(PharmaNewsWire.Com, April 27, 2021 ) The report "Bone Growth Stimulators Market by Product (Device, Bone morphogenetic protein, PRP), Application (spinal fusion, Delayed Union & Non Union Bone Fracture, Dental, Maxillofacial), End User (Hospitals, Home care, Academia, CROs) - Global Forecasts", is expected to reach USD 1.41 billion, at a CAGR of 5.4%.
What Drives the Market Growth?
Bone growth stimulators include the medical devices (external and internal bone growth stimulators) and biologics (PRP and BMP); that are used during or post or after orthopedic treatments related to bone regeneration (including spine fusion surgery, bone fractures, and bone grafts, among others) in order to enhance the bone healing process.
Growing patient preference for noninvasive and minimally invasive surgical treatments and increasing target patient population are the key factors driving the growth of the global bone growth stimulator market. Furthermore, procedural benefits offered by bone stimulation devices are also fueling the market growth.
Procedural benefits offered by bone stimulation devices in bone fracture treatment;
Bone growth stimulation devices offer a cost-effective and safer alternative mode to treat orthopedic diseases as compared to traditional surgical therapies for nonunion bone fractures. These devices have been reported to shorten the patient’s hospital stay as well as lessen the risks of complications and infections. This is expected to aid the adoption of bone growth stimulation products among key end users. This is also augmented by clinical evidence that validates the clinical efficacy of bone growth stimulation products in the effective and rapid bone regeneration as compared to traditional methodologies.
Market Segmentation in Detailed:
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.
On the basis of end user, the global bone growth stimulators market is segmented into hospitals & clinics, home care, and academic & research institutes and CROs. The hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. The advantage of bone growth stimulation products over their counterparts is the key factor driving their adoption in this end-user segment.
The 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.
However, the Asia-Pacific market is expected to grow at the highest CAGR during. 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.
Global Key Leaders:
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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