|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The bone growth stimulator market was valued at approximately USD 985 million in 2020 and is expected to witness a revenue of USD 1,425 million in 2026, with a CAGR of 5.9% over the forecast period.
The impact of COVID-19 on the studied market is expected to be significant. On one hand, due to the lockdown and travel restriction imposed to combat the transmission of the COVID-19 virus, incidences of road accidents and consequent fractures and injuries have reduced, which has highly impacted the studied market. On the other hand, as per a research article published in the Journal of Clinical Pharmacy and Therapeutics, 2020, the elderly population became more prone to bone fractures during the pandemic due to lack of out-of-home activities, sedentary lifestyle, and decreased exposure to sunlight and consequent Vitamin D deficiency. Additionally, as per a research study published in Bone and Joint Open, 2020, there was a significant increase in hip fractures, especially among the elderly population in the United Kingdom, during the pandemic, which was majorly attributed to the lack of caretakers and relatives to take care of the aged people. Thus, the increasing incidence of fractures and trauma cases among the elderly population during the pandemic turns the spotlight on the bone growth stimulators, in turn driving the growth of the studied market.
The bone growth stimulator market is majorly driven by factors such as the rising incidence of bone and joint disorders, growing demand for non-invasive and minimally invasive surgeries across the world, and the growing geriatrics population.
Osteoarthritis is considered to be one of the most prevalent articular diseases among the population above the age of 65 years. According to the Centers for Disease Control and Prevention (CDC), an estimated 63 million Americans have been diagnosed with arthritis, and this number is estimated to reach 78 million by 2040. Additionally, as per World Population Prospects: The 2019 Revision Data, in 2019, 1 in 11 people was above the age of 65 years. This number is expected to increase to 1 in 6 people by 2050.
An increasing incidence of trauma and accident cases worldwide is considered as one of the major factors likely to boost the demand for the studied market. According to the National Safety Council, in 2018, around 4.5 million people were severely injured due to accidents. Thus, given the aforementioned factors, the bone growth stimulator market is expected to witness significant growth over the forecast period globally.
Scope of the Report
A bone growth stimulator is a device that stimulates the natural healing of bones by sending low‑level pulses of electromagnetic energy to the injury or fusion site. A bone growth stimulator is beneficial after a multi-level fusion procedure or for patients who have certain comorbidities, such as smoking addiction or diabetes. The bone growth stimulator market is segmented by product, application, end user, and geography. By product, the market is segmented into bone growth stimulation devices, bone morphogenetic proteins (BMP), and platelet-rich plasma (PRP). By application, the market is segmented into spinal fusion surgeries, delayed union and non-union bone fractures, oral and maxillofacial surgeries, and other applications. By end user, the market is segmented into hospitals and clinics, home care, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
|Bone Morphogenetic Proteins (BMP)|
|Platelet-Rich Plasma (PRP)|
|Spinal Fusion Surgeries|
|Delayed Union & Non-union Bone Fractures|
|Oral and Maxillofacial Surgeries|
|By End User|
|Hospitals and Clinics|
|Other End Users|
Key Market Trends
The External Bone Growth Stimulator Segment is Expected to Register Good Growth Over the Forecast Period
The external bone growth stimulators are expected to witness a significant market share over the forecast period. The advanced features of external bone growth stimulators, namely their light weight, ease of handling, and portability, act as a major driver for the growth of the current segment.
According to the research study published in Bone and Joint Open, 2020, in 2020, there was an increase in fractures and minor injuries requiring surgery among elderly patients during the COVID-19 lockdown in the United Kingdom, as compared to 2019. Though there was an increase in minor injuries requiring minor surgeries, the numbers of polytrauma and open fractures were reduced during the COVID-19 era due to a reduction in road traffic and in participation in outdoor sports activities. Thus, COVID-19 is expected to impact the studied market significantly during the pandemic era.
The demand for these products is increasing due to the rising number of bone fracture cases and the effectiveness of the external bone growth stimulators in healing fractures. According to a research article published in the Archives of Osteoporosis, 2020, fragility fractures in the largest five countries of the European Union plus Sweden (EU6) accounted for 2.7 million in 2017, and is expected to reach 3.3 million in 2030, which is a 23% increase from 2017. Additionally, as per the research study published in the Orthopedic Trauma Association International, 2020,14% of the Australian population have osteoporosis and 60,000 hip fractures have been estimated to occur by 2050 in Australia. This indicates the rising burden of fracture across the world. Therefore, there is a growing demand for external bone growth stimulators, which will contribute to the growth of the market for the same over the forecast period.
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North America Hold the Major Share in the Studied Market and is Expected to Dominate Over the Forecast Period.
North America holds the largest share of the bone growth stimulator market. This is majorly attributed to the increasing geriatric population and the growing burden of orthopedic diseases in the region. According to the National Spinal Cord Injury Statistical Center's Spinal Cord Injury, Facts and Statistics, 17,730 new Spinal Cord Injury cases occur each year and nearly 249,000 to 363,000 people are living with Spinal Cord Injury in the United States in 2019. Also, according to the Population Reference Bureau's Population Bulletin's Aging in the United States, the Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. The rising elderly population is more prone to bone fractures and thus drives the growth of the studied market.
According to the research article published in Arthroscopy, Sports Medicine and Rehabilitation, 2020, Northwell Health mandated the cancellation of all elective surgical cases to reserve the resource in the treatment of COVID-19 patients, and only emergency orthopedic procedures were performed. Northwell health performed approximately 2,970 emergency orthopedic surgeries during a 4-week period at its 16 orthopedic hospital sites in the United States during the COVID-19 pandemic. Hence, COVID-19 is expected to impact the studied market growth moderately.
Additionally, the increasing product approvals in the region and the existence of major players in the United States surge the market growth. For instance, in Feb 2020, Orthofix received FDA approval for its updated version of its bone growth stimulator app, STIM onTrack. Thus, the Bone Growth Stimulator Market is expected to witness huge growth over the forecast period in North America.
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The bone growth stimulators market is highly consolidated and consists majorly of global players. With the rising burden of orthopedic diseases and technological advancements, few small to mid-sized companies are also penetrating the market. The key players of the studied market include Medtronic plc, Johnson and Johnson (Depuy Synthes), Bioventus LLC, Orthofix International N.V., Zimmer Biomet, and Stryker Corporation, among others. Also, expansion strategies of the global players are proving to be beneficial for the emerging market as product availability is increasing.
In February 2020, Orthofix Medical Inc. received US FDA approval for its STIM on Track, mobile app version 2.1 to advance the treatment with its bone growth stimulators such as CervicalStim, SpinalStim, and PhysioStim.
In January 2020, Medtronic acquired Stimgenics to expand its portfolio in the Differential Target Multiplexed Spinal Cord Stimulation Therapy.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Bone and Joint Disorders
4.2.2 Growing Demand for the Non-Invasive or Minimally Invasive Surgeries
4.2.3 Development of Biocompatible Synthetic Bone Grafts
4.3 Market Restraints
4.3.1 High Cost of Surgeries and Limited Medical Reimbursements for Bone Growth Stimulation Products
4.3.2 Adverse Effects of BMP-Based Treatment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Bone Growth Stimulation Devices
184.108.40.206 External Bone Growth Stimulators
220.127.116.11.1 Combined Magnetic Field (CMF) Devices
18.104.22.168.2 Capacitive Coupling (CC) Devices
22.214.171.124.3 Pulsed Electromagnetic Field (PEMF) Devices
126.96.36.199 Implanted Bone Growth Stimulators
188.8.131.52 Ultrasonic Bone Growth Stimulators
5.1.2 Bone Morphogenetic Proteins (BMP)
5.1.3 Platelet-Rich Plasma (PRP)
5.2 By Application
5.2.1 Spinal Fusion Surgeries
5.2.2 Delayed Union & Non-union Bone Fractures
5.2.3 Oral and Maxillofacial Surgeries
5.2.4 Other Applications
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Home Care
5.3.3 Other End Users
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Arthrex, Inc.
6.1.2 Bioventus LLC
6.1.3 Johnson and Johsnon (Depuy Synthes)
6.1.4 Medtronic Plc
6.1.5 Orthofix International N.V
6.1.6 Smith & Nephew Plc
6.1.7 Stryker Corporation
6.1.8 Zimmer Biomet
6.1.9 DJO Finance, LLC
6.1.10 Isto Biologics
6.1.11 Ossatec Benelux B.V.
6.1.12 Altis Biologics Pty Ltd
6.1.13 ITO Co., Ltd
6.1.14 Terumo BCT, Inc.
6.1.15 Wright Medical Group N.V.
6.1.16 Elizur Corporation
6.1.17 IGEA SpA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Bone Growth Stimulator Market market is studied from 2018 - 2026.
What is the growth rate of Global Bone Growth Stimulator Market?
The Global Bone Growth Stimulator Market is growing at a CAGR of 5.9% over the next 5 years.
Which region has highest growth rate in Global Bone Growth Stimulator Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Bone Growth Stimulator Market?
North America holds highest share in 2020.
Who are the key players in Global Bone Growth Stimulator Market?
Medtronic Plc, Zimmer Biomet, Orthofix International NV, Johnson and Johnson (DePuy Synthes), Bioventus LLC are the major companies operating in Global Bone Growth Stimulator Market.