Bone Growth Stimulators Market Set to Reach $1.94 Billion by 2030

Redding California, March 12, 2024 - Meticulous Research® unveils its latest report, 'Bone Growth Stimulators Market by Product (Stimulation Device [External, Ultrasonic, Implantable], Bone Morphogenetic Proteins, Platelet Rich Plasma), Application (Spinal Fusion, Fracture, Oral Surgeries), End User (Hospital, ASC)-Global Forecast to 2030.' The comprehensive study predicts the bone growth stimulators market to achieve a valuation of $1.94 billion by 2030, exhibiting a robust Compound Annual Growth Rate (CAGR) of 4.9% from 2023 to 2030.

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Advanced Technology for Accelerated Bone Healing
A bone growth stimulator (BGS) is a cutting-edge technology widely prescribed by orthopedists to expedite bone healing. These stimulators leverage pain-free ultrasound or electrical stimulation to promote bone growth. Common applications include cervical or lumbar fusion surgery and spinal fusion surgery. BGS is increasingly employed in delayed union and non-union treatments following spinal or ankle fusion and fractures. Notably, bone morphogenetic proteins (BMPs) serve as an alternative to autografts in certain surgeries.

Market Drivers and Challenges
The market's growth is propelled by the escalating preference for minimally invasive treatments, a surge in bone fractures and spinal injuries, the expanding geriatric population, and a subsequent increase in orthopedic diseases and injuries. Additionally, the rise in sports injuries, the growing number of hospitals and surgical centers globally, the increased utilization of platelet-rich plasma (PRP) in various applications, and emerging economies collectively provide opportunities for market growth.

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However, challenges such as the high costs associated with bone morphogenetic proteins & platelet-rich plasma products and the inadequate medical reimbursement landscape for bone growth stimulators pose hurdles to the market's expansion.

Bone Growth Stimulators Market: Future Outlook

The report segments the Bone Growth Stimulators Market by Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, Platelet-Rich Plasma), Application (Spinal Fusion Surgeries, Union & Non-union Bone Fractures, Oral and Maxillofacial Surgeries, and Other Applications), End User (Hospitals & Specialized Clinics, Ambulatory Surgery Centers, and Other End-Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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Key Highlights from the Report:
Product Type: In 2023, the Bone Growth Stimulation Devices segment is expected to dominate the market, driven by a high inclination towards minimally invasive or non-invasive surgical treatments and an increasing incidence of bone fractures.

Application: The Spinal Fusion segment is projected to account for the largest share in 2023, owing to the rising geriatric population with orthopedic issues and the growing demand for minimally invasive spine surgery.

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End User: Hospitals and specialized clinics are anticipated to hold the largest market share in 2023, attributed to the quick and accurate diagnosis offered by primary healthcare facilities, such as hospitals, and the rising number of surgeons and doctors.

Geography: Asia-Pacific is poised to register the highest CAGR over the forecast period, fueled by improving healthcare infrastructure and a growing number of spinal injuries and road accidents.

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Key Companies in the Bone Growth Stimulators Market:
Key players include Orthofix Medical Inc., Zimmer Biomet Holdings, Inc., Medtronic, plc, Stryker Corporation, Johnson & Johnson Private Limited, DJO, LLC, Bioventus LLC, OssaTechnics BV, Arthrex GmbH, Smith & Nephew plc, and ITO CO., Ltd.

Mr. Khushal Bombe
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This release was published on openPR.