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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 (2023 to 2028)

Published: March, 2023
ID: 2608
Pages: 175
Formats: report pdf report excel report power bi report ppt

Bone Growth Stimulators Market Size (2024 to 2028)

The global bone growth stimulators market is estimated at a CAGR of 5.35% during the forecast period. As a result, the market size is estimated to be USD 1.32 billion in 2023 and USD 1.72 billion by 2028.

Bone Growth Stimulators Market Share Insights:

  • Based on product type, the bone growth stimulation devices segment held the largest share in the Bone Growth Stimulators Market in 2022 and is expected to dominate during the forecast period.
  • Based on the application, the spinal fusion surgeries segment has showcased the highest growth rate in 2022
  • North America Bone growth stimulators market led the market in 2021 and is anticipated to be worth USD 0.54 Billion by 2027
  • Asia Pacific Bone growth stimulators market is projected to have the fastest CAGR of 7.26% during the forecast period.

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

Bone growth stimulation is a therapy used on people who undergo spine surgery or a fracture. The therapy uses ultrasound signals to penetrate the skin, reach the bone, and stimulate the bone to fuse. This therapy is used when the standard procedures of bone healing are slow and need a boost to act faster. The procedure is generally recommended after the bone casts and physiotherapies fail to heal the bone for some duration. BGS comes in two types internal and external. The internal BGS is inserted surgically into the patient's body, and using the external one is a non-invasive process. The process is generally pain-free and does not require any prior preparation. 

The pandemic significantly impacted the world economy due to the downfall of major businesses, as restrictions were applied to the production and supply of goods. The healthcare department was one of the most severely impacted sectors, as the rapid influx of covid patients in hospitals resulted in a lack of beds and resources. All other departments of healthcare systems, like Orthopaedics, Physiotherapy, Dentistry, etc., were temporarily closed, and all activities were halted, including surgeries. Therefore, the bone growth stimulators market experienced a short-term negative impact from the pandemic. The closure of all orthopedic hospitals led to a shortage in demand for the procedure. However, the market is expected to bounce back in the post-covid era. 

MARKET DRIVERS:

Factors such as increasing incidences of bone injuries due to road accidents, increasing spending on healthcare, especially in urban areas, growing geriatric population are expected to fuel the growth of the bone growth stimulators market.

According to WHO stats, around 1.3 million people die in road accidents every year, and around 20 to 50 million people suffer from injuries due to accidents. Additionally, the statistic for the geriatric population is expected to reach 1.4 billion by 2050, and older adults are more prone to fractures due to fragile bone systems. Furthermore, the increasing number of spinal cord injuries leading to a need for surgery also supports the market's growth. According to WHO stats, 250,000 and 500,000 people suffer from spinal injuries yearly.

In addition, the global bone growth stimulators market is driven by the increasing investments in healthcare by private and public organizations, the rise in road accidents, and the growing flow of patients with bone injuries. Furthermore, the growing technological advancements in bone growth stimulators also support the market's growth. For example, AccelStim bone growth stimulator P210035, with several advancements like a single generator, portability, a battery-powered and highly effective device launched in 2022, received FDA approval and is now selling at stores in full scope. 

The painless procedure that offers multiple therapy methods is used anywhere from 20 mins to a few hours daily to treat bones that won't heal on their own (nonunions). The external treatment is entirely non-invasive and provides fast results. Additionally, increasingly unhealthy lifestyles like drinking, smoking, etc., can lead to difficulty healing the bone naturally, thus requiring the support of the BGS. 

MARKET RESTRAINTS:

The high costs of installing and maintaining the equipment are the biggest challenge for the bone growth stimulators market.

 In addition, frequent changes in economic strategies and the shortage of skilled persons to adopt the latest devices are other key challenges the global bone growth stimulators market is currently facing. Additionally, the effectiveness of bone growth stimulation therapy is still undecided as it is not deemed to be necessary for bone healing. There have been mixed results and expert opinions on the procedure's efficiency, which could be a potential restraint to market growth. 

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

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 of 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 Bone Growth Stimulators
    • Implanted Bone Growth Stimulators
    • Ultrasonic Bone Growth Stimulators
  • Bone Morphogenetic Proteins
  • Platelet-rich Plasma

Based on product type, the bone growth stimulation devices segment had the largest share of the worldwide market in 2022, and the domination of the segment is expected to continue during the forecast period owing to the growing awareness of the availability of different products to heal fractures, which are to improve through medicines and other treatment procedures.

However, the Bone Morphogenetic Proteins (BMP) and Platelet-rich Plasma (PRP) segments are expected to have a sizable growth in the market during the forecast period due to the growing incidents of spinal cord injuries and orthopedic problems like arthritis, lupus, gout, etc. among the populations leading to demand for the segment. Additionally, the growing number of accidents also supports the market's growth. 

Bone Growth Stimulators Market – By Application:

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

Based on the application, the spinal fusion surgeries segment led the market in 2022. The rise in the demand for minimally invasive surgeries and adopting of these devices in ambulatory services propel segmental growth. Additionally, the increasing geriatric population leading to a rise in spinal injuries supports the segment's growth. 

The delayed Union & Non-union Bone Fractures segment is also expected to grow due to growing cases of bone diseases like arthritis and osteoporosis, leading to weak bones and increasingly lousy lifestyle habits like smoking and a lack of healthy diet among the younger generations, which prohibit healthy bone growth, lead to demand for the segment. 

Bone Growth Stimulators Market – By End-User:

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

Based on end-user, the hospitals and clinics segment is anticipated to have a tremendous CAGR in the foreseen years. With the help of private and public organizations through funds, the growing scale of healthcare centers magnifies the demand for the bone growth stimulators market. Additionally, the availability of advanced types of equipment and qualified healthcare professionals, along with the rapid influx of patients due to credibility, support the segment's dominance. 

However, the home care segment is expected to also grow during the forecast period due to the increasing IT technologies in healthcare settings and the growing need for remote patient care and monitoring systems, especially after covid. Furthermore, growing research and development in the field leads to growth for the academic & research institutes and CROs. 

Bone Growth Stimulators Market – By Region:

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

As of 2021, the global bone growth stimulation market is led by North America by the quick adoption of the latest technologies and the introduction of innovative products in orthopedics. During the forecast period, the domination of the North American bone growth stimulators market is expected to continue. In addition, the rising cases of orthopedic diseases in the region also support the market's growth. The growing incidence of arthritis, osteoporosis, and other bone-related problems in the region, especially among women, led to market growth. In addition, countries like the U.S. and Canada have high-tech healthcare systems leading to market growth. 

The Asia Pacific bone growth stimulators market is one of the noteworthy regions worldwide. It is anticipated to witness a promising CAGR during the forecast period owing to the rise in the economy of the developed and developing countries. Also, increasing knowledge about bone fracture procedures is lavishing the demand for the bone growth stimulators market. Furthermore, the growing geriatric populations in countries like Japan, India, China, etc., lead to market growth. Furthermore, the growing cases of road accidents in the region also lead to more demand for the market. 

The European bone growth stimulators market accounted for a substantial share of the global market in 2021 and is anticipated to register a healthy CAGR in the coming years. Moreover, the rising strength of the economy in many countries bolsters market growth. Additionally, several key market players in the region support market growth.

The Latin American bone growth stimulators market held a considerable share of the global market in 2021 and is expected to grow at a steady CAGR during the forecast period.

The bone growth stimulators market in MEA is anticipated to grow at a moderate CAGR during the forecast period.

KEY MARKET PARTICIPANTS:

Companies playing a noteworthy role in 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, which Orthofix Holdings Inc announced. It the user-friendly and deals with complex fractures through the non-surgical treatment procedure.
  • In September, the U.S FDA approved CERVICALSTIM and SPINALSTIM, a product by Orthofix Holdings Inc., one of the leading players in the bone growth stimulators market. These procedures have a prominent bone healing process after surgeries. It is for the patients to have a speedy recovery in post-operative spinal fusion.
  • In 2016, Bioventus LLC launched EXOGEN, an ultrasound bone healing system in Saudi Arabia. It is widely used 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 February 2023, An Orthifix medicals stake by Jump Finanacial LLC. bought 18,400 shares of the medical device company's stock, valued at approximately $352,000. 

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FAQ's

How much is the global bone growth stimulators market going to be worth by 2028?

As per our research report, the global bone growth stimulators market size is projected to be USD 1.72 billion by 2028.

Which region is growing the fastest in the global bone growth stimulators market?

Geographically, the North American bone growth stimulators market accounted for the largest share of the global market in 2022. 

At What CAGR, the global bone growth stimulators market is expected to grow from 2023 to 2028?

The global bone growth stimulators Market is estimated to grow at a CAGR of 5.35% from 2023 to 2028. 

Does this report include the impact of COVID-19 on the bone growth stimulators market?

Yes, we have studied and included the COVID-19 impact on the global bone growth stimulators market in this report. 

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