The growing patient preference for non-invasive and minimally invasive surgical treatments, increasing target patient population, and procedural benefits offered by bone stimulation devices in bone fracture treatments are some key factors propelling the growth of this Bone Growth Stimulators Market.
However, limited medical reimbursement for bone stimulation products and high treatment costs associated with BMP and PRP products may hinder the growth of this Bone Growth Stimulators Market during the forecast period.
Bone growth stimulation devices offer a cost-effective and safer alternative mode to treat orthopedic diseases as compared to traditional surgical therapies for nonunion bone fractures. These devices have been reported to shorten the patient’s hospital stay as well as lessen the risks of complications and infections. This is expected to aid the adoption of Bone Growth Stimulators Market products among key end users.
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Bone Growth Stimulators Market include the medical devices (external and internal bone growth stimulators) and biologics (PRP and BMP); that are used during or post or after orthopedic treatments related to bone regeneration (including spine fusion surgery, bone fractures, and bone grafts, among others) in order to enhance the bone healing process.
Hospitals and Clinics Form the Fastest Growing End-User Segment of the Bone Growth Stimulators Market.
Home care end-users segment include patients who use external bone growth stimulators market; based on a physician’s prescription. Physicians recommend these stimulators to patients who have undergone spinal fusion surgery or are suffering from bone fractures that have failed to heal in the normal period of time (delayed or nonunion fracture). This segment is expected to witness growth due to rising physician preference for bone growth stimulators over their counterparts, the cost-effectiveness of external stimulators in the case of nonunion fractures, government recommendations for the use of external stimulators, and the availability of reimbursement and insurance coverage.
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key players in the Bone Growth Stimulators Market:
Orthofix International N.V. (U.S.), Medtronic plc (Ireland), Zimmer Biomet Holdings, Inc. (U.S.), DJO Finance LLC (U.S.), Bioventus LLC (U.S.), Stryker Corporation (U.S.), DePuy Synthes (U.S.), Arthrex, Inc. (U.S.), Isto Biologics (U.S.), and Harvest Technologies Corporation (U.S.) are some of the players operating the market.
Major Market Developments in Bone Growth Stimulators Market:
- Orthofix International N.V. received CE and FDA approval for its next-generation bone growth stimulators, namely, Cervical-Stim and Spinal-Stim. These devices are used to stimulate and enhance natural healing process of the body post spinal fusion operation.
- Zimmer Holdings merged with Biomet, Inc., a U.S.-based company engaged in the development of musculoskeletal medical products. This merger helped both companies to expand their footprints in the global musculoskeletal devices market and strengthen its position in the Bone Growth Stimulators Market.
- Bioventus LLC, launched its Ultrasound Bone Healing System, EXOGEN in Saudi Arabia. The product is used in the treatment of delayed unions, non-unions, and joint fusion
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The Bone Growth Stimulators Market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to dominate the market. Asia is expected to grow at the highest CAGR during the forecast period. Factors such as large population base, improving healthcare infrastructure and the rising prevalence of obesity and spinal disorders are key factors driving market growth in the Asia-Pacific region.