(PharmaNewsWire.Com, October 14, 2020 ) According to the new market research report "Bone Growth Stimulator Market by Product (Device, Bone Morphogenetic Protein, PRP), Application (Spinal Fusion, Delay Union & Non-union Bone Fracture, Oral-maxillofacial), End User (Hospitals, Home Care, Academia, CROs) - Global Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Global Bone Growth Stimulator Market is estimated to reach USD 1.41 billion, at a CAGR of 5.4% during the forecast period.
Growth Driver in Depth:
- 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
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 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.
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.
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. 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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