Emphasis on Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, Platelet-rich Plasma); Application (Spinal fusion surgeries, Delayed union & non-union bone fractures, Oral and maxillofacial surgeries, Others); End-Users (Hospitals and clinics, Home care, Others); and Region/Country
The bone growth stimulator market is expected to register a CAGR of approx. 5% over the period of 2022-2028. A bone growth stimulator delivers painless electrical or ultrasound stimulation to promote bone growth and speed up bone healing. Several orthopedic surgeons recommend this device for patients who have smoked in the past. Additionally, they advise using this device if there is poor blood flow and open wounds, fracture patterns, or bones do not heal properly. The device is also recommended for spinal or cervical fusion surgery. The growing demand for bone growth stimulators can be attributed to the Increasing prevalence of arthritis across the globe. For instance, in 2022, according to very wealth.com, More than 22% of American adults (over 52.5 million people) have arthritis or another rheumatic condition diagnosed by a doctor. 7.3% of people aged 18-44 have doctor-diagnosed arthritis; 30.3% of people aged 45-64; and 49.7% of those over 65, and by 2030, the number of people with arthritis (adults 18 years and older) is expected to rise to 67 million. Owing to the glaring statistics, the rising prevalence of arthritis due to aging and obesity leads to the growing demand for bone growth stimulators and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the bone growth stimulator market is anticipated to grow on account of the growing patient preference for non-invasive and minimally invasive surgical treatments. However, some of the restraints in the market including the high treatment costs associated with BMP and PRP products are impeding the growth of this market all over the world.
Orthofix Medical Inc., DJO Finance, LLC, Zimmer Biomet Holdings Inc, Bioventus Inc, Medtronic PLC, Isto Biologics, Ember Therapeutics Inc, Ossatec Benelux Ltd., Elizur Corporation, Kinex Medical Company LLC are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the bone growth stimulation devices category accounted for the significant share in the market in 2020”
Based on the products, the bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma. The bone growth stimulation devices segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe owing to the rise in the geriatric population, and the increase in the incidence of spinal deformities. Moreover, an increase in demand for noninvasive surgical treatments for bone healing is boosting the growth of the segment. In addition, these devices are usually lightweight, battery-powered, portable, and easy to handle, as a result, they are being increasingly adopted by patients
“Amongst application, the spinal fusion surgeries category is expected to witness considerable CAGR during the forecast period”
Based on the application, the market is fragmented into spinal fusion surgeries, delayed union and non-union bone fractures, oral and maxillofacial surgeries, and others. The spinal fusion surgeries segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the rise in technological advancements in spinal surgery, rise in incidences of spinal disorders, and adoption rate of minimally invasive spinal surgeries. Moreover, increasing incidences of age-related spinal problems and fractures are driving the segment of the market. Aging leads to a lowering of bone density and weakening of bones due to excessive loss of bone mass, and this is likely to result in fractures & spinal problems.
“Amongst end-users, the hospitals and clinics category is expected to witness considerable CAGR during the forecast period”
Based on the end-users, the market is fragmented into hospitals and clinics, home care, and others. The hospital segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to increasing admission of patients suffering from traumatic injuries, road accidents, spinal injuries, and fractures. Furthermore, increasing focus on the development of healthcare infrastructure is also contributing to the growth of the segment.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the bone growth stimulator market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the bone growth stimulator industry to the high prevalence of osteoporosis or vertebral fractures, rise in the number of bone and joint problems, the large presence of medical device companies, and well-developed healthcare infrastructure.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Bone Growth Stimulator Market
6. Global Bone Growth Stimulator Market Revenue (usd Bn), 2020-2028f
7. Market Insights By Product
8. Market Insights By Application
9. Market Insight By End-users
10. Market Insights By Region
11. Bone Growth Stimulator Market Dynamics
12. Bone Growth Stimulator Market Opportunities
13. Bone Growth Stimulator Market Trends
14. Demand And Supply Side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Global Bone Growth Stimulator Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global bone growth stimulator market were the three major steps undertaken to create and analyze the adoption of bone growth stimulators in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bone growth stimulator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bone growth stimulator market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bone growth stimulator market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bone growth stimulator market. Further, we conducted factor analysis using dependent and independent variables such as an increasing prevalence of bone-related diseases such as osteoporosis, rheumatoid arthritis, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bone growth stimulator market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bone growth stimulator market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global bone growth stimulator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and end-users in the global bone growth stimulator market.
The main objective of the Global Bone growth stimulator Market Study
The current & future market trends of the global bone growth stimulator market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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