(PharmaNewsWire.Com, November 18, 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™.
The Global Bone Growth Stimulator Market is estimated to reach USD 1.41 billion, at a CAGR of 5.4% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- 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.
Bone Growth Stimulator Market Segmentation in Detailed:
On the basis of product, is segmented into bone growth stimulation devices, bone morphogenetic protein (BMPs), and platelet-rich plasma (PRP). The bone growth stimulation devices segment accounted for the largest share of the market. This large share is attributed to the growing aging population, rising preference for non-surgical treatment procedures, and growing prevalence of nonunion fractures. Additionally, the rising incidence of obesity, smoking, and diabetes which delay or inhibit bone healing after surgery or trauma are further driving the market growth.
On the basis of application, 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. 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.
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 stimulator market.
Geographical Regions Mapped in Report:
On the basis of region, this bone growth stimulators market is classified into North America, Europe, Asia-Pacific, and the Rest of the World. The global bone growth stimulator 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.
However, the Asia-Pacific market is expected to grow at the highest CAGR. This is primarily due to the presence of a large patient population for target diseases (coupled with rapidly growing geriatric population, especially in Japan and China), rising awareness among healthcare professionals related to novel and upcoming treatment options, and ongoing government initiatives to modernize & expand healthcare infrastructure.
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