The global Bone Growth Stimulators Market is expected to reach US$ 1.8 billion in 2022, according to FMI’s latest research. Sales of advanced bone growth stimulators for the neck, feet, and ankles are expected to expand at a healthy 9.9% CAGR, bringing the market valuation to US$ 3.3 billion by 2028. However, the market for bone growth stimulators is projected to be hampered by reasons such as high device pricing and product recalls.
Osteoporosis and osteoarthritis are two frequent debilitating joint diseases that affect millions of older individuals worldwide. The spine, wrists, hips, and shoulders are some of the most prevalent sites for osteoporotic fractures.
As a result, the growing number of people suffering from orthopaedic disease is driving up demand for bone growth stimulators. Although the cause of delayed bone healing and fractures is unknown, it is having a significant economic influence on the bone growth stimulator market.
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Various non-invasive therapies, such as electrical bone growth stimulation and low-intensity ultrasound stimulations, as well as alternative therapies and treatments for fractures, such as synthetic bone grafts, amputation, and allografts, have been introduced, which are driving the global bone growth stimulators market.
Globally, healthcare spending has increased in recent decades. The expansion of emerging countries and the growing senior population in developed economies are two reasons that are predicted to enhance healthcare spending and, as a result, the market for bone growth stimulators. Increased healthcare spending is likely to enhance demand for bone growth stimulators, resulting in substantial potential prospects for bone growth stimulators market participants throughout the forecast period.
Furthermore, the rising frequency of fractures and technology improvements have boosted the market for bone growth stimulators by expanding non-invasive and quick technologies in the healthcare business. Furthermore, producers are working on making bone growth stimulators that are more adaptable and convenient for patients to use.
According to the World Bank, around 1.25 million people are wounded in traffic accidents each year, resulting in fractures and the need for fusion procedures to cure them. These are some of the major reasons that are likely to propel the global Bone Growth Stimulators market from 2019 to 2029.
During the projection period, the North American and European bone growth stimulators markets are estimated to hold a combined share of nearly 65 percent of the global bone growth stimulators market. This is primarily due to increased use of advanced technology and fewer hospital visits.
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The worldwide bone growth stimulators market has been divided into two categories based on product type: non-invasive bone growth stimulators and invasive bone growth stimulators. Capacitive Coupling (CC) devices, Pulsed Electromagnetic Field (PEMF) devices, Combined Magnetic Field (CMF) devices, and ultrasound bone development stimulators are some of the other sub-segments of non-invasive bone growth stimulators. Non-invasive bone growth stimulators are predicted to account for a significant portion of the worldwide bone growth stimulators market.
The bone growth stimulators market has been divided into three categories based on applications: trauma damage and fractures, spinal fusion operations, and osteogenesis. The trauma injury and fractures category led the worldwide bone growth stimulators market in terms of revenue in 2018.
Zimmer Biomet Holdings Inc., Bioventus LLC, DJO Global, Orthofix Holdings, Inc., Ossatec Benelux Ltd., IGEA, and Ito Co., Ltd. are some of the main companies in the bone growth stimulators industry.
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