(PharmaNewsWire.Com, September 09, 2020 ) San Angelo, TX 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 this market.
According MarketsandMarkets Research - The Global Bone Growth Stimulator Market is estimated to reach USD 1.41 billion, at a CAGR of 5.4% during the forecast period.
Hospitals and Clinics Form the Fastest Growing End User Segment.
Hospitals;
This segment includes both government and private hospitals that provide treatment or conduct surgeries related to spine, oral and maxillofacial, nonunion/delayed union fractures and dental practices. An increasing patient population, rising procedural volumes of spinal fusion surgeries, growing prevalence of spinal disorders, and growing awareness on bone growth stimulation products are aiding the growth of this segment.
Home care;
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.
On the basis of application, the global bone growth stimulators market is segmented into spinal fusion surgeries, delayed union and nonunion bone fractures, oral and maxillofacial surgeries, and other applications. The spinal fusion surgeries segment accounted for the largest share of the market in 2016. The large share of this segment is attributed 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.
Major Market Developments:
- In 2017, Orthofix International N.V. received CE and FDA approval for its next-generation bone growth stimulators, namely, Cervical-Stim and Spinal- Stim. These devices are used to stimulate and enhance natural healing process of the body post spinal fusion operation.
- In 2016, Bioventus LLC, launched its Ultrasound Bone Healing System, EXOGEN in Saudi Arabia. The product is used in the treatment of delayed unions, non-unions, and joint fusion
- In 2015, Zimmer Holdings merged with Biomet, Inc., a U.S.-based company engaged in the development of musculoskeletal medical products. This merger helped both companies to expand their footprints in the global musculoskeletal devices market and strengthen its position in the bone stimulators market.
On the basis of region, this bone growth stimulators market is classified into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, the global bone growth stimulators market was dominated by North America mainly due to the growing elderly population, increasing incidence of arthritis and sports injuries, adoption of novel treatment options, and rising demand for minimally invasive spinal surgeries.
Orthofix International N.V. (U.S.), DJO Finance LLC (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Bioventus LLC (U.S.), Medtronic plc (Ireland), Stryker Corporation (U.S.), DePuy Synthes (U.S.), Arthrex, Inc. (U.S.), and Harvest Technologies Corporation (U.S.) are some of the key players in the bone growth stimulators market.
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