Bone growth stimulators play a pivotal role in spinal fusion surgeries by accelerating and promoting the fusion of vertebral bones. These devices emit low-level electrical currents or ultrasound waves, creating an environment conducive to increased bone formation. This enhanced bone fusion is critical for achieving structural stability in the spine, a key factor in alleviating symptoms associated with spinal instability or degenerative disc disease. By stimulating the natural healing processes, bone growth stimulators expedite the integration of bone grafts, facilitating a more robust fusion and, ultimately, better patient outcomes regarding long-term spinal health and functionality.
According to Data Bridge Market Research analyses, the Global Bone Growth Stimulator Market was USD 1,270.80 million in 2022, is expected to reach USD 2,010.23 million by 2030, and is expected to undergo a CAGR of 5.9% during the forecast period 2023 to 2030.
"Rise in number of bone fracture cases boosts the market growth"
The rising bone fracture cases are a key driver for the global bone growth stimulator market. Increased incidents of fractures, often associated with aging populations, sports injuries, and accidents, have led to a growing demand for effective bone healing solutions. As a result, the bone growth stimulator market is witnessing significant growth as individuals seek advanced therapeutic options to accelerate and enhance the natural healing process. This trend is fostering innovation and technological advancements in bone growth stimulation devices, contributing to the expansion of the market on a global scale.
What restraints the growth of the global bone growth stimulator market?
“High cost of treatment hampers the market growth”
The high cost of treatment stands as a significant restraint in the global bone growth stimulator market. The expenses of acquiring and using bone growth stimulators pose a substantial barrier for patients and healthcare systems. This financial burden limits the widespread adoption of these devices, particularly in regions with constrained healthcare budgets. The elevated cost may dissuade potential users from investing in bone growth stimulators, hindering market growth.
Segmentation: Global Bone Growth Stimulator Market
The global bone growth stimulator market is segmented on the basis of product, application, and end-user.
- On the basis of product, the global bone growth stimulator market is segmented into bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma
- On the basis of application, the global bone growth stimulator market is segmented into spinal fusion surgeries, delayed union and non-union bone fractures, oral and maxillofacial surgeries
- On the basis of end-user, the global bone growth stimulator market is segmented into hospitals and clinics, home care, academic and research institutes and CROs
Regional Insights: North America dominates the Global Bone Growth Stimulator Market
North America dominates the global bone growth stimulator market due to its robust healthcare infrastructure, a concentration of major industry players, and extensive healthcare facilities. The region's extraordinary healthcare capabilities facilitate the widespread adoption of bone growth stimulators. The prevalence of bone diseases and disorders is substantial, contributing to a large patient pool seeking advanced treatments, further solidifying North America's dominance in this market.
The Asia-Pacific is expected to experience substantial growth from 2023 to 2030, driven by heightened government initiatives promoting healthcare and a surge in health awareness. The increasing demand for advanced medical technology, particularly in skincare, further contributes to this trend. With a sizable population, the region is witnessing a growing need for quality healthcare services, solidifying its position as a key player in the global healthcare landscape.
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Recent Developments in the Global Bone Growth Stimulator Market
- In February 2020, Orthofix Medical Inc. secured FDA approval for version 2.1 of its STIM on Track mobile app, enhancing the treatment with bone growth stimulators CervicalStim, SpinalStim, and PhysioStim
- In January 2020, Medtronic bolstered its portfolio with the acquisition of Stimgenics, a move aimed at expanding its offering in Differential Target Multiplexed Spinal Cord Stimulation Therapy. The innovative therapy, utilizing the Medtronic Intellis platform, provides a novel programming option for addressing chronic pain in patients
The Prominent Key Players Operating in the Global Bone Growth Stimulator Market Include:
- Zimmer Biomet (U.S.)
- Bioventus (U.S.)
- Synergy Orthopedics (U.S.)
- Ito Co., Ltd. (Japan)
- Boston Scientific Corporation (U.S.)
- BTL (Canada)
- Cyberonics, Inc. (U.S.)
- DJO LLC (U.S.)
- Medtronic (Ireland)
- Nevro Corp (U.S.)
- NeuroMetrix, Inc (U.S.)
- Abbott (U.S.)
- Uroplasty Inc (U.S.)
- Cogentix Medical (U.S.)
- Aleva Neurotherapeutics (Switzerland)
- NeuroPace Inc. (U.S.)
- AxioBionics (U.S.)
- Beurer GmbH (Germany)
- Omron Healthcare, Inc. (Japan)
- RS Medical (Japan)
- Stryker (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global bone growth stimulator market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Bone Growth Stimulator Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
