Bone Growth Stimulator Market: Soaring Demand Assures Motivated Revenue Share during 2017-2022 | Key Players are Ossatec Benelux B.V., Elizur Corporation, Johnson & Johnson, Arthrex Inc., DJO Global Inc., Stryker Corporation, Bioventus Inc., etc.
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Bone growth stimulators are supplemental medical devices worn by patients following a cervical or lumbar spine surgery. Bone growth stimulators are utilized in boosting the natural fusion of spinal bone after fracture. Advanced bone growth stimulators can also facilitate multi-level fusions, the efficiency of which plays a pivotal role in spine fusion aftercare of patients.
A latest report by Fact.MR projects the global bone growth stimulators market to account for revenues worth US$ 1,477.2 Mn in 2017. The market is estimated to exhibit a steady expansion during the forecast period. Various devices are developed for bone growth stimulation therapy, which are being highly demanded on the back of growing cases of accidental bone injuries across the globe.
Rise in R&D Funding by Private Organisations to Propel Growth of the Global Bone Growth Stimulator Market
Bone growth stimulators facilitate multi-level fusions in bones with high efficiency, playing a pivotal role in spine fusion aftercare of patients. Medical studies are revealing positive outcomes of utilizing electrical bone growth stimulators for spinal fusion process. With a number of favorable government initiatives, coupled with heavy investments made by several private organisations, there has been a robust increase in research & development activities associated with new treatment methods and product development. For example – the North American Spine Foundation, and American Academy of Orthopedic Surgeons are contributing to the development of spinal implants & devices by raising funds for R&D activities, and conducting training programs for physicians worldwide.
Leading players in the market have introduced novel bone growth stimulators in order to cater demand from soaring adoption of affordable minimally-invasive surgeries (MIS). Orthofix, a Texas Company, has introduced new bone growth stimulators, the Cervical Stim and the SpinalStim, which have been approved by the European CE Mark as well as the Food and Drug Administration of the U.S. While the out-of-the-office treatment option (non-invasive) has an obvious appeal to it, necessary patient compliance remains a challenge for physicians. However, an application called Stim onTrack has been developed by Orthofix, which offers physicians with real-time data, which enables effective detailing of the patient’s treatment protocol.
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North America will continue to be dominant in the global bone growth stimulator market. Sales of bone growth stimulators are expected to account for the largest revenues in North America, expanding at the highest CAGR through 2022. Europe will remain the second most lucrative market for bone growth stimulators. The market in Middle East & Africa (MEA) will continue to register a sluggish expansion through 2022.
Bone growth stimulation devices will remain sought-after among products in the global market. Revenues from sales of bone growth stimulation devices will account for over half share of the market during the forecast period. In addition, sales of platelet-rich plasma bone growth stimulator, and bone morphogenetic proteins are expected to exhibit the fastest expansion registering similar CAGRs through 2022.
Hospitals & Clinics will Remain the largest End-Users of Bone Growth Stimulators
Based on end-users, sales of bone growth stimulators in academic and research institutes are expected to register the highest CAGR through 2022. Hospitals & Clinics will continue to be the largest end-users of bone growth stimulators, accounting for the highest share of the market over the forecast period. Home care is expected to remain the second most lucrative end-use segment in the global bone growth stimulators market.
Bone growth stimulators are expected to find the largest application in the cases of delayed union & non-union bone fractures, with sales poised to reach US$ 763.4 Mn by 2022-end. Sales of bone growth stimulators in oral & maxillofacial surgeries will account for the lowest revenues during the forecast period, based on application.
The report has also profiled key players in the global market for bone growth stimulators, which include Ossatec Benelux B.V., Elizur Corporation, Johnson & Johnson, Arthrex, Inc., DJO Global Inc., Stryker Corporation, Bioventus Inc., Zimmer Biomet Holdings, Inc., Medtronic plc., and Orthofix International N.V.
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