VANCOUVER, BC, Feb. 22, 2023 /PRNewswire/ -- The global bone growth stimulator market size was valued at USD 2.22 Billion in 2022 and is expected to register a CAGR of 5.5% during the forecast period, according to the latest analysis by Emergen Research. The bone growth stimulator market revenue growth is driven by the increasing incidence of bone fractures and bone disorders, rising demand for non-invasive and pain-free treatment methods, and growing geriatric population.
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Drivers:
The increasing incidence of bone fractures and bone disorders, such as osteoporosis and osteoarthritis, is one of the major factors driving the market revenue growth. According to the International Osteoporosis Foundation, worldwide, one in three women over the age of 50 years and one in five men over the age of 50 years will experience osteoporotic fractures. Furthermore, the rising geriatric population is more prone to bone fractures, which is expected to increase the demand for bone growth stimulators. Additionally, the demand for non-invasive and pain-free treatment methods is driving the adoption of bone growth stimulators, as they provide an effective and non-surgical treatment option for bone fractures and disorders.
Restraints:
The high cost of bone growth stimulators is one of the major restraining factors for the growth of the bone growth stimulator market. The high cost of these devices limits their adoption, particularly in low- and middle-income countries, where healthcare expenses are a major concern. Moreover, the lack of awareness and inadequate reimbursement policies in certain regions is also a significant restraining factor for the market growth.
Growth Projections:
The global bone growth stimulator market is expected to register a CAGR of 5.5% over the forecast period and revenue is projected to increase from USD 2.22 Billion in 2022 to USD 3.80 Billion in 2032. The growth of the market is attributed to the rising incidence of bone fractures and disorders, the increasing geriatric population, and the demand for non-invasive and pain-free treatment methods.
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Current Trends and Innovations:
The bone growth stimulator market is undergoing significant changes during the forecast period. Currently, there is a trend toward the development of new and advanced bone growth stimulators that can be used in a variety of surgical procedures. These new devices are designed to be more efficient, more precise, and more versatile than traditional devices. Additionally, there is also a trend towards the use of bone growth stimulators in new and innovative procedures such as spinal fusion surgery, which is a type of surgical procedure used to treat spinal fractures and disorders.
Strategic Initiatives:
Major companies included in the market report are Isto Biologics, JOHNSON and Johnson, MEDTRONIC PLC., Orthofix Medical Inc., STRYKER CORPORATION, Terumo Corporation, ZIMMER BIOMET HOLDINGS, IGEA Pharma, Manamed Inc., and THERAGEN ETEX CO., LTD.
These companies are actively involved in strategic initiatives such as mergers and acquisitions, partnerships, and collaborations, to expand their product portfolios and strengthen their market presence. For instance, in September 2022, Bioventus LLC announced the acquisition of Emerge Medical, a company that provides advanced wound care and compression therapy products, to expand its orthobiologics and biosurgery product portfolio.
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Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 1.10 Billion |
CAGR (2022-2030) | 5.8 % |
Revenue forecast to 2030 | USD 1.84 Billion |
Base year for estimation | 2021 |
Historical data | 2019-2020 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Product, application, end-use, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled | Orthofix US LLC, Stryker, Medical Device Business Services, Inc., Bioventus, Medtronic, DJO, LLC, Zimmer Biomet, Arthrex, Inc., Terumo Corporation, Ossatec Benelux BV |
Customization scope | 10 hours of free customization and expert consultation |
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global bone growth stimulator market on the basis of product, application, end-use, and Region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
- Bone Growth Stimulation Devices
- Bone Morphogenetic Proteins
- Platelet-rich Plasma
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Spinal Fusion Surgeries
- Delayed Union & Non-Union Bone Fractures
- Oral & Maxillofacial Surgeries
- Other Applications
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals & ASCs
- Home Care Settings
- Academic & Research Institutes
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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