The report “Bone Growth Stimulators Market by Product (Device, Bone morphogenetic protein, PRP), Application (spinal fusion, Delayed Union & Non Union Bone Fracture, Dental, Maxillofacial), End User (Hospitals, Home care, Academia, CROs) – Global Forecast”, is expected to reach USD 1.41 billion, growing at a CAGR of 5.4%.
Procedural benefits offered by bone stimulation devices in bone fracture treatment;
Bone growth stimulation devices offer a cost-effective and safer alternative mode to treat orthopedic diseases as compared to traditional surgical therapies for nonunion bone fractures. These devices have been reported to shorten the patient’s hospital stay as well as lessen the risks of complications and infections. This is expected to aid the adoption of bone growth stimulation products among key end users. This is also augmented by clinical evidence that validates the clinical efficacy of bone growth stimulation products in the effective and rapid bone regeneration as compared to traditional methodologies.
As of 2015, the average treatment cost saving for diabetes patients in the U.S. being treated with electrical bone growth stimulation (EBGS) devices was reported to be ~USD 4,800 and USD 3,000 as compared to non-stimulation based treatment and low-intensity pulsed Ultrasound stimulation (LIPUS) treatment, respectively (Source: Journal of Diabetes & Metabolism, 2013). Similarly, a research study was undertaken among adult patients diagnosed with a nonunion bone fracture between July 2006 and September 2009 in the U.S.
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The growing patient preference for non-invasive and minimally invasive surgical treatments, increasing target patient population, and procedural benefits offered by bone stimulation devices in bone fracture treatments are some key factors propelling the growth of this market. However, limited medical reimbursement for bone stimulation products and high treatment costs associated with BMP and PRP products may hinder the growth of this market during the forecast period.
Market Segmentation in Detailed:
On the basis of product, the global bone growth stimulators market is segmented into bone growth stimulation devices, bone morphogenetic protein (BMPs), and platelet-rich plasma (PRP). The bone growth stimulation devices segment accounted for the largest share of the market in 2016. This large share is attributed to the growing aging population, rising preference for non-surgical treatment procedures, and growing prevalence of nonunion fractures. Additionally, the rising incidence of obesity, smoking, and diabetes which delay or inhibit bone healing after surgery or trauma are further driving the market growth.
On the basis of application, the global bone growth stimulators market is segmented into spinal fusion surgeries, delayed union and nonunion bone fractures, oral and maxillofacial surgeries, and other applications. The spinal fusion surgeries segment accounted for the largest share of the market in 2016. The large share of this segment is attributed to the growing geriatric population, rising number of spine procedures (and rate of spinal fusion failure), established safety and efficacy of stimulators in fusion surgery, and increasing use of bone growth stimulation products.
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Hospitals and Clinics Form the Fastest Growing End User Segment;
Hospitals;
This segment includes both government and private hospitals that provide treatment or conduct surgeries related to spine, oral and maxillofacial, nonunion/delayed union fractures and dental practices. An increasing patient population, rising procedural volumes of spinal fusion surgeries, growing prevalence of spinal disorders, and growing awareness on bone growth stimulation products are aiding the growth of this segment.
Orthofix International N.V. (U.S.), DJO Finance LLC (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Bioventus LLC (U.S.), Medtronic plc (Ireland), Stryker Corporation (U.S.), DePuy Synthes (U.S.), Arthrex, Inc. (U.S.), and Harvest Technologies Corporation (U.S.) are some of the key players in the bone growth stimulators market.
According to the new market research report “Bone Growth Stimulator Market by Product (Device (Implant, External), Bone Morphogenetic Protein, PRP), Application (Spinal Fusion, Delayed Union, Non-union Bone Fracture, Maxillofacial Surgery), Care Setting (Hospital, Homecare) – Global Forecasts to 2026″, published by MarketsandMarkets™, the global BGS Market is projected to reach USD 1.5 billion by 2026 from USD 1.1 billion in 2021, at a CAGR of 5.8% during the forecast period.Opportunity: Emerging markets;Emerging economies (such as China, India, Brazil, and Mexico) are expected to offer significant growth opportunities in the bone growth stimulators market.
Factors such as the presence of a large patient population, rising healthcare expenditure, government initiatives to support the healthcare industry, strengthening export trade, and growing awareness among physicians, surgeons, and patients about the latest treatment options for spinal fusion and bone healing are expected to boost the demand for bone growth stimulation products in these countries.
In addition, owing to the significant cost advantages, many patients from developed markets are reported to travel to these emerging markets to undergo medical treatment.Emerging economies (such as China, India, Brazil, and Mexico) are expected to offer significant growth opportunities in the bone growth stimulators market.
In addition, owing to the significant cost advantages, many patients from developed markets are reported to travel to these emerging markets to undergo medical treatment.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=82341383The Rise in the global incidence of AKI and increase in the demand for effective renal replacement therapy among ICU patients and initiatives undertaken by governments to increase the awareness about BGS therapy along with the increase in the launch of advanced BGS system area anticipated to fuel the BGS market growth during the forecast period.The growing demand for orthopedic injuries to support the market growth during the forecast period.The significant rise in demand for BGS in the treatment of orthopedic patients.
Moreover, the development and commercialization of BGS products also support Bone Growth Stimulator Market growth.
Furthermore, many companies are expanding their BGS (PRP products) product portfolios.
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