Bone Growth Stimulator Market Worth 1,397.6 Million USD By 2022Published On: December 4, 2017
The global bone growth stimulator market will grow at a CAGR of 5.8% during the forecast period to reach USD 1,397.6 million by 2022, according to the latest publication from Meticulous Research®. The bone growth stimulator market driven by growing geriatric population with the prevalence of orthopaedic issues and rising preference for stimulation treatments. Moreover, emerging economies such as Latin America, Asia, and Africa provides significant opportunities in this market. However, complications associated with the use of bone morphogenetic proteins (BMP) and unfavorable reimbursement scenario related to bone growth stimulators hinders the growth of the market to some extent.
The global bone growth stimulator market is mainly segmented by product, (bone growth stimulation devices, bone morphogenetic proteins, and platelet rich plasma), by application, (spinal fusion surgeries, delayed union & non-union fractures, oral and maxillofacial surgeries, and others), by end user (hospitals & clinics, academic and research institutes, contract research organizations, and home care), and geography.
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Based on product type, bone growth stimulation devices held the largest share of the market in 2016 and expected to continue its dominance in the global bone growth stimulator market during the forecast period, owing to rising adoption of external & implanted stimulators for the accurate treatment therapy with increasing incidence & prevalence of orthopedic problems with aging population, growing need for cost effective & easy accessible medical devices, rising number of road accidents & trauma, reducing complications associated with bone surgeries, and increasing secondary diseased conditions such as obesity & diabetes.
On the basis of application, spinal fusion surgeries held the largest share in the global bone growth stimulator market in 2016. This was mainly attributed to rising number of spine procedures with increasing risk of orthopedic problems, increasing bone related injuries by growing number of road accidents, trauma and sport activities, growing pain from degenerative disc disorder with instability, and rising adoption of bone growth stimulation products due to decreasing normal bone healing process with increase in the age.
Based on end user, hospitals & clinics commanded the largest share in 2016 due to continuous increase in the number of spinal fusion and orthopedic surgeries performed in the hospital settings, and related increase in the demand for bone growth stimulators from these healthcare organizations to enhance the bone healing process of their patients.
Geographically, this market is segmented into North America (U.S. and Canada), Europe (Germany, France, Italy, Spain, U.K., Turkey, and RoE), Asia Pacific (China, India, Japan, Indonesia, South Korea, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share in the global bone growth stimulator market in 2016, followed by Europe and Asia-Pacific. The large share of this market is mainly attributed to remarkably advanced healthcare industry with higher healthcare spending and adoption of innovative science & technology; increasing prevalence & incidence of orthopedic diseases such as osteoarthritis, chronic back & neck pain, rheumatoid arthritis, and others with expanding proportion of elderly population; availability of research funding; and growing focus on improving treatments. However, Asia Pacific and Latin America regions are expected to witness significant growth during the forecast period due to demographic transition from high fertility & mortality to low fertility & mortality, accelerated growth of economies, lower regulatory hurdles, remarkable advances in science & technology; increasing incidence of fractures, osteoporosis, and spinal diseases with aging population; growing patient awareness regarding stimulation treatments; and increasing demand for less invasive therapies in the region.
Global Bone Growth Stimulator Market Size, by Geography, 2017- 2022
The key players in the global bone growth stimulator market are Orthofix International N.V. (U.S.), DJO Global, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Medtronic, plc (Ireland), Johnson & Johnson (U.S.), Stryker Corporation (U.S.), Bioventus Inc. (U.S.), Arthrex, Inc. (U.S.), ISTO Biologics (U.S.), Ossatec Benelux Ltd. (Netherland), Regen Lab SA (Switzerland), ITO CO., Ltd. (Japan), Altis Biologics (Pty) Ltd (South Africa), and Harvest Technologies Corporation (U.S.).
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