Spine Bone Stimulators Market Expected to Reach $665.55 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Spine Bone Stimulators Market," The spine bone stimulators market size was valued at $487.80 million in 2020, and is estimated to reach $665.55 million by 2030, growing at a CAGR of 3.2% from 2021 to 2030.

Spine bone stimulators and spinal instrumentation (plates, rods, and screws) and bone grafts are used during a spinal fusion surgery to enhance the bone’s healing process. These stimulators send low-level electrical signals to the fusion site, in turn activating the body's natural bone healing process, which gets impaired in at-risk patients, preventing delayed unions or non-union of the spine fractures. A bone stimulator, may be internal or external, is a small device that delivers low-voltage electrical currents directly to the spinal area where bone growth (spine fusion) is about to occur.

Increase in geriatric population and rise in incidence of osteoporosis and arthritis boost the spine bone stimulators market growth. According to report share by Bloomberg quint in August 2020 the old age dependency ratio is also rising. That ratio has increased from 14.2% in 2011 to 15.7% in 2021 as per projections. It is expected to rise to 20.1% by 2031. Rise in the incidence of spinal cord disorder. According to report given by united spinal association in August 2020 there are approximately 296,000 Americans currently living with spinal cord injury, and about 17,900 new spinal cord injury cases are reported each year and about 78% of new spinal cord injury cases are male. Hospitals are contributors for market growth, as there is rise in the number of orthopedic procedures in the hospital. According to the segmentation of device the non-Invasive spine bone stimulator segment contributes to the highest growth because external bone growth stimulation devices are worn outside the skin, typically after spine fusion, and do not require surgical implantation or extraction and causes less complication. The new products and innovations for bone growth stimulators are also boosting the market growth. Orthofix, a medical device manufacturing company which manufactures biostim, extremity fixation, spine fixation, and biologics, has received approval of STIM onTrack 2.1 mobile app for bone growth stimulators.

There are some restraints for the spine bone stimulators industry which are availability substitute, fixation instrumentation during fusion and non-union fractures, and high initial cost of these devices. However, advent of bone growth-stimulating drugs and fixation instrumentation during fusion and non-union fractures are expected to impede the market growth. Non-invasive spine bone stimulators were the highest revenue-generating segment, accounting for more than two-thirds of the spine bone stimulators market.

Opportunities for spine bone stimulator market are rapid escalation in geriatric population, increase in incidence of spinal deformities, and upsurge in need for adequate healthcare facilities are expected to drive the demand for spinal bone stimulators in the near future. In addition, emerging nations need to focus on cost-effectiveness and scalability to cater to the needs of the growing patient pool.

The report segments the spine bone stimulators industry based on device type, end user, and region. On the basis of device type, the market is bifurcated into non-invasive and invasive stimulators. By end user, it is divided into hospital, specialty clinic and other. Geographically, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.

Region-wise, North America accounted for the major spine bone stimulators market share in 2020, and is expected to be dominant during the forecast period, owing to increase in the geriatric population, rise in patient awareness about reliable spine fusion surgeries, and growth in incidence of spinal disorders such as osteoporosis and arthritis boost the spinal bone stimulators markets. However, Asia-Pacific is expected to register highest CAGR of 5.1% during spine bone stimulators market forecast, owing to presence of large pool of patients, increase in disposable incomes, and rise in patient awareness about advancing spinal disorders-related surgeries. In addition, awareness initiatives by various government and private organizations also fuel this growth.

KEY FINDINGS OF THE STUDY

• On the basis of spine bone stimulators market analysis, among device type, the non-invasive bone stimulator segment was the highest contributor to the market in 2020.
• On the basis of end user, the hospital segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2020. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.