(PharmaNewsWire.Com, December 10, 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 Boosting Factors:
# 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
# Emerging markets
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.
Orthofix International N.V. (U.S.), Medtronic plc (Ireland), and Zimmer Biomet Holdings, Inc. (U.S.) are some of the key players in the bone growth stimulators market, 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.) were few other key players operating in the market.
Geographical Regions Mapped in Report:
On the basis of region, is classified into North America, Europe, Asia-Pacific, and the Rest of the World. 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.
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.
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, 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
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