The major factors driving the growth of the Bone Growth Stimulator Market are an increase in patients' propensity for minimally invasive and non-invasive surgical procedures, and the availability of affordable bone growth stimulation devices.
JERSEY CITY, N.J., Nov. 8, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Bone Growth Stimulator Market" By Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, Platelet-Rich Plasma), By Application (Spinal Fusion Surgeries, Delayed Union & Nonunion Bone Fractures, Oral & Maxillofacial Surgeries), By Geographic Scope And Forecast.
As per the deep research carried out by Verified Market Research, the global Bone Growth Stimulator Market size was valued at USD 1.04 Billion in 2020 and is projected to reach USD 1.66 Billion by 2028, growing at a CAGR of 6.08% from 2021 to 2028.
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Global Bone Growth Stimulator Market Overview
The Bone Growth Stimulator therapy is recommended by the physicians to help after a fracture or spinal fusion surgery to help the fractures repair more quickly. They also go by the name orthogenesis stimulators and deliver painless ultrasound. In surgeries on the cervical and lumbar spines, they are highly helpful. Products made of platelet-rich plasma and bone morphogenetic protein (BMP) promote bone development when used to treat various fractures and spinal operations.
As a result of the quicker recovery following these surgeries, it is projected that the usage of these goods would increase. Therefore, more spinal and orthopedic procedures are being performed as the number of accidents and trauma patients rises. This increase has further increased consumer demand for these goods, along with BMP and PRP ones, which is expected to fuel market expansion.
Increasing geriatric population, rise in fracture and accident rates, rise in arthritis prevalence, rise in cases of diabetes and other illnesses like vascular disease, obesity, and renal disorders, rise in patients' preference for minimally invasive and non-invasive surgical procedures, rise in platelet-rich plasma and bone morphogenetic proteins, and rise in the availability of reasonably priced bone growth stimulation devices are the major factors.
Other factors that contribute to the growth of the bone growth stimulator market include the rise in patient awareness of bone growth stimulators, the procedural benefits provided by bone growth stimulation devices in the treatment of bone fractures and orthopedic diseases, the increase in technological advancements in bone growth stimulators, and the rise in adoption rate for bone growth stimulators by both patients and prescribers. However, the market's expansion is anticipated to be constrained by strict approval procedures and constrained medical reimbursement regulations.
The market's overall expansion has been seen to be hampered by frequent product recalls. The business and reputation of a manufacturer suffer when products are recalled. This may also have an impact on a customer's commitment to a company's other items. Recalls often cast doubt on the effectiveness of novel products, delaying surgeons' acceptance of them.
Key Developments
- On July 1, 2021, ICelularity Inc. ("Celularity"), a clinical biotechnology company that develops new ways to treat cells and biomaterial products found in the human placenta after birth to treat cancer, infectious and degenerative diseases, and Arthrex, Inc., a world leader in orthopedic technology, announced that companies have entered into a special partnership to distribute and sell Celularity's biomaterial products for orthopedic surgery and sports medicine. Under the terms of the agreement, Celularity will provide Arthrex with exclusive distribution rights for orthopedic surgery and sports medicine and will continue to be responsible for the production and supply of products.
- On Jan 5, 2021, Sryker announced the acquisition of OrthoSensor, Inc., a privately-owned company founded in 2007 and headquartered in Dania Beach, FL. OrthoSensor, Inc., is a leader in the digital transformation of musculoskeletal care and sensory replacement technology.
Key Players
The major players in the market are Arthrex, Inc., Essex Woodlands Healthcare Partners (Bioventus LLC), Colfax Corporation (DJO Global, Inc), Isto Biologics, Johnson & Johnson (Depuy Synthes), Medtronic Plc, Orthofix Medical Inc., Stryker Corporation, Terumo Corporation, and Zimmer Biomet Holdings, Inc.
Verified Market Research has segmented the Global Bone Growth Stimulator Market On the basis of Product, Application, and Geography.
- Bone Growth Stimulator Market, By Product
- Bone Growth Stimulation Devices
- Bone Morphogenetic Proteins
- Platelet-Rich Plasma
- Bone Growth Stimulator Market, By Application
- Spinal Fusion Surgeries
- Delayed Union & Nonunion Bone Fractures
- Oral & Maxillofacial Surgeries
- Others
- Bone Growth Stimulator Market, By Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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