Spine Bone Stimulators Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product (Non-Invasive Spine Bone Stimulators, Invasive Spine Bone Stimulators); Application (Open Spine Surgery, Minimally Invasive Spine Surgery); End-Users (Hospitals, Specialty Clinics, Others); and Region/Country
The spine bone stimulators market is expected to register a CAGR of approx. 4.5% over the period of 2022-2028. A bone stimulator is an important spinal fusion procedure that is used to speed up the healing process of the bone. A bone stimulator is a small device that delivers low-voltage electrical currents directly to the spinal area where bone growth (spine fusion) is about to occur. It can be internal or external. These devices are typically worn following spine fusion. During spinal fusion, a spine bone stimulator is used. Spine bone stimulators, along with spinal instrumentation (plates, rods, and screws) and bone grafts, are used during spinal fusion surgery. These stimulators deliver low-level electrical signals to the fusion site, activating the body’s natural bone healing process, which is impaired in high-risk patients and preventing delayed or non-union of spine fractures. The growing demand for spine bone stimulators can be attributed to the Increasing prevalence of spinal cord disorders across the globe. For instance, in 2020, according to United Spinal Association, every year approximately 17,700 Americans acquire a spinal cord injury. Roughly 78% are men, and their average age is 43. Most spinal cord injuries happen because of a vehicle accident (39.3%), followed closely by falls (31.8%), trailed by violence (13.2%), sports (8%), and medical/surgery (4.3%). Owing to these glaring statistics road accidents and trauma are likely to result in several severe spinal injuries which increases the demand for spine bone stimulators and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the spine bone stimulators market is anticipated to grow on account of the rise in bone deformities due to the lack of vitamins and minerals in the young generation. However, some of the restraints in the market including the advent of bone growth-stimulating drugs and fixation instrumentation during fusion and non-union fractures are impeding the growth of this market all over the world.
Aetna Inc., Bioventus LLC, IGEA S.p.A., Elizur Corporation, Medtronic plc, Zimmer Biomet Holdings, Orthofix Medical Inc, ManaMed Inc., Ossatec Benelux BV, Orchid Medical, Inc 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 non-invasive spine bone stimulators category accounted for the significant share in the market in 2020”
Based on the products, the spine bone stimulators market is segmented into non-invasive spine bone stimulators and invasive spine bone stimulators. The non-invasive spine bone stimulators segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe due to they are less complicated and wear on the skin which does not require any further surgeries
“Amongst application, the minimally invasive spine surgery category is expected to witness considerable CAGR during the forecast period”
Based on the application, the market is fragmented into open spine surgery and minimally invasive spine surgery. The minimally invasive spine surgery segment grabbed a considerable market share and is expected to grow at a significant CAGR during the forecast period. With the rise in technological advancements in spinal surgery the adoption rate of minimally invasive spinal surgeries is boosting.
“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 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 spine bone stimulators 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 spine bone stimulators industry due to the high prevalence of osteoporosis or vertebral fractures, the rise in bone and joint problems, the large presence of medical device companies, and the well-developed healthcare infrastructure.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Global Spine Bone Stimulator Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global spine bone stimulators market were the three major steps undertaken to create and analyze the adoption of spine bone 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 spine bone stimulators 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 spine bone stimulators market through company internal sources such as annual reports & 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 spine bone stimulators market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. The 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 spine bone stimulators 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 spine bone stimulators 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 spine bone stimulators 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 were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the spine bone stimulators market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global spine bone stimulators market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
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 spine bone stimulators 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 spine bone stimulators market.
The main objective of the Global Spine bone stimulators Market Study
The current & future market trends of the global spine bone stimulators 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:
- Analyze the current and forecast market size of the spine bone stimulators market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, application, and end-users.
- Define and analysis of the regulatory framework for the spine bone stimulators market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the spine bone stimulators market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the spine bone stimulators market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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