(PharmaNewsWire.Com, April 24, 2020 ) The growing patient preference for non-invasive and minimally invasive surgical treatments, increasing target patient population, and procedural benefits offered by bone stimulation devices in bone fracture treatments are some key factors propelling the growth of Bone Growth Stimulator Market. However, limited medical reimbursement for bone stimulation products and high treatment costs associated with BMP and PRP products may hinder the growth of this market during the forecast period.
[153 Pages Report] The global bone growth stimulator market is estimated to reach USD 1.41 billion, at a CAGR of 5.4% during the forecast period.
Global Market Growth Drivers:
- Growing patient preference for noninvasive and minimally invasive surgical treatments
- Increasing target patient population
- Procedural benefits offered by bone stimulation devices in bone fracture treatment
On the basis of product, the global bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic protein (BMPs), and platelet-rich plasma (PRP). The bone growth stimulation devices segment is expected to account for the largest market share in 2016. This can primarily be attributed to the growing aging population globally, rising preference for non-surgical treatment procedures, and growing prevalence of nonunion fractures.
On the basis of application, the global bone growth stimulators market is segmented into spinal fusion surgeries, delayed union and nonunion bone fractures, dental and maxillofacial surgeries, and other applications. The spinal fusion surgeries segment is expected to grow at the highest CAGR during 2017 to 2022, owing to the growing geriatric population, rising number of spine procedures (and rate of spinal fusion failure), established safety and efficacy of stimulators in fusion surgery, and increasing use of bone growth stimulation products.
Home care end users segment include patients who use external bone growth stimulators based on a physician’s prescription. Physicians recommend these stimulators to patients who have undergone spinal fusion surgery or are suffering from bone fractures that have failed to heal in the normal period of time (delayed or nonunion fracture). This segment is expected to witness growth due to rising physician preference for bone growth stimulators over their counterparts, cost-effectiveness of external stimulators in the case of nonunion fractures, government recommendations for the use of external stimulators, and the availability of reimbursement and insurance coverage.
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to dominate the market in 2016. Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, improving healthcare infrastructure and the rising prevalence of obesity and spinal disorders are key factors driving market growth in the Asia-Pacific region.
Orthofix International N.V. (U.S.), Medtronic plc (Ireland), Zimmer Biomet Holdings, Inc. (U.S.), DJO Finance LLC (U.S.), Bioventus LLC (U.S.), Stryker Corporation (U.S.), DePuy Synthes (U.S.), Arthrex, Inc. (U.S.), Isto Biologics (U.S.), and Harvest Technologies Corporation (U.S.) are some of the players operating the Bone Growth Stimulators Market.
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