The North American Bone Growth Stimulators Market was valued at USD 0.39 Billion in 2023 and is estimated to grow at a CAGR of 5.5% to reach USD 0.51 Billion by 2028 during the forecast period.
The rising prevalence of osteoarthritis and the growing geriatric population across North America are primarily driving the growth of the bone growth stimulators market in North America. Arthritis is a severe health crisis in the United States, with one in four million adults suffering from mild to severe arthritis. The devices are also preferred by elderly individuals above 60 years for spinal cord issues, as they aid in bone recovery, free movement of joints, and accelerate the bone healing process.
In addition, the rising incidence of accidents and trauma cases is another factor contributing to the regional market growth. Accidents often result in bone fractures, and individuals prefer using bone growth stimulator devices and equipment to treat these conditions. The growth of the North American market is also driven by the development of various types of bone growth stimulator devices. The key market participants and manufacturers are focusing on producing advanced devices with waveform production capabilities for the affected region, which can treat fractures except in vertebrae and all flat bones. Personalized bone growth stimulator devices are also being developed for individuals who require specific sizes, and electric-based and battery-based devices are being manufactured for increased convenience to users.
However, factors such as the high cost of the bone growth stimulator devices and side effects of using these devices such as pain, numbness, itching, headaches, migraine, and nausea majorly hamper the growth of the North American market growth. Lack of reimbursement policies for the products, lack of awareness among the population, and strict approval process further hinder the regional market growth.
This research report on the North American bone growth stimulators market has been segmented and sub-segmented into the following categories.
By End User:
The North American market had the largest share of the worldwide market in 2022 and the regional domination is anticipated to continue throughout the forecast period. In this region, the U.S. has shown domination in recent years and the U.S. market is expected to grow at a promising growth rate during the forecast period. Factors such as the growing healthcare expenditure, rapid adoption of these devices among the U.S population and increasing number of awareness programs by the governmental and non-governmental organizations to promote the benefits of these devices such as bone growth and stiffness primarily contribute to the U.S. market growth. Social media and TV advertisements are also utilized to spread awareness among the population. Furthermore, the growth of the U.S. is majorly driven by the growing number of manufacturing facilities that provide cost-effective devices for all types of bone issues and the rising adoption of minimally invasive surgeries also aids in the market's demand, as these procedures result in minor cuts and require less recovery time. After bone surgeries, healthcare providers recommend using bone growth stimulators, which help patients recover from the illness in a shorter duration.
Canada is another noteworthy regional market for bone growth stimulators in North America. It is estimated to occupy for a considerable share of the North American market during the forecast period. The Canadian market growth is primarily driven by the availability of bone growth stimulators via offline and online channels. In addition, the rising number of sports injuries in Canada contributes to the growing demand for bone growth stimulators in Canada. Approximately 33% of injuries occur during participation in sports and exercises in Canada, which is contributing to the market growth. The launch of new devices in the country boosts market growth during the forecast period.
KEY MARKET PLAYERS:
DJO LLC, Orthofix International N.V., Zimmer Biomet Holdings Inc., Elizur, Bioventus LLC., Ossatec Benelux BV, Verve Consulting Inc., and IGEA S.p.A. are some of the key players in the Europe bone growth stimulators market.
The North American bone growth stimulators market is expected to grow at a CAGR of 5.5% from 2023 to 2028.
The increasing healthcare expenditure, growing adoption of bone growth stimulators among the population, and rising number of sports injuries are some of the key factors driving the growth of the North American bone growth stimulators market.
The United States is the leading contributor to the North American bone growth stimulators market, mainly due to the increasing number of manufacturing facilities that provide cost-effective devices for all types of bone issues. The rising adoption of minimal invasive surgeries also aids in the market's demand, as these procedures result in minor cuts and require less recovery time.
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