Bone Growth Stimulator Market Attractiveness, Competitive Landscape and Forecasts to 2022
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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.
Key Forecast Highlights
1. According to the report, bone growth stimulation devices will account for nearly 56% share on global bone growth stimulator revenues in 2017. Platelet-rich plasmas, on the other hand, will be observed as promising product segment, revenues from which are expected to showcase robust growth at 6.2% CAGR. By the end of 2022, a little over US$ 450 Mn worth of platelet-rich plasmas will be sold in the global market for bone growth stimulators.
2. In the view of poor road infrastructure and inferior healthcare facilities existing in the Asia-Pacific excluding Japan (APEJ) region, the demand for bone growth stimulators is expected to gain grounds. These factors are boosting the incidence of spinal fractures in this region, compelling doctors towards adoption of bone growth simulation therapy. Moreover, manufacturers of bone growth stimulators are expected to benefit from low wage costs and high resource availability by setting up their manufacturing units across APEJ region. By the end of 2022, over US$ 225 Mn worth of bone growth stimulators will be sold across the APEJ market.
3. North America is expected to remain the largest market for bone growth stimulator. The report predicts that high healthcare spending implemented in Canada and the US will urge manufacturers towards developing advanced bone growth stimulators. Meanwhile, revenues amassed from sales of bone growth stimulators in Europe will contribute US$ 600 Mn in revenues by the end of 2022. Towards the end of forecast period, North America’s bone growth stimulator market is likely to soar at a CAGR of 6.2%.
4. Application of bone growth stimulators in delayed union & non-union bone fracture treatments is expected to gain traction, reflecting a revenue growth at 5.7% CAGR. Spinal fusion surgeries will account for nearly 25% of the global bone growth stimulator sales in 2017, while their application in oral and maxillofacial surgeries will procure around US$ 250 Mn in global revenues.
5. Hospitals and clinics are expected to remain largest end-users of bone growth stimulator throughout the forecast period. With more than 43% share, over US$ 800 Mn worth of bone growth stimulators will be sold in hospitals & clinics across the globe by 2022-end. Home care end-use of bone growth stimulator, on the other hand, is expected to create an incremental opportunity of more than US$ 100 Mn by 2022 over 2017.
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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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