The market for bone growth stimulators is anticipated to reach a value of US$ 2.1 billion in 2023 and US$ 5.4 billion by 2033. During the forecast period, sales of bone growth stimulators are anticipated to increase significantly at a CAGR of 10.1%.
The global bone growth stimulators market is expected to witness year-on-year growth with a phenomenal CAGR of 9.9% over the projection period from 2022 to 2028. The global market is anticipated to reach US$ 3.3 Billion in 2028. 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.
Bone growth stimulators are majorly used for a specific type of fracture, and it is also useful during supportive therapy after surgery on a fracture, and corrective osteotomy. Owing to the recent technological developments in the market, innovation of products like the AccelStim bone growth stimulator and other products which emit high-frequency sound waves (ultrasound signals) are anticipated to bolster market growth over recent years. These advancements in the healthcare sector will aid in propelling bone growth and assisting in the healing of damaged bones proposing positive growth in the near future.
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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
- Significant opportunities for better sales prospects in developing countries are visible in the North American region, owing to the high presence of healthcare facilities. This leads to more widespread usage of bone growth stimulators. The market is predicted to benefit not just from the extensive number of facilities and patients but also from the more intensive use of bone growth stimulator devices in these facilities.
- Attributing to the presence of premium-quality medical care facilities in the region, medical tourism has surged to a great extent. This trend is predicted to bolster growth in the upcoming years, thereby boosting sales of bone growth stimulators.
- According to FMI analysis, the market growth rate comparison analysis for the H1-2022 outlook and H1-2022 projected period showed a declining aspect of the market with a change in BPS of nearly 20 BPS.
- Attributing to the recent developments in the medical sector, a tremendous number of innovations and new product launches have uplifted the overall bone growth stimulator market which emits high-frequency sound waves (ultrasound signal) promoting bone growth and assisting in the healing of damaged bones proposes a positive growth in near future.
- Owing to the surging incidence of osteoporosis is increasing the need for advanced bone growth stimulators throughout the healthcare sector. Consumers are drastically preferring bone growth stimulators for homecare settings, which is expected to propel sales in the market in the forthcoming years. According to Future Market Insights (FMI), sales of bone growth stimulators represent 4.7% of the global orthopedic devices market.
- Surging preference for non-invasive and minimally invasive surgical procedures is likely to bolster the market over the forthcoming years. Increasing incidents of osteoporosis among the geriatric population, along with surging rates of sports-related orthopedic injuries are underpinning the demand in the market.
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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.
More Insights into theBone Growth Stimulators Market
The U.S. is expected to dominate the North American region by garnering maximum sales in the global bone growth stimulators market. 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 U.S. 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 U.K. is predicted to dominate the European bone growth stimulators market 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.
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Bone Growth Stimulators Market 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
About FMI:
Future Market Insights (ESOMAR certified 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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