Market Size of Global Bone Growth Stimulator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bone Growth Stimulator Market Analysis
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.
