Bone Growth Stimulators Market
Number of pages: 100 | Report Format: PDF | Published date: October 03, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 1.7 billion |
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Revenue forecast in 2030 |
US$ 2.6 billion |
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Growth Rate |
CAGR of 4.60% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Application, End User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global bone growth stimulators market was pegged at US$ 1.7 billion in 2021 and is expected to witness a CAGR of 4.60% during the forecast period.
Market Fundamentals
Bone injuries take a long time to heal. Most of the time, they do not heal properly, so after complete healing, the patient may experience pain and be unable to move due to poor healing. Bone growth stimulators accelerate bone healing and growth by using electric devices and various therapeutic methods. Many physicians recommend bone growth stimulators after orthopedic surgery or bone fracture cases as bone takes longer to heal, and fast healing is needed. Bone growth stimulators use ultrasound and electromagnetic waves that pass from skin to bone and stimulate bone growth factor regeneration.
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Market Dynamics
The global bone growth stimulators market is mainly driven by the growing geriatric population, sports injuries, and rising orthopedic diseases. Additionally, technological advancement and the introduction of novel products are contributing to the growth of the global bone growth stimulators market. However, insufficient clinical evidence, no medical reimbursement, expensive bone morphogenetic proteins, and plated-derived growth factor are restricting the global bone growth stimulators market.
Market Ecosystem
The global bone growth stimulators market has been analyzed from four perspectives: product, application, end user, and region.
Bone Growth Stimulator Market by Product
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Based on product, the global bone growth stimulators market has been segmented into bone growth stimulation devices, bone morphogenetic proteins (BMP), and platelet-derived growth factor (PDGF). The bone growth stimulation devices market are leading the global bone growth stimulators market owing to increasing demand for growth stimulation devices, portability of devices, and can be used at home. Additionally, the introduction of novel products such as implantable bone growth stimulators, ultrasonic bone growth stimulators, and electrical bone growth stimulators (combined magnetic field devices, pulsed electromagnetic field devices, and capacitive coupling devices) are fueling the growth of the global bone growth stimulators market. Moreover, increasing demand for non-invasive procedures and rapid regulatory approvals for novel bone growth stimulation devices are contributing to the growth of the global bone growth stimulations market.
Bone Growth Stimulator Market by Application
Based on application, the global bone growth stimulators market is segmented into spinal fusion, maxillofacial & dental, nonunion, and union bone fractures. Usage in spinal fusion is leading the global bone growth stimulators market owing to increasing cases of degenerative spinal diseases, spondylosis, and spinal cord injuries. Additionally, a growing geriatric population more vulnerable to spinal conditions because of low bone strength and density is one of the significant factors driving the growth of the global spinal fusion growth stimulators segment.
Bone Growth Stimulator Market by End User
Based on end user, the global bone growth stimulators market has been segmented into hospitals & clinics, specialty clinics, and home care. The hospitals segment dominates the global bone growth stimulators market owing to increasing patient footfall, increasing bone surgical procedures, and growing numbers of multispecialty hospitals are contributing to the market growth of bone growth stimulators in the hospitals segment.
Bone Growth Stimulator Market by Region
Based on region, the global bone growth stimulators market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global bone growth stimulators market regarding revenue share. The large share of North America in the global market can be attributed to the rapid adoption of novel technologies, favorable reimbursements, and the high prevalence of orthopedic diseases in the region. Additionally, the presence of developed infrastructure and high per capita healthcare expenditure further contribute to the growth of North America's global bone growth stimulators market. The Asia Pacific is also expected to show continuous growth in upcoming years owing to the increasing geriatric population in the region, rapidly developing healthcare infrastructure, and growing healthcare expenditure.
Competitive Landscape
Some of the prominent players operating in the global bone growth stimulators market are
Strategic Developments
The increasing geriatric population, growing prevalence of orthopedic diseases, and technological advancement are the driving factors for the global bone growth stimulators market.
The expected CAGR for the global bone growth stimulators market is 4.60% during the forecast period from 2022 to 2030.
The estimated global bone growth stimulators market will be US$ 2.6 billion in 2030.
North America and the Asia Pacific are the key growth regions in the global bone growth stimulators market.
*Insights on financial performance is subject to availability of information in public domain