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Global Bone Growth Stimulators Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Product, Application, End-User and Region - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2022 to 2027)

Published: January, 2022
ID: 2608
Pages: 175
Formats: report pdf report excel report power bi report ppt

Bone Growth Stimulators Market Size (2022 to 2027)

The global bone growth stimulators market size is estimated to be growing at a CAGR of 5.35% during the forecast period. The market size is estimated to be USD 1.26 billion in 2022 and USD 1.64 billion by 2027.

Bone growth stimulators are medical substances used to stimulate the healing process via bone morphogenic proteins (BMP) when treating conditions such as spinal fixation, orthopedic fixation, or increasing bone density. Bone growth stimulators work on all types of fractures, such as fresh fractures, those that heal slowly or do not heal, high-risk fractures, etc. It can also be used as a supportive treatment after fracture surgery and corrective osteotomy.

MARKET DRIVERS:

Factors such as increasing incidences of bone injuries due to road accidents and increasing spending on healthcare, especially in urban areas, are majorly promoting the growth rate of the global bone growth stimulators market.

The increase in the geriatric population worldwide, the increasing prevalence of orthopedic diseases, and the increasing inclination of patients towards minimally invasive and non-invasive surgical treatments are the major factors expected to boost the global bone growth stimulators market during the forecast period. According to the US Census Bureau, approximately 620.1 million people were 65 years of age or older in 2016, and that number is expected to rise to around 1.5 billion by 2030. An increase in the osteoarthritis-prone geriatric population is primarily due to the demand for bone growth stimulator products. Older people are most susceptible to osteoarthritis and gouty arthritis. According to the Arthritis Foundation, the degenerative disorders of joint diseases, such as osteoarthritis, are likely to affect nearly 135 million people worldwide by 2050. As a result, the growing case of arthritis is further driving demand for bone market stimulators.

Other factors such as the increasing number of spinal procedures combined with an increase in the rate of surgeries, the established safety and efficacy of pacemakers in fusion surgery, and the growing use of blood in bone growth stimulation products will drive the market. Additionally, smoking, diabetes, and obesity can delay or inhibit bone healing after surgery or trauma. According to the CDC, each year, approximately 41 million people in the United States visit the emergency department with traumatic injuries. The increase in orthopedic diseases worldwide will help drive the bone growth stimulator market during the projected period. In addition, the rise in the number of physicians favoring bone growth stimulators as an adjunct for lumbar spine surgery will increase the market's growth. The increasing incidence of these risk factors will further contribute to the development of the market.

The increasing prevalence and burden of disease orthopedics have led to an increase in the number of patients undergoing minimally invasive procedures, generating a high demand for bone growth stimulators. According to the International Osteoporosis Foundation, osteoporosis causes approximately 9.4 million fractures per year. In addition, around 1.9 million hip fractures occur worldwide each year, and that number is expected to rise to 4.7 to 6.5 million by 2050. The development of better therapeutic approaches and advanced treatment procedures has had a positive impact on the market's growth. Additionally, extensive research by manufacturing companies to uncover the therapeutic potential of BMPs in other orthopedic disorders, such as osteoarthritis and soft tissue repair, is expected to fuel further growth.

MARKET RESTRAINTS:

Factors such as the limited medical reimbursement policies for bone stimulation products, the high treatment costs, laboratory charges for BMP or PRP products, and the side effects are expected to hamper the bone growth stimulator market during the forecast period mentioned above. In addition, frequent product recalls have been found to inhibit the market's overall growth rate during the forecast period. The recall of goods has a negative impact on the market and the reputation of the manufacturer. It can also affect consumer loyalty to other business assets. Furthermore, bone growth stimulators do not guarantee the effectiveness of new products and therefore make it difficult for surgeons to accept them.

Impact of COVID-19 on the global bone growth stimulators market:

The novel SARS-Cov-2 reagent has caused the coronavirus (COVID 19) pandemic, and the world declared pandemic worldwide. The virus has spread to every part of the world, affecting every sector of the healthcare industry. The COVID 19 has created a significant impact on the bone growth stimulators market. Due to the pandemic crisis, governments across the nation have imposed a severe lockdown. During the lockdown period, many road accidents, falls, fractures and injuries have reduced. According to an article published in the Journal of Clinical Pharmacy and Therapeutics, 2020, the aging population was more exposed to bone fractures. They lack vitamin D deficiency (sunlight), lifestyle changes, and lack physical activities.

During the U.K.'s pandemic crisis, there was a considerable increase in hip fractures, especially in older adults, as per the Bone and Joint Open study, 2020. The regular increase in fractures and trauma cases in the aging population during the crisis turns attention to bone growth stimulators. As per the article published in Arthroscopy, Sports Medicine and Rehabilitation, 2020, Northwell Health necessitated the calling off all the elective surgical cases to store the resources in the treatment of COVID 19 patients, and only emergency orthopedic procedures were to be performed. Over the widespread virus, Northwell health implemented nearly 2,970 emergency orthopedic surgeries during four weeks at its 16 orthopedic hospital sites in the U.S. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 to 2026

Base Year

2020

Forecast Period

2021 to 2026

Segments Covered

By Product, Application, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, ROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global bone growth stimulators market has been segmented and sub-segmented based on product, application, end-user, and region.

Bone Growth Stimulators Market – By Product:

  • Bone Growth Stimulation Devices
    • External
    • Implanted
    • Ultrasonic
  • Bone Morphogenetic Proteins (BMP)
  • Platelet-rich Plasma (PRP)

Based on product type, the bone growth stimulation devices are expected to dominate the global bone growth stimulators market during the forecast period. In addition, increasing awareness over the availability of different products to heal fractures, which are to improve through medicines and other treatment procedures, bolsters the market demand. 

The BMP and PRP segments are expected to grow at a significant rate during the forecast period. The bone growth stimulators market is due to arthritis, trauma & accident cases, and spinal injuries. Additionally, PRP is owing to high safety, low adverse effects, and no risk of an allergic reaction. In this segment, there are various leading vendors. These are the significant factors that are driving this segment. In addition, it provides advanced devices for spinal fusion treatment, delay of fracture union, non-union bone fractures, etc.

Bone Growth Stimulators Market – By Application:

  • Spinal Fusion Surgeries
  • Delayed Union & Non-union Bone Fractures
  • Oral and Maxillofacial Surgeries
  • Other Applications

Based on application, the spinal fusion surgery application type was the dominating segment in 2020 and is expected to grow exponentially during the forecast period. A rise in the demand for minimally invasive surgeries is fueling the growth of the market. In addition, the adoption of these devices in ambulatory services is to gear up the need for this market.

Furthermore, the increase in the incidence of age-related spinal problems and fractures, demand for spinal fusion surgeries worldwide, the high prevalence of osteoporosis pain, and debilitating fractures propel the market growth. In addition, the spinal fusion surgery segment factors are enhancement of the body's natural healing process and the low-level pulsed electromagnetic field deployment.

Bone Growth Stimulators Market – By End-User:

  • Hospitals and Clinics
  • Home Care
  • Academic & Research Institutes and CROs

Based on End-User, Hospitals and clinics grew at a tremendous growth rate from the past decade and continue the same flow in foreseen years. The growing scale of healthcare centers with the help of private and public organizations through funds magnifies the demand for the bone growth stimulators market. The growth of hospitals and clinics is also driven by an increment of focus on developing healthcare infrastructure in developing countries, increasing admission of patients suffering from traumatic injuries, spinal injuries, fractures, and road accidents. The rise in disposable income and the availability of advanced medical devices for treating different chronic diseases. 

Bone Growth Stimulators Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

As of 2020, the global bone growth stimulators market is led by North America by adopting the latest technologies and introducing innovative products in orthopedics. Therefore, the North American region dominates the largest revenue share by contributing to a high compound annual growth rate during the bone growth stimulator. The bone growth stimulator market is owing to advantageous factors like the high prevalence of osteoporosis or vertebral fractures. As per the American Association of Neurological Surgeons in the U.S., almost 8 million women and 25% of women have osteoporosis and Vertebral Compression Fractures (VCFs). 

The Asia Pacific is next to North America is dominating the most significant shares with the rise in the economy of the developed and developing countries. Also, increasing knowledge about bone fracture diagnosis procedures is lavishing the demand of the bone growth stimulators market. As a result, the Asia-Pacific region will exhibit a high compound annual growth rate during the forecast period. On the other hand, the Asia-Pacific region also has some factors like the growth of numerous road accidents and trauma cases. According to a survey by World Road Statistics, in 2015, nearly 5,00,279 road accidents occurred compared with earlier year statistics, i.e., 4,93,474, representing an increment of 1.4% in injuries. 

The European market has grown tremendously over the past few years and has a significant growth rate in the coming years. The rising strength of the economy in many countries bolsters the demand of the market. As expected, the second-largest market for bone growth stimulators is the European region. Europe is due to the massive need for innovative therapies to cure chronic diseases and the local leading market key players of medical device manufacture. Moreover, healthcare infrastructure development, mainly in countries like Switzerland, Germany, France, and the U.K.

KEY MARKET PLAYERS:

Notable participants leading the global bone growth stimulators market are DJO LLC, Orthofix International N.V, Zimmer Biomet Holdings, Inc., Elizur, Bioventus LL, Ossatec Benelux BV, Verve Consulting, Inc., and IGEA S.p.A.

RECENT MARKET DEVELOPMENTS:

  • In March 2018, the bone growth stimulator PHYSIOSTIM received approval from the Food and Drug Administration (FDA) in the U.S, announced by Orthofix Holdings Inc. It the user-friendly and also deals with complex fractures through the non-surgical treatment procedure. 
  • In September 2018, U.S FDA approved bone growth stimulators CERVICALSTIM and SPINALSTIM. It is a product by Orthofix Holdings Inc., one of the bone growth stimulators market players. These procedures have a prominent bone healing process after surgeries. Therefore, it is for the patients to have a speedy recovery in post-operative spinal fusion. 
  • Bioventus LLC. In 2016, launched EXOGEN, an ultrasound bone healing system in Saudi Arabia. It is widely in the treatment of joint fusion and others. It is cost-effective and has high accuracy in healing bone fractures. The launch of this product has extended the shares of the company eventually. 
  • In 2017, C.E.C.E. and FDA approval was received by Orthofix International N.V.N.V. for next-generation bone growth stimulators known as Cervical-Stim Spinal-Stim, which enhance and stimulate natural healing processes of the body post spinal fusion operation.
  • In 2015, to develop musculoskeletal medical products, Biomet Inc., a U.S.-based company, was merged by Zimmer Holdings to expand footprints in a global position and strengthen companies' roots in the bone growth stimulators market.

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