Bone Growth Stimulator Market by Product, Application, Care Setting - Global Forecasts to 2026
- July 2021 •
- 214 pages •
- Report ID: 4891744 •
- Format: PDF
The global bone growth stimulator market size is projected to reach USD 1.5billion by 2026 from USD 1.1billion in 2021, at a CAGR of 5.8% during the forecast period. The growing patient preference for non-invasive and minimally invasive surgical treatments, the rising prevalence of target conditions, and the growing number of sports and accident-related orthopedic injuries are the key factors driving the growth of the bone growth stimulators market. However, limited medical reimbursement for bone stimulation devices, high treatment costs associated with BMP and PRP products, and side effects associated with BMP-based orthopedic treatment are the key factors restraining the growth of this market.
The global COVID-19 pandemic has significantly impacted markets across multiple sectors and industries, such as healthcare, oil & petroleum, aeronautics & defense, and food & beverage.A majority of these industries are experiencing a period of uncertainty in terms of global economic conditions, the regional impact of the pandemic on business, government laws and preventive regulations, demand from end users, and challenges faced in the supply chain and logistics.
As a result, key businesses and market players are forced to shift focus from long-term growth strategy to short-term sustainability tactics that have led to changes in business operations such as manufacturing, supplying, and consumer communication in certain sectors of the global economy.
The healthcare sector is at the epicenter of this global pandemic challenge and is expected to have major long-term consequences that would force countries and key market players to undergo crucial healthcare reforms once the crisis is eventually under control or has faded.The private healthcare sector is facing twice the burden—investing additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and the eventual treatment of patients alongside the sharp drop in out-patient footfall, elective surgeries, and international patients.
Moreover, hospitals are affected by this pandemic as a dearth in the number of healthcare professionals is being experienced in developed as well as developing countries.The pandemic has also affected the orthopedics field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for treating COVID-19 patients.
Therefore, performing orthopedic and trauma surgeries has become a significant challenge due to the non-availability of hospital staff and operation facilities.
The bone growth stimulation devicessegmentto capture the largest share in bone growth stimulatormarket, by product, during the forecast period.
The bone growth stimulation devices segment accounted for the largest share of the bone growth stimulators market in 2021.This can be attributed to the growing geriatric population, rising preference for non-surgical treatment procedures, and growing prevalence of nonunion fractures.
Additionally, obesity, smoking, and diabetes, among other factors, can delay or inhibit bone healing after surgery or trauma. The rising incidence of these risk factors will further aid market growth.
The spinal fusion surgeries segment to witness highest growth rate in bone growth stimulator market, by applicationin 2021.
Spinal fusion surgeries are conducted to connect two or more vertebrae permanently and eliminate motion between them. Bone growth stimulation products are used during or post surgeries to stimulate the natural bone growth process.The growth of this segment can be attributed to the growing geriatric population, the rising number of spine procedures, established safety and efficacy of stimulators in fusion surgery, and the increasing use of bone growth stimulation products.
The Hospitalssegment accounted for the largest share of thebone growth stimulator, byend user, in 2021
Bone growth stimulation products are used in hospitals for various applications, including spine surgeries, oral and maxillofacial surgeries, dental practices, and bone fractures.Hospitals & ASCs accounted for the largest share of the bone growth stimulators market in 2021.
The advantages of bone growth stimulation products over their counterparts, the rising patient population, growing procedural volumes of spinal fusion surgeries, growing prevalence of spinal disorders, and growing awareness on bone growth stimulation products are the key factors driving the growth of the bone growth stimulators market for hospitals & ASCs.
The Asia Pacific market to grow at the highest CAGR during the forecast period.
The bone growth stimulation market is segmented into five major regions, namely, North America, Europe, AsiaPacific, Latin America, and Middle East & Africa.Compared to the mature markets, the Asia Pacific is expected to grow at the highest CAGR of 8.7% during the forecast period. The growth in this market is attributed to the presence of a large patient population, rising obesity rates, supportive government regulations, and rising disposable income levels in emerging APAC countries.
Breakdown of supply-side primary interviews:
• By Company Type:Tier 1: 48%, Tier 2: 36%, and Tier 3: 16%
• By Designation:C-level: 10%, D-level: 14%, and Others: 76%
• By Region:North America: 40%, Europe: 32%, APAC: 20%, Latin America: 5%, and the Middle East & Africa: 3%
The major players operatinginthe bone growth stimulatormarket are Orthofix Medical, Inc. (US), DJO Finance, LLC (US), Zimmer Biomet (US), Bioventus LLC (US), Medtronic plc (Ireland), Stryker (US), DePuy Synthes (US), Arthrex, Inc. (US), Isto Biologics (US), Terumo Corporation (Japan), Ember Therapeutics, Inc. (US), Ossatec Benelux Ltd. (Netherlands), Altis Biologics (Pty) Ltd. (South Africa), Regen Lab SA (Switzerland), ITO Co., Ltd. (Japan), Elizur Corporation (US), BTT Health GmbH (Germany), Stimulate Health Inc. (Canada), VQ OrthoCare (US), Kinex Medical Company, LLC (US), Fintek Bio-Electric Inc. (Canada), Biomedical Tissue Technologies Pty Ltd. (Germany), T-Biotechnology (Turkey), DrPRP America LLC (US), Ivy Sports Medicine, LLC (US), Glofinn Oy (Finland), and REMI GROUP (India).
This report studies the bone growth stimulatormarket based on the product, application, end userand region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders.
Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions(and the respective countries in these regions).
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, marketshareof top players, and company profiles, which together formbasic views and analyze the competitive landscape, emerging segments of the bone growth stimulatormarket, and high-growth regions and their drivers, restraints, opportunities, and challenges.The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the marketandgarner greater market shares.