Bone Growth Stimulator Market by top Key Players, Growth Revenue, share, Future Forecast 2024
The global bone growth stimulators market is segmented into bone growth stimulation devices, bone morphogenetic protein (BMPs), and platelet-rich plasma (PRP). The bone growth stimulation devices segment accounted for the largest share of the market.
According to the new market research report “Bone Growth Stimulators Market by Product (Device, Bone morphogenetic protein, PRP), Application (spinal fusion, Delayed Union & Non Union Bone Fracture, Dental, Maxillofacial), End User (Hospitals, Homecare, Academia, CROs) — Global Forecast” , published by MarketsandMarkets™, The Bone Growth Stimulator Market is expected to reach USD 1.41 billion, at a CAGR of 5.4%.
The large share is attributed to the growing aging population, rising preference for non-surgical treatment procedures, and growing prevalence of nonunion fractures. Additionally, the rising incidence of obesity, smoking, and diabetes which delay or inhibit bone healing after surgery or trauma are further driving the market growth.
On the basis of application, the global bone growth stimulators market is 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 market. The large share of this segment is attributed to the growing geriatric population, rising number of spine procedures (and rate of spinal fusion failure), established safety and efficacy of stimulators in fusion surgery, and increasing use of bone growth stimulation products.
On the basis of the end user, the global bone growth stimulators market is segmented into hospitals & clinics, home care, and academic & research institutes and CROs. The hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. The advantage of bone growth stimulation products over their counterparts is the key factor driving their adoption in this end-user segment.
On the basis of region, this bone growth stimulators market is classified into North America, Europe, Asia-Pacific, and the Rest of the World. The global bone growth stimulators market was dominated by North America mainly due to the growing elderly population, increasing the incidence of arthritis and sports injuries, adoption of novel treatment options, and rising demand for minimally invasive spinal surgeries.
The Asia-Pacific market is expected to grow at the highest CAGR. This is primarily due to the presence of a large patient population for target diseases (coupled with rapidly growing geriatric population, especially in Japan and China), raising awareness among healthcare professionals related to novel and upcoming treatment options, and ongoing government initiatives to modernize & expand healthcare infrastructure.
Orthofix International N.V. (U.S.), DJO Finance LLC (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Bioventus LLC (U.S.), Medtronic plc (Ireland), Stryker Corporation (U.S.), DePuy Synthes (U.S.), Arthrex, Inc. (U.S.), and Harvest Technologies Corporation (U.S.) are some of the key players in the bone growth stimulators market.
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