The Bone Growth Stimulators Industry size is predicted to be worth US$ 2.1 billion in 2023, rising to US$ 5.4 billion by 2033. During the projected period, sales of Bone Growth stimulants are expected to expand at a substantial CAGR of 10.1%. Growth in the market is attributed to the rising overall fracture injuries around the world which are expected to propel the demand for Bone Growth Stimulators over the upcoming years.
The rising prevalence of bone and joint issues, the increased desire for minimally invasive and non-invasive operations internationally, and the growing geriatric population are driving the market for Bone Growth Stimulators.
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A bone growth stimulator’s best advantage is that it accelerates the entire process of bone healing, resulting in faster recovery, shorter hospitalisation, higher cost-effectiveness, and fewer infections.
According to a recent study conducted by the International Osteoporosis Foundation, statistics revealed that more than200 a million people are suffering from osteoporosis. Worldwide, 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime. These numbers are anticipated to increase at a fast pace in the assessment period, therefore, bolstering the demand for Bone Growth Stimulators worldwide.
Key Takeaways
- Because of an ageing population, rapid economic expansion in growing Asia-Pacific (APAC) countries, and an increase in the volume of spine surgeries, the Bone Growth Stimulators Industry in numerous Asia-Pacific countries is likely to grow rapidly over the forecast period.
- India is predicted to be the fastest-growing market in APAC, with a CAGR of 11.4%. Growth will be fueled by improvements in the country’s healthcare landscape.
- The US market for Bone Growth Stimulators is estimated to exceed US$ 2.2 billion by 2033.
- With a rise in medical tourism and a growing demand for less invasive procedures, the United Kingdom is expected to dominate the European Bone Growth Stimulators Industry in the next years. Sales are expected to account for 20.4% of the global market in 2022.
- The hospital segment is estimated to be valued more than US$ 743 million by 2028.
Competitive Landscape
The prominent players operating in the global Bone Growth Stimulators market are extensively investing in research and development activities in order to launch innovative and technologically advanced products that cater to an expanding customer base. In addition to that, dominant market players are heavily investing in mergers, acquisitions, collaborations, and partnerships to strengthen their distribution networks.
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Some of the leading companies operating in the Bone Growth Stimulators Industry are
- Zimmer Biomet Holdings Inc
- Bioventus LLC.
- DJO Global, Orthofix Holdings, Inc.
- Ossatec Benelux Ltd.
- IGEA
- Ito Co., Ltd.
More Insights into the Bone Growth Stimulators Industry
The US is expected to dominate the North American region by garnering maximum sales in the global Bone Growth Stimulators Industry The global market is anticipated to account for about 42.5% of the total market share in 2022. According to the CDC, around 1 out of every 4 US adults (23.7%, 58.5 million people) suffer from diagnosed arthritis. The incidence of arthritis and osteoarthritis is predicted to grow in the forthcoming years, which in turn will propel the demand for electrical Bone Growth Stimulators over the assessment period.
The UK is predicted to dominate the European Bone Growth Stimulators Industry in the forthcoming years, as it accounts for around 20.4% of the total market share in 2022. The growth is attributed to the growing preference for minimally invasive procedures and the rising popularity of medical tourism in the country.
Bone Growth Stimulators Industry by Category
Product Type:
- Non-Invasive Bone Growth Stimulators
- Capacitive Coupling (CC) Devices
- Pulsed Electromagnetic Field (PEMF) Devices
- Combined Magnetic Field (CMF) Devices
- Ultrasound Bone Growth Stimulators
- Invasive Bone Growth Stimulators
Application:
- Trauma Injury and Fractures
- Spinal Fusion
- Osteogenesis
End User:
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Homecare settings
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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