Bone Growth Stimulators Market Like to Reach $1,869 Million by 2026
Pune, Maharashtra, India, November 13 2020 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, titled, “Bone Growth Stimulators Market by Product, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global bone growth stimulators market size was valued at $1,242 million in 2018, and is projected to reach $1,869 million by 2026, growing at a CAGR of 5.2% from 2019 to 2026.
Bone growth stimulators are used to aid natural healing process of bones. They are also known as osteogenesis stimulators, which offer pain-free ultrasound or electrical stimulation. Bone growth stimulators work by releasing either a low-level pulsed electromagnetic field or pulsed ultrasonic energy. The cost incurred in the application of minimally invasive bone growth stimulators is less as compared to traditional bone surgical treatment methods. There are different bone growth stimulator products available in the bone growth stimulators market, which include bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma.
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The bone growth stimulators market is expected to experience a significant growth during the forecast period, owing to rise in incidence of fractured and accidents, rise in geriatric population, increase in inclination of patients toward minimally invasive & non-invasive surgical treatments, rise in demand for platelet-rich plasma and bone morphogenetic proteins, availability of cost effective bone growth stimulation devices, and surge in patient awareness toward bone growth stimulators. In addition, increase in prevalence of arthritis, diabetes, and other medical conditions such as obesity, vascular disease, and renal disorders; and procedural benefits provided by bone growth stimulation devices in bone fracture treatment and orthopedic diseases boost the bone growth stimulators market growth. However, stringent approval process and limited medical reimbursement policies for bone stimulation products are expected to hinder the growth of the bone growth stimulators market.
By product, the bone growth stimulation devices is the major revenue contributor, and is projected to grow significantly during the forecast period The key factors that drive the market growth are rise in demand for bone growth stimulation devices, rise in geriatric population, increase in incidence of spinal deformities, technological advancements, development in bone growth stimulation devices, and rise in number of bone and joint problems.
On the basis of application, the spinal fusion surgeries segment accounted for the majority of the bone growth stimulators market share in 2018, owing to rise in incidences of spinal disorders, adoption rate of minimally invasive spinal surgeries, rise in technological advancements in spinal surgery, increase in incidence of obesity & degenerative spinal conditions, and increase in patient preference toward spinal fusion surgery procedures across the globe.
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Key Findings of the Study:
On the basis of product, the bone growth stimulation devices segment held more than 51.21% share in the global market in 2018.
On the basis of application, the spinal fusion surgeries segment held largest market share in 2018, and is expected to remain dominant throughout the forecast period.
According to distribution channel, the hospitals & clinics segment exhibits fastest growth and is expected to grow at a CAGR of 5.6% from 2019 to 2026.
Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.0% during the forecast period.
North America accounted for approximately 53.22% of the global bone growth stimulators market share in 2018 and is expected to remain dominant throughout the forecast period. This was attributed to the higher adoption of bone growth stimulator products, large presence of medical device companies, well developed healthcare infrastructure, and wide availability of bone growth stimulators drugs. On the other side, Asia-Pacific is expected to experience the highest growth rate during the forecast period, majorly due to improvements in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, developing R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
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