Global Bone Growth Stimulator Market Overview
The Bone Growth Stimulator Market Size was valued at USD 0.8 Billion in 2022 and is projected to grow from USD 0.9 Billion in 2023 to USD 1.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). Growing desire for minimally invasive or non-invasive operations and increasing prevalence of bone and joint diseases, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Bone Growth Stimulator Market Trends
- The rising incidence of bone and joint disorders is driving the market growth
The market for bone growth stimulators is primarily driven by elements like the rising prevalence of bone and joint problems, the expanding desire for minimally invasive and non-invasive operations globally, and the rising geriatrics population. One of the articular illnesses that affect people over the age of 65 most frequently is osteoarthritis. The Centres for Disease Control and Prevention (CDC) estimate that 63 million Americans currently have a diagnosis of arthritis, and that figure will rise to 78 million by the year 2040. Furthermore, according to World Population Prospects: The 2019 Revision Data, 1 in 11 individuals in the world were above the age of 65 in 2019. By 2050, this proportion is anticipated to reach 1 in 6 individuals. One of the key variables thought to be most likely to increase demand for the market under study is the rising prevalence of trauma and accident cases globally. According to the National Safety Council, accidents in 2018 resulted in the severe injuries of 4.5 million people. As a result of the aforementioned factors, it is anticipated that the market for bone growth stimulators would develop considerably during the course of the estimated period.
The main factors driving the growth of the bone growth stimulators market size are the rise in the geriatric population, the rise in fracture and accident rates, the rise in arthritis prevalence, the rise in cases of diabetes and other illnesses like obesity, vascular disease, and renal disorders, as well as the rise in patient preference for minimally invasive & non-invasive surgical treatments. In 2020, the Centres for Disease Control and Prevention (CDC) stated that around 58.5 million Americans (24% of all adult population) had been given an arthritis diagnosis. Platelet-rich plasma, bone morphogenetic proteins, and the availability of affordable bone growth stimulation devices are the main factors driving the market for bone growth stimulators.
Other factors that contribute to the growth of the bone growth stimulators 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 orthopaedic diseases, the advancement of technology in bone growth stimulators, and the rise in the adoption rate of bone growth stimulators by both patients and prescribers. For instance, the U.S. Food and Drug Administration (FDA) approved the smartphone app STIMonTrack in February 2020, according to Orthofix Medical Inc., a medical device firm. The Orthofix bone development therapy devices are designed to interact with the STIMonTrack technology, which will aid patients in following their prescriptions and improve clinical results.This element accelerated the industry's expansion for bone growth stimulators.Thus, driving the Bone Growth Stimulator market revenue.
Bone Growth Stimulator Market Segment Insights
Bone Growth Stimulator Product Insights
The market segments of Bone Growth Stimulator, based on Product, includes bone growth stimulation devices, bone morphogenetic proteins, platelet-rich plasma, and others. Bone growth stimulation devices segment dominated the market in 2022. These devices' cutting-edge attributes, such as their portability, light weight, and ease of use, are a key factor in the current segment's rise. An increase in fractures and small injuries requiring surgery among older patients occurred during the COVID-19 lockdown in the United Kingdom in 2020 as compared to 2019, according to a study published in Bone & Joint Open, 2020.
Bone Growth Stimulator Application Insights
The Bone Growth Stimulator market segmentation, based on Application, includes spinal fusion surgeries, delayed union & nonunion bone fractures, oral and maxillofacial surgeries, and others. Spinal fusion surgeries segment dominated the market in 2022. This is due to an increase in spinal disorders, a rise in minimally invasive spinal surgery adoption, an increase in spinal surgery technological advancements, an increase in the prevalence of obesity and degenerative spinal conditions, and an increase in patient preference for spinal fusion surgery procedures globally.
Bone Growth Stimulator End User Insights
The market segmentation of Bone Growth Stimulator, based on End User, includes hospitals & clinics, home care, academic & research institutes, and others. Hospitals and clinics segment dominated the Bone Growth Stimulator market in 2022.The primary drivers of market expansion are the rising popularity of bone growth stimulator goods and the initiatives taken by both public and private organisations to build cutting-edge hospitals and clinics.
Figure 1: Bone Growth Stimulator Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Bone Growth Stimulator Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Bone Growth Stimulator Market dominated this market in 2022 (45.80%). This is primarily due to the region's growing elderly population and the burden of orthopaedic disorders. According to the 2019 edition of Spinal Cord Injury, Facts and Statistics published by the National Spinal Cord Injury Statistical Centre, there are 17,730 new cases of spinal cord injury reported annually and between 249,000 and 363,000 Americans are estimated to be living with the condition.Further, the U.S. market of Bone Growth Stimulator held the largest market share, and the Canada market of Bone Growth Stimulator was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BONE GROWTH STIMULATOR MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Bone Growth Stimulator market accounted for the healthy market share in 2022. This is because there are more people experiencing bone and joint problems, there are more medical device businesses in the area, the healthcare system is well-developed, and medications that stimulate bone growth are widely available.Further, the German market of Bone Growth Stimulator held the largest market share, and the U.K market of Bone Growth Stimulator was the fastest growing market in the European region.
The Asia Pacific Bone Growth Stimulator market is expected to register significant growth from 2023 to 2032. This is due to a large population base, an increase in the demand for products containing bone growth stimulators, an increase in the frequency of bone fractures, and surgical operations for spinal fusion. Moreover, China’s market of Bone Growth Stimulator held the largest market share, and the Indian market of Bone Growth Stimulator was the fastest growing market in the Asia-Pacific region.
Bone Growth Stimulator Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market of Bone Growth Stimulator, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Bone Growth Stimulator Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Bone Growth Stimulator Industry to benefit clients and increase the market sector. In recent years, the Bone Growth Stimulator Industry has offered some of the most significant advantages to medicine. Major players in the market of Bone Growth Stimulator, including Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc, are attempting to increase market demand by investing in research and development operations.
A manufacturer of medical devices, Orthofix Medical Inc. (Orthofix), formerly known as Orthofix International NV, offers reconstruction and regenerative musculoskeletal solutions to doctors all over the world. Products for fracture management, regenerative products and tissue forms, paediatrics and limb reconstruction, motion preservation and fixation implant devices, and foot and ankle products are among the company's top offerings. In order to reach hospitals, doctors, integrated health delivery systems, ambulatory surgery centres, and other purchasing organisations worldwide, Orthofix markets its products both directly and through a network of distributors. In addition to the US, UK, Brazil, Italy, France, and Germany, it also has facilities there. United States-based Orthofix is based in Lewisville, Texas. Orthofix Medical Inc. gained US FDA approval in February 2020 for version 2.1 of its STIM on Track mobile app, which will help doctors treat patients with their bone growth stimulators like CervicalStim, SpinalStim, and PhysioStim.
A medical technology firm called Medtronic Plc (Medtronic), originally known as Medtronic Inc., creates, develops, produces, and sells a variety of medical products. It provides products for the treatment of conditions such heart valve issues, heart failure, aortic, peripheral vascular, venous renal, and neurological problems, as well as spine and musculoskeletal issues, ear, nose, and throat conditions. Additionally, it offers biologic solutions for the dental and orthopaedic markets. In Asia Pacific, Europe, the Americas, the Middle East, and Africa, it provides its products to hospitals, third-party healthcare providers, clinics, institutions, including governmental health care programmes, distributors, and group purchasing organisations. The headquarters of Medtronic are in Dublin, Ireland. To broaden its portfolio in the Differential Target Multiplexed Spinal Cord Stimulation Therapy, Medtronic purchased Stimgenics in January 2020. To broaden its portfolio in the Differential Target Multiplexed Spinal Cord Stimulation Therapy, Medtronic purchased Stimgenics in January 2020.
Key Companies in the market of Bone Growth Stimulator include
- Arthrex Inc.
- Bioventus LLC
- Depuy Synthes
- DJO Finance LLC
- Harvest Technologies
- Isto Biologics
- Medtronic PLC
- Orthofix International N.V.
- Stryker Corporation
- Zimmer Biomet Holdings Inc
Bone Growth Stimulator Industry Developments
March 2021:The purchase of Bioness, Inc. was disclosed by Bioventus LLC. Through this acquisition, Bioventus LLC will be able to diversify the products it offers for bone development therapy.
November 2020:DJO, LLC announced the purchase of OrthoLogic Corporation's bone growth stimulation device business for USD 93.0 million.
Bone Growth Stimulator Market Segmentation
Bone Growth Stimulator Product Outlook
Bone Growth Stimulator Application Outlook
Bone Growth Stimulator End User Outlook
Bone Growth Stimulator Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 0.8 Billion |
| Market Size 2023 |
USD 0.9 Billion |
| Market Size 2032 |
USD 1.3 Billion |
| Compound Annual Growth Rate (CAGR) |
5.60% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product, Application, End User, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc |
| Key Market Opportunities |
Increase in government funding for healthcare and rising R&D expenditure |
| Key Market Dynamics |
Rising burden of bone and joint disorders and growing demand for the non-invasive or minimally invasive surgeries |
Bone Growth Stimulator Market Highlights:
Frequently Asked Questions (FAQ) :
The Bone Growth Stimulator market size was valued at USD 0.8 Billion in 2022.
The market is projected to grow at a CAGR of 5.60% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Arthrex Inc., Bioventus LLC, Depuy Synthes, DJO Finance LLC, Harvest Technologies, Isto Biologics, Medtronic PLC, Orthofix International N.V., Stryker Corporation, and Zimmer Biomet Holdings Inc
The Bone Growth Stimulation Devices Product dominated the market in 2022.
The Spinal Fusion Surgeries Application had the largest share in the market.
