Bone Growth Stimulator Market to Exhibit a CAGR of 4.8% during 2021-2028; High Procedural Volumes for Orthopaedic Diseases to Incite Development: Fortune Business Insights™
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We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.
The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
Due to postponed elective operations, temporary closure of orthopaedic clinics, ban on organized sports, and restrictions in non-essential treatment throughout hospitals, the COVID-19 pandemic had a short-term detrimental impact on the worldwide market. For example, during the COVID-19 epidemic, the Centers for Medicare & Medicaid Services (CMS) stated in March 2020 that all non-essential medical, surgical, elective operations, and dental treatments would be postponed. Furthermore, the University of Birmingham estimates that approximately 6.3 million elective orthopaedic operations were canceled globally owing to the COVID-19 pandemic during the peak interruption period of 12 weeks.
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The global bone growth stimulator market was dominated by the bone growth stimulation devices segment in 2020. Researchers' increased attention on developing innovative non-invasive stimulating gadgets has boosted demand for these goods even more.
In 2020, the spinal fusion application segment dominated the market. The enormous number of patients undergoing spinal fusion operations throughout the world accounts for the high proportion of the sector. The hospital sector led the global market in terms of end-users. The huge frequency of patient visits and orthopaedic operations performed in hospital facilities account for the dominance.
Geographically, the market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
How Did We Develop This Report?
Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market for bone growth stimulator. They have conducted thorough interviews with prominent figures to derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions.
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Growing Prevalence of Bone Diseases to Boost Product Demand
One of the key causes driving the use of bone growth stimulators is the rising prevalence of bone disorders worldwide, fueling market expansion. Osteoporosis is one of the most common causes of fractures all around the world. More than 8.9 million fractures are expected to occur each year, affecting an estimated 75 million individuals in the United States, Europe, and Japan. Furthermore, the market expansion will be aided by an increase in the diagnosis of such illnesses and the quick development of technologically advanced solutions for effective treatment. Furthermore, the growing number of oral and maxillofacial operations throughout the world will aid the market growth in the forthcoming years.
Increasing Cases of Bone-related Disorders to Augment Growth in North America
North America dominated the market, which was valued at USD 0.72 billion in 2020. The major factors supporting regional dominance are rising healthcare expenditures, rising prevalence and incidences of bone-related disorders that necessitate the use of bone growth stimulators, and increasing prevalence and incidences of bone-related disorders that necessitate the use of bone growth stimulators. Furthermore, large procedural volumes for orthopaedic diseases will contribute considerably to this region's high bone growth stimulator market share. The European market is expected to generate significant income during the forecast period. The existence of strong and developing firms such as Bioventus and Orthofix Holdings, Inc, as well as high procedural volumes for various types of orthopaedic diseases, are likely to add to the region's supremacy.
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Zimmer Biomet to Hold the Highest Share
Zimmer Biomet and Orthofix Holdings, Inc. hold the bulk of the worldwide market share, owing to Zimmer Biomet's diverse product portfolio and Orthofix Holdings, Inc.'s new product approvals. Orthofix Holdings, Inc. has gained FDA and CE certification for its CervicalStim and SpinalStim bone stimulators, which is expected to improve its global market position.
January 2021: Bone Therapeutics and Rigenerand announced their collaboration for developing cell therapy specifically for orthopedic conditions.
The Report Lists the Key Companies in the Market:
• Orthofix Holdings, Inc. (Texas, U.S.)
• Zimmer Biomet (Warsaw, U.S.)
• Depuy Synthes. (New Brunswick, U.S.)
• Stryker (Kalamazoo, U.S.)
• Bioventus LLC. (North Carolina, U.S.)
• Medtronic Plc (Dublin, Ireland)
• DJO, LLC. (California, U.S)
• Arthrex, Inc. (Florida, U.S.)
• Terumo Corporation (Tokyo, Japan)
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