Bone Growth Stimulator Market worth $1.8 billion by 2027

Posted 2024-04-05 05:54:14

The Global Bone Growth Stimulator Market in terms of revenue was estimated to be worth $1.4 billion in 2022 and is poised to reach $1.8 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growing demand for bone growth stimulators in spinal fusion surgeries, delayed union and nonunion bone fracture applications, and the increasing demand for bone growth stimulator devices are the major driving factors of this market.

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Market Dynamics

Market Drivers

Growing patient preference for noninvasive and minimally invasive surgical treatments
Increasing target patient population
Rising number of sports and accident-related orthopedic injuries
Rising geriatric population

Market Restraints

Limited medical reimbursement for bone stimulation products
High treatment costs associated with BMP and PRP products
Limited clinical evidence to support therapeutic efficacy of bone growth stimulators

Market Opportunities

Emerging markets
Increasing use of PRP in other applications
Rising number of hospitals and surgical centers

Market Challenges

Lack of access to diagnostics
Side effects associated with BMP-based orthopedic treatment

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In 2021, the spinal fusion surgeries segment accounted for the largest share of the bone growth stimulator industry, by product.

By product type, the market is segmented into bone growth stimulation devices, bone morphogenetic proteins (BMPs), and platelet-rich plasma (PRP). In 2021, the bone growth stimulation devices segment accounted for the largest share of the global market. The growing prevalence of nonunion fractures and increasing preference for non-surgical treatment procedures will boost market growth.

In 2021, spinal fusion surgeries dominated ultrasonic bone growth stimulator market.

On the basis of application, the market is broadly 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 global market in 2021. The market's growth can be attributed to the growing demand for spinal fusion surgeries.

In 2021, North America accounted for the largest share of the bone growth stimulator market.

The market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the market in 2021. Factors such as the growing demand for minimally invasive orthopedic therapies are contributing to the large share of this regional segment.

Key Market Players:

Orthofix Medical Inc. (US), Enovis (DJO Finance, LLC) (US), ZimVie (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 (Canada), VQ OrthoCare (US), and Kinex Medical Company, LLC (US).

Recent Developments

In 2022, Orthofix Medical Inc. (US) received FDA premarket approval for the AccelStim Bone Growth Stimulation Device.
In 2021, The company announced the competition of its spinoff of ZimVie. The spinoff marks a major milestone in the active portfolio management of Zimmer Biomet.

Report Objectives

To define, describe, and forecast the bone growth stimulators market based on the product, type, application, and region
To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze micro markets with respect to their growth trends, prospects, and contributions to the total market
To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
To forecast the revenue of market segments with respect to five regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and RoLA), and the Middle East & Africa
To strategically profile the key players and comprehensively analyze their market shares and core competencies
To track and analyze competitive developments such as collaborations, partnerships, acquisitions, expansions, and product launches in the bone growth stimulators market

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https://www.globenewswire.com/news-release/2022/11/25/2562658/0/en/Bone-Growth-Stimulator-Market-worth-1-8-billion-by-2027-Exclusive-Report-by-MarketsandMarkets.html