Global Bone Growth Stimulators Market Growth to be Escalated by a CAGR of ~6% During 2022-2030 on the Back of Rising Number of Orthopaedic Injuries, and Growing Concern of Patients Towards Involving Foreign Objects into Bodies
Kenneth Research
6 min read
Kenneth Research
Key Companies Covered in the Bone Growth Stimulators Market Research Report by Kenneth Research are Orthofix Medical, Inc., Bioventus LLC, DJO, LLC, Arthrex, Inc., Zimmer Biomet, Ember Therapeutics, Terumo Corporation, Stryker Corporation, Ossatec Benelux BV, Altis Biologics (Pty) Ltd, BTT Health GmbH, and other key market players.
New York, July 26, 2022 (GLOBE NEWSWIRE) -- There are 9 FDA-approved bone growth stimulators that are commercially available for the treatment of spinal fusion and fracture non-union, as of 2018 and this number is expected to increase on the back of increasing clinical studies based on bone growth stimulators.A survey study of orthopaedic surgeons found that 32% surgeons were using BGS. A more recent meta-analysis found that bone growth stimulator was effective in reducing non-union rate at 1 year for all indications—spinal fusion, osteotomies, fresh fractures, and non-union.
Kenneth Research has published a detailed market report on ‘Global Bone Growth Stimulators Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities, and challenges for the market players along with a worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
As per the World Health Organisation, approximately 1.71 billion people have musculoskeletal injuries worldwide and as the prevalence of musculoskeletal conditions varies by age and diagnosis, people of all ages everywhere around the world are affected. The global bone growth stimulators market was valued at approximately USD 1.5 billion by the end of 2021 and is projected to escalate at a CAGR of ~6% over the forecast period i.e., 2022–2030. The market growth can be attributed to the growing reluctance of patients towards involving any kind of foreign objects into their bodies across the world, and rising number of orthopaedic injuries is estimated to fuel the growth of the market. Further, growing healthcare expenditure across the world is expected to be a major factor to drive the market growth. According to The World Bank, in 2019, per capita health expenditure was USD 1121.97 and it is anticipated to increase significantly over the forecast period.
In fact, between September 2015 to August 2018, total admissions of more than 10,900 patients were registered in the 3-year period, with increased average monthly admission of patients in the month of June, July and August. The death rate was about 0.55 per 100 admissions per year. This depicts the increasing prevalence of orthopaedic injuries, on the back of which, the global bone growth stimulators market is anticipated to grow in the upcoming years. Moreover, the rising disposable income amongst the global population is estimated to be a factor to fuel the market growth. According to The World Bank, disposable income per capita was USD 8784 in 2020.
Regionally, the global bone growth stimulators market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in the North America region is anticipated to hold the largest share by the end of the forecast period on the back of well-established healthcare infrastructure, efficient reimbursement policies, and increasing awareness about the new technology and treatment procedures in the region. In addition, the rising incidence of orthopaedic ailments in the region is expected to boost market growth. According to the National Spinal Cord Injury Statistical Centre (NSCISC), as of 2020, approximately 17,810 new cases of spinal cord injury are recorded every year in the United States.
Further, the global bone growth stimulators market in the Asia Pacific region is projected to gain significant market share over the forecast period owing to rapidly rising geriatric population in the region. According to WHO, the proportion of people aged 60 or above in the region was 9.8% in 2017, and it is estimated to be increased to 13.7% by 2030. As aged people are more vulnerable to musculoskeletal injuries, this is expected to fuel the market growth significantly in the Asia Pacific region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global bone growth stimulators market is segmented on the basis of product, into spinal fusion, delayed union, non-union bone fracture, maxillofacial surgery, and others, out of which, the spinal fusion segment is estimated to hold the largest market share over the forecast period owing to increasing number of spine related surgeries and the effectiveness of bone growth stimulators in them. The growing cases of accidents and sports injuries that cause spine-related issues is estimated to boost the market growth. As per the data by The World Health Organisation, approximately 1.3 million people die each year because of road traffic crashes. Between 20 to 50 million people suffer non-fatal injuries, with many incurring a disability as a result of their injury.
Further, the global bone growth stimulators market is segmented based on the end-use into hospital, homecare, and academic & research institutes. Out of these, the hospital segment is expected to hold a substantial market share over the forecast period on the back of increasing musculoskeletal injuries and increasing tendency to get treatment for the injuries among global population. According to the World Health Organization, 1.71 billion individuals worldwide suffer from musculoskeletal problems.
The global bone growth stimulators market is also segmented on the basis of product.
Global Bone Growth Stimulators Market; Segmentationby Product
Some of the prominent players and their company profiling mentioned in the report include Orthofix Medical, Inc., Bioventus LLC, DJO, LLC, Arthrex, Inc., Zimmer Biomet, Ember Therapeutics, Terumo Corporation, Stryker, Ossatec Benelux BV, Altis Biologics (Pty) Ltd, BTT Health GmbH, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis, and positioning, along with the strategies used by them to stay ahead of their competitors.
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