Bone Growth Stimulators Market Expected to Reach $3.3 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bone Growth Stimulators Market," The bone growth stimulators market size was valued at $2.0 billion in 2020, and is estimated to reach $3.3 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030. 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 industry, which include bone growth stimulation devices, bone morphogenetic proteins, and platelet-rich plasma.

The bone growth stimulators market analysis is expected to experience a significant growth during the bone growth stimulators market 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. Moreover, the increase in demand for bone growth stimulator, surge the growth of bone growth stimulators industry, and propel the market. However, stringent approval process and limited medical reimbursement policies for bone stimulation products are expected to hinder the growth of the market.

The Bone Growth Stimulators market is segmented on the basis of product, application, distribution channel, and region.

By product, the bone growth stimulation devices segments was the major revenue contributor in 2020, 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 market share in 2020, 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.

By distribution channel, the hospitals and clinics segments was the major revenue contributor in 2020, and is projected to grow significantly during the forecast period. The key factors that drive the market growth are increasingly showing an inclination toward bone growth stimulator products.

The COVID-19 outbreak had a negative impact on the growth of the bone growth stimulators market share as most hospitals were not operating due to COVID-19 and the ongoing lockdowns in many countries. The spread of COVID-19 led to major public health issues. The outbreak of COVID-19 (SARS-CoV-2) has been spreading globally outside since January 2020 and the World Health Organization (WHO) declared it as a pandemic situation on March 11, 2020. The situation has led to a drastic reduction in hospital activities. In the early phase of the pandemic, owing to increasing cases of COVID-19, all hospitals, globally, have canceled their scheduled and elective surgeries. The outbreak of the COVID-19 pandemic had a short-term negative impact on the global bone growth stimulators market due to postponed elective surgeries, temporary closure of orthopedic clinics, ban on organized sports, and restriction in non-essential care across hospitals, and slow-down in-patient flow and referral. For instance, in March 2020, the Centers for Medicare & Medicaid Services (CMS) announced that all non-essential medical, surgical, elective surgeries and dental procedures had been postponed during the COVID-19 outbreak.

KEY FINDINGS OF STUDY

• On the basis of product, the bone growth stimulation devices segment held 51.6% share in the global market in 2020.
• By application, the spinal fusion surgeries segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of distribution channel, the hospitals and clinics segment exhibits the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of region, North America is expected to experience largest market share during the forecast period. This was attributed to 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.