Bone Growth Stimulator Market Share, Size, Trends, Industry Analysis Report, By Product Type; By Application; By End-Use (Hospital & Ambulatory Surgical Centers, Home care, Academic and Research Institutes, Others); By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3067
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global bone growth stimulator market was valued at USD 2.1 billion in 2023 and is expected to grow at a CAGR of 5.30% during the forecast period. The global bone growth stimulator market has witnessed significant growth in recent years, driven by factors such as the increasing incidence of bone-related injuries and fractures, the growing geriatric population, and the rising demand for non-invasive treatment options. Moreover, advancements in technology, including portable and wireless devices, have further contributed to the growth of this market.
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Bone growth stimulators release low-intensity electromagnetic fields or ultrasound waves, which help activate the cells responsible for bone growth and repair. These devices are available in different forms, such as non-invasive, semi-invasive, and invasive, and are commonly used in hospitals, clinics, and home settings.
Furthermore, the increasing adoption of bone growth stimulators by healthcare professionals and the rising awareness among patients about the benefits of these devices are expected to drive demand in the coming years. However, the high cost of bone growth stimulators and the need for reimbursement policies in some countries may hinder market growth.
The increased incidence of bone fractures and surgeries during the pandemic has increased the demand for bone growth stimulators. This is because bone growth stimulators have been found to promote bone healing and reduce the time needed for recovery. The growing aging population and increasing incidence of osteoporosis have also contributed to the growth of the bone growth stimulator market.
However, the pandemic has also caused disruptions in the supply chain and manufacturing processes, leading to delays and shortages of bone growth stimulators in some regions. The restrictions on non-essential medical procedures and surgeries during the pandemic have also impacted the adoption of bone growth stimulators in some areas.
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Industry Dynamics
Growth Drivers
The prevalence of bone and common conditions, such as osteoporosis, arthritis, and bone fractures, is increasing globally. This is expected to drive the demand for bone growth stimulators, which promote bone healing and reduce recovery time.
The aging population is growing globally, contributing to the rise in bone and joint disorders. As a result, the demand for bone growth stimulators is expected to increase, particularly in regions with a high proportion of older adults. Bone growth stimulators provide a non-invasive and painless alternative to traditional bone healing methods, such as surgery or immobilization. As a result, they are becoming increasingly popular among patients and healthcare providers.
In addition, technological advances have led to more advanced bone growth stimulators that are more effective and easier to use. These technological advancements are expected to drive the demand for these devices in the coming years.
Report Segmentation
The market is primarily segmented based on product type, application, end use, and region.
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By Product Type |
By Application |
By End-Use |
By Region |
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Bone growth stimulation devices accounted for the highest revenue share.
The bone growth stimulation devices segment accounted highest revenue share in 2022. The bone growth stimulation devices segment is an important part of the bone growth stimulators market, including other devices such as ultrasound bone growth stimulators and other non-invasive devices. The demand for bone growth stimulation devices is driven by factors such as the increasing prevalence of orthopedic conditions and sports injuries and the growing use of bone growth stimulation in spinal fusion surgeries.
However, the platelet-rich plasma segment is projected to experience significant growth over the forecast period due to various factors, including the increasing adoption of technologically advanced platelet-rich plasma products, a rise in the incidence of conditions such as rheumatoid arthritis, osteoarthritis, and juvenile arthritis, as well as an increasing number of orthopedic surgeries and sports injuries. There is also a high demand for plasma therapy in the orthopedic therapeutic area, contributing to the growth of this segment.
The spinal fusion surgeries segment dominated the market in 2022.
The spinal fusion surgeries segment dominated the market share in 2022 mainly due to the increasing incidence of spinal disorders, the growing adoption of minimally invasive spinal surgeries, the advancements in spinal surgery technology, the rising incidence of degenerative spinal conditions and obesity, and the preference for patients for spinal fusion surgery procedures worldwide.
The increasing incidence of spinal disorders, such as degenerative disc disease and spinal stenosis, is driving the growth of the spinal fusion surgeries segment. Additionally, the adoption of minimally invasive spinal surgery techniques, which reduce the risk of complications and shorten the recovery time, is contributing to the growth of this segment.
The hospital & Ambulatory Surgical Centers segment holds a significant market share.
The hospital & ambulatory surgical centers segment held a significant market share, primarily due to many patient visits and the extensive range of orthopedic procedures conducted in hospital settings. The dominance of this segment can be attributed to the considerable number of hospitals in both developed and developing markets worldwide. Furthermore, government hospitals are indispensable in subsidizing care in many markets, particularly emerging ones, contributing to the segment's dominance.
North America accounted for the largest market share in 2022
North America accounted for the largest market share in 2022. North America's bone growth stimulators market grew with significant demand for non-invasive and minimally invasive treatment options. The market was primarily driven by factors such as the increasing prevalence of bone-related disorders, rising demand for orthopedic surgeries, and technological advancements in bone growth stimulation devices.
The United States dominated the North American market due to the presence of key market players, increasing healthcare expenditure, and growing patient awareness.
Competitive Insight
Some of the major players operating in the global market include MEDTRONIC PLC., DJO Global, STRYKER CORPORATION, JOHNSON and JOHNSON, Essex Woodlands Healthcare Partners (Bioventus LLC), Isto Biologics, IGEA Pharma, THERAGEN ETEX CO., LTD, Manamed Inc, Arthrex, Terumo Corporation, Orthofix Medical Inc., ZIMMER BIOMET HOLDINGS.
Recent Developments
- In February 2021, Zimmer Biomet launched its new bone growth stimulator device, the PhysioStim, which uses low-intensity pulsed ultrasound to stimulate bone growth.
- In March 2021, Bioventus LLC acquired Bioness, Inc. This acquisition enables Bioventus LLC to expand its bone growth therapy product portfolio.
Bone Growth Stimulator Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 2.2 billion |
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Revenue forecast in 2032 |
USD 3.33 billion |
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CAGR |
5.30% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
MEDTRONIC PLC., DJO Global, STRYKER CORPORATION, JOHNSON and JOHNSON, Essex Woodlands Healthcare Partners (Bioventus LLC), Isto Biologics, IGEA Pharma, THERAGEN ETEX CO., LTD, Manamed Inc, Arthrex, Terumo Corporation, Orthofix Medical Inc., ZIMMER BIOMET HOLDINGS. |
FAQ's
Key companies in bone growth stimulator market are MEDTRONIC PLC., DJO Global, STRYKER CORPORATION, JOHNSON and JOHNSON, Essex Woodlands Healthcare Partners (Bioventus LLC), Isto Biologics, IGEA Pharma, THERAGEN ETEX CO., LTD.
The global bone growth stimulator market expected to grow at a CAGR of 5.3% during the forecast period.
The bone growth stimulator market report covering key segments are product type, application, end use, and region.
Key driving factor in bone growth stimulator market rising number of hospital and surgical centers.
The global bone growth stimulator market size is expected to reach USD 3.33 billion by 2032.
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