Bone Growth Stimulator Market To Rise At A Steady Growth Rate In The Coming Years
A bone growth stimulator is a supplemental device worn to induce new bone growth after spine surgeries such as cervical (neck) or lumbar (low back) spine surgery. Bone growth stimulators are of two types, internal bone growth stimulator & external bone growth stimulator. An internal bone growth stimulator is implanted at the time of fusion surgery and external stimulator is worn against the skin. In some cases, bone injuries and spinal fusion surgery have difficulty in healing, in order to overcome these injuries physicians, recommend bone growth stimulator treatment.
Rising demand for minimal invasive and non-invasive treatment and increasing prevalence of arthritis and sports related injuries are key factors driving growth of the global bone growth stimulator market. In addition, product enhancement, technological development, and rising number of accidents and incidences of orthopedic trauma are other factors fueling growth of the global bone growth stimulator market.
However, product defectiveness and availability of alternative therapies such as bone grafting are key factors hampering growth of the global bone growth stimulator market. Additionally, side effects associated with overconsumption bone morphogenetic protein (BMP) – a protein that stimulates bone growth – and high cost of product are other major factors expected to hamper growth of the global bone growth stimulator market.
The global bone growth stimulator market has been segmented on the basis of product, application, end user, and region. On the basis of region, the global bone growth stimulator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America dominates the global bone growth stimulator market in terms of revenue owing to increasing prevalence of orthopedic diseases, high awareness about the treatment among individuals, and increasing adoption of novel treatment. The market in Europe is currently the second-highest market in the global bone stimulator market. The market in Asia Pacific is expected to witness fastest growth in terms of revenue, and is expected to register a CAGR during the forecast period. This growth can be attributed to increasing awareness among individuals and healthcare professionals and increasing investments in healthcare infrastructure.
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Prominent players in the global bone growth stimulator market include Medtronic plc, Zimmer Biomet Holdings, Inc., DJO Finance LLC, Bioventus LLC, Stryker Corporation, DePuy Synthes, Arthrex, Inc., Isto Biologics, Orthofix Holdings, Inc., and Terumo BCT, Inc.
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