Bone growth stimulator market overview and analysis by product, by application, by end user- forecast till 2032. Market Research Future (MRFR) has released a new research report on the global bone growth stimulator market. The report projects the global bone growth stimulator market to exhibit a 5.6% CAGR and USD 1.3 billion over the forecast period from 2022 to 2032.
Bone growth stimulators are used for stimulating bone growth while healing fractures or in spinal fixation procedures. Bone growth stimulators represent the perfect option when the patient doesn’t want to undergo a surgical procedure or when surgical procedures may be unfeasible. They may also be used as a supportive therapy in fractures or corrective osteotomy. The ease of use of bone growth stimulators and the reduction in recovery time due to their use are likely to be the major drivers for the global bone growth stimulator market over the forecast period. The faster recovery time offered by the use of bone growth stimulators has resulted in increasing consumer preference for bone growth stimulators over surgical procedures, which is likely to be a key driver for the global bone growth stimulator market over the forecast period.
Over the course of the forecast period, the global market for bone growth stimulators is expected to be significantly impacted by the rising prevalence of fractures and the rising demand for noninvasive means of treating them. Since bone growth stimulators are a relatively new invention and have not yet received widespread acclaim, particularly in developing nations with a poorly developed healthcare system, increasing awareness of them is likely to play a significant role in the growth of the global bone growth stimulators market over the forecast period.
Competitive Analysis:
Leading players in the global bone growth stimulator market include Arthrex Inc., Depuy Synthes, Harvest Technologies, Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings Inc., Orthofix International N.V., Isto Biologics, DJO Finance LLC, and Bioventus LLC.
Segmentation of Bone Growth Stimulator Market:
The global bone growth stimulator market size is segmented on the basis of product, application, end user, and region.
On the basis of product, the global bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic proteins, platelet-rich plasma, and others. The bone growth stimulation devices segment is expected to account for the largest share in the global bone growth stimulator market due to widespread awareness and growing acceptance of the devices in the healthcare sector. The bone growth stimulation devices segment is further segmented into external bone growth stimulators, implanted bone growth stimulators, and ultrasonic bone growth stimulators. External bone growth stimulators include pulsed electromagnetic field devices, capacitive coupling devices, and combined magnetic field devices.
On the basis of application, the market has been segmented into spinal fusion surgeries, delayed union non-union bone fractures, oral and maxillofacial surgeries, and others. The spinal fusion surgeries segment is expected to account for the largest share in the global bone growth stimulator market over the forecast period due to the widespread use of bone growth stimulators and the growing demand for spinal fusion surgeries for the treatment of degenerative disc disease, spondylosis, scoliosis, spinal stenosis, and kyphosis.
On the basis of end use, the global bone growth stimulator market is segmented into hospitals clinics, home care, academic and research institutes, and others. The hospitals clinics segment is expected to account for the largest share in the global bone growth stimulator market over the forecast period due to their larger share in the overall volume of bone repair procedures carried out all over the world. On The other hand, the home care segment is expected to exhibit the highest CAGR over the forecast period due to the growing demand for home care procedures from the geriatric population around the world.
Regional Analysis:
The global bone growth stimulator market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is likely to be a major regional market for bone growth stimulators over the forecast period due to the growing prevalence of spinal abnormalities and fractures. The increasing need for spinal fusion procedures and the growing geriatric population in North America are likely to be major drivers for the bone growth stimulators market over the forecast period. Europe is also likely to hold a major share in the global bone growth stimulators market over the forecast period due to the growing geriatric population in the region and the growing demand for bone-related surgical procedures.
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