Market Outline: Bone Growth Stimulators Market
Bone growth stimulation (BGS) is a therapy your surgeon may prescribe following a spinal fusion procedure. A bone growth stimulator is a supplemental device worn following cervical (neck) or lumbar (low back) spine surgery. BGS may be utilized to help spinal bone fuse after a fusion procedure or as a treatment for failed fusion.
Global bone growth stimulators market was valued at US $ XX Mn and expected to grow at 5.24% Compound Annual Growth Rate (CAGR) over the 2017 to 2023.
Increase in the incidence of bone related disorders is the key factor attributing the growth of the bone growth stimulators market. Technological advancements are enriching the growth of the market. Increasing prevalence of arthritis is another factor anticipating the growth of the market. The rising number of trauma and accident cases is considered as the major factor enhancing the growth of the market. Soaring osteoporosis cases is adding fuel for the growth of the market. According to the International Osteoporosis Foundation, worldwide, osteoporosis causes more than 8.9 million fractures annually, resulting in an osteoporotic fracture every 3 second. Osteoporosis is estimated to affect 200 million women worldwide – approximately one-tenth of women aged 60, one-fifth of women aged 70, two-fifths of women aged 80 and two-thirds of women aged 90. However, the high cost associated with the treatment is likely to hamper the growth of the market.
Bone growth stimulators market is segmented based on the product, application, and end user.
Based on the product, the market is segmented into the following:
- Bone Morphogenetic Proteins (BMP)
- Platelet-Rich Plasma (PRP)
- Bone Growth Stimulation Devices
- Implanted Bone Growth Stimulators
- Ultrasonic Bone Growth Stimulators
- External Bone Growth Stimulators
- Capacitive Coupling (CC) Devices
- Pulsed Electromagnetic Field (PEMF) Devices
- Combined Magnetic Field (CMF) Devices
Based on the application, the market is segmented into the following:
- Oral and Maxillofacial Surgeries
- Delayed Union & Nonunion Bone Fractures
Based on the end user, the market is segmented into the following:
- Hospitals & Surgical Centers
- Home Care
Geographically, global bone growth stimulators market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America bone growth stimulators market holds the largest share in the global bone growth stimulators market. The increasing prevalence of the arthritis is enhancing the growth of the market in this region. According the Centers for Disease Control and Prevention (CDC), arthritis affects 54.4 million US adults, more than 1 of 4. It is a leading cause of work disability in the United States and one of the most common chronic conditions in the nation. As per the Arthritis Foundation, the most common type of arthritis is osteoarthritis, which affects an estimated 31 million Americans. By conservative estimates, about 54 million adults have doctor-diagnosed arthritis, almost 300,000 babies and children have arthritis or a rheumatic condition. Europe and the Asia Pacific bone growth stimulators market is projected to grow exponentially over the forecasted period owing to its increasing patient population.
Some of the players in the global bone growth stimulators market include:
- Arthrex, Inc. (U.S.)
- Isto Biologics (U.S.)
- Harvest Technologies Corporation (U.S.)
- Orthofix International N.V. (U.S.)
- Medtronic plc (Ireland)
- Zimmer Biomet Holdings, Inc. (U.S.)
- Bioventus LLC (U.S.)
- Stryker Corporation (U.S.)
- DePuy Synthes (U.S.)
Notable Market Developments:
- In February 2017, Stryker has completed the acquisition of Entellus Medical