint disorders and growing demand for the non-invasive or minimally invasive surgeries |
The global Bone Growth Stimulator Market was valued at USD 0.6 billion in 2022, and it is estimated to reach USD 1.6 billion by 2032.
The global market is projected to grow at a CAGR of 5.80% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc
The Bone Growth Stimulation Devices Product dominated the market in 2022.
The Spinal Fusion Surgeries Application had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65258
Published on :
Sep 2023
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