Market Research Future (MRFR) has released a new research report on the global bone growth stimulator market. The report projects the global bone growth stimulator market to exhibit a 5.86% CAGR over the forecast period from 2018 to 2023. The market was valued at USD 1,213 million in 2017.
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Bone growth stimulators are used for stimulating bone growth while healing fractures or in spinal fixation procedures. Bone growth stimulators represent the perfect option when the patient doesn’t want to undergo a surgical procedure or when surgical procedures may be unfeasible. They may also be used as a supportive therapy in fractures or corrective osteotomy. The ease of use of bone growth stimulators and the reduction in recovery time due to their use are likely to be the major drivers for the global bone growth stimulator market over the forecast period. The faster recovery time offered by the use of bone growth stimulators has resulted in increasing consumer preference for bone growth stimulators over surgical procedures, which is likely to be a key driver for the global bone growth stimulator market over the forecast period.
The growing prevalence of fractures and the growing need for noninvasive methods of healing them is likely to be a major driver for the global bone growth stimulator market over the forecast period. Rising awareness about bone growth stimulators is also likely to play a crucial role in the growth of the global bone growth stimulators market over the forecast period, as bone growth stimulators are a relatively recent innovation and are yet to receive widespread acclaim, especially in emerging regions with an underdeveloped healthcare sector.
Segmentation:
The global bone growth stimulator market is segmented on the basis of product, application, end user, and region.
On the basis of product, the global bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic proteins, platelet-rich plasma, and others. The bone growth stimulation devices segment is expected to account for the largest share in the global bone growth stimulator market due to widespread awareness and growing acceptance of the devices in the healthcare sector. The bone growth stimulation devices segment is further segmented into external bone growth stimulators, implanted bone growth stimulators, and ultrasonic bone growth stimulators. External bone growth stimulators include pulsed electromagnetic field devices, capacitive coupling devices, and combined magnetic field devices.
On the basis of application, the market has been segmented into spinal fusion surgeries, delayed union & non-union bone fractures, oral and maxillofacial surgeries, and others. The spinal fusion surgeries segment is expected to account for the largest share in the global bone growth stimulator market over the forecast period due to the widespread use of bone growth stimulators and the growing demand for spinal fusion surgeries for the treatment of degenerative disc disease, spondylosis, scoliosis, spinal stenosis, and kyphosis.
On the basis of end use, the global bone growth stimulator market is segmented into hospitals & clinics, home care, academic and research institutes, and others. The hospitals & clinics segment is expected to account for the largest share in the global bone growth stimulator market over the forecast period due to their larger share in the overall volume of bone repair procedures carried out all over the world. On the other hand, the home care segment is expected to exhibit the highest CAGR over the forecast period due to the growing demand for home care procedures from the geriatric population around the world.
Regional Analysis:
The global bone growth stimulator market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is likely to be a major regional market for bone growth stimulators over the forecast period due to the growing prevalence of spinal abnormalities and fractures. The increasing need for spinal fusion procedures and the growing geriatric population in North America are likely to be major drivers for the bone growth stimulators market over the forecast period. Europe is also likely to hold a major share in the global bone growth stimulators market over the forecast period due to the growing geriatric population in the region and the growing demand for bone-related surgical procedures.
Competitive Analysis:
Leading players in the global bone growth stimulator market include Arthrex Inc., Depuy Synthes, Harvest Technologies, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings Inc., Orthofix International N.V., Isto Biologics, DJO Finance LLC, and Bioventus LLC.
Industry Updates:
In November 2018, Zimmer Biomet announced a recall of 1300 bone growth stimulators due to lack of adequate validation regarding the antimicrobial properties of the devices.
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