According to projections, the market for bone growth stimulators will be worth USD 2.1 billion in 2023 and USD 5.4 billion in 2033. Over the course of the projection period, bone growth stimulator sales are anticipated to increase at a noteworthy CAGR of 10.1%.
Various factors propelling the demand for bone growth stimulators are:
The market for bone growth stimulators is primarily driven by elements like the rising prevalence of bone and joint problems, the increased demand for minimally invasive and non-invasive surgeries globally, and the rising geriatric population.
The best feature of a bone growth stimulator is that it speeds up the entire process of bone healing, resulting in a faster recovery, shorter hospitalization, increased cost-effectiveness, and lesser infections.
Osteoarthritis is regarded as one of the most common articular diseases among people over the age of 65.
- According to the World Population Prospects: The 2019 Revision Data, 1 in 11 people in 2019 were over the age of 65. This figure is expected to rise to one in every six people by 2050.
One of the key variables thought to be most likely to increase demand for the market under study is the rising prevalence of trauma and accident cases globally.
- The National Safety Council estimates that 4.5 million persons suffered severe injuries in incidents in 2018.
The investments in healthcare infrastructure have given the market leaders in bone growth stimulators an opportunity to create their mark by introducing products that stand out and take over the majority of revenue share.
According to the Centers for Disease Control and Prevention, an estimated 34.6 million adults will have arthritis-related activity limitations by 2040. This has resulted in a growing preference for active and healthy lifestyles, creating a demand for faster injury-healing processes.
Additionally, ongoing product developments and advancements are expected to drive demand for bone growth stimulators in the coming years.
Manufacturers are constantly evolving to increase their global presence
The market for bone growth stimulators is highly consolidated and dominated by global players. With the increasing prevalence of orthopedic diseases and technological advancements, a small number of small to mid-sized companies are entering the market. Medtronic plc, Johnson and Johnson (Depuy Synthes), Bioventus LLC, Orthofix International N.V., Zimmer Biomet, and Stryker Corporation are among the market’s key players. Furthermore, as product availability increases, global players’ expansion strategies are proving beneficial to the emerging market.
- Orthofix announced an exclusive license agreement in April 2021 to commercialize IGEA’s bone, soft tissue, and cartilage stimulator product portfolio in the United States and Canada. This agreement enabled the company to broaden its portfolio of bone growth therapies across multiple care settings.
- Medtronic acquired Stimgenics in January 2020 to expand its portfolio in Differential Target Multiplexed Spinal Cord Stimulation Therapy.
Some of the leading companies operating in the Bone Growth Stimulators Market are
- Zimmer Biomet Holdings Inc
- Bioventus LLC.
- DJO Global, Orthofix Holdings, Inc.
- Ossatec Benelux Ltd.
- IGEA
- Ito Co., Ltd.
A Full Report Overview
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
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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