Meticulous Research®, a reputable market research firm, has recently released a detailed report entitled “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.” This report offers valuable insights into the trends and forecasts of the bone growth stimulators market.
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Projected Market Growth
The latest research indicates that the bone growth stimulators market is projected to reach $1.94 billion by 2030, with a CAGR of 4.9% from 2023 to 2030. This growth is propelled by factors such as a shift towards minimally invasive treatment options, an increase in bone fractures and spinal injuries, and an expanding elderly population facing orthopedic challenges. Additionally, there is a notable rise in sports injuries, further driving the demand for these products.
Emerging Opportunities
There are several opportunities for growth in the bone growth stimulators market, including the expanding number of hospitals and surgical centers globally, increased use of platelet-rich plasma (PRP) in diverse applications, and potential market expansion in emerging economies.
Market Segmentation Overview
The market is segmented based on Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, Platelet-Rich Plasma), Application (Spinal Fusion Surgeries, Union & Non-union Bone Fractures, Oral and Maxillofacial Surgeries), End User (Hospitals & Specialized Clinics, Ambulatory Surgery Centers), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Dominance of Stimulation Devices
In the realm of products, bone growth stimulation devices are set to command the largest market share in 2023. These devices are essential for promoting healing in bone fractures. The large share of this segment can be traced back to the increasing incidence of bone fractures, the demand for economical and less painful treatment options, and a growing preference for minimally invasive surgical techniques.
Delayed Union & Non-Union Segment Growth
The application segment focusing on delayed union and non-union bone fractures is expected to exhibit the highest CAGR during the forecast period. This segment’s growth can be attributed to a surge in bone fractures, particularly among older adults facing orthopedic issues. Many of these fractures result from insufficient nutrition and blood supply, making effective treatment vital.
Healthcare Costs and Osteoporosis Impact
According to the International Osteoporosis Foundation, osteoporosis accounts for about 4.3 million fragility fractures and incurs approximately $59.012 million (€56 billion) in healthcare costs annually in Europe. The demographic shift suggests that the number of individuals aged 75 and older is likely to increase, leading to a significant rise in osteoporotic fractures and further straining healthcare resources.
Key End-User Insights
The hospitals and specialized clinics segment is predicted to dominate the bone growth stimulators market in 2023. This dominance is due to the extensive availability of hospitals, particularly in urban and rural areas, the growing number of patients requiring treatment, and an increasing workforce of healthcare providers.
Geographical Insights: North America
In terms of geography, North America is forecasted to maintain the largest share of the bone growth stimulators market in 2023. The reasons behind this include substantial healthcare spending, a growing elderly population, advancements in medical technology, and a strong inclination towards adopting innovative healthcare products.
Market Competitors
Key players in the bone growth stimulators market include Orthofix Medical Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Medtronic, plc (Ireland), Stryker Corporation (U.S.), Johnson & Johnson Private Limited (U.S.), DJO, LLC (U.S.), Bioventus LLC (U.S.), OssaTechnics BV (Germany), Arthrex GmbH (U.S.), Smith & Nephew plc (U.K.), and ITO CO., Ltd. (Japan). These companies play a crucial role in market dynamics through innovation and strategic collaborations.
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