BONE GROWTH STIMULATOR MARKET ANALYSIS

Bone growth stimulation is utilized to promote bone healing in fractures which are difficult to heal. Bone growth stimulators are used to enhance the bone healing process without the sensation of electrical shocks, currents or vibrations when being worn by the user. The devices stimulate the natural healing process of bone by sending low level pulses of electromagnetic energy to the injury or fusion site.

Global bone growth stimulator market is estimated to be valued at US$ 1,678.0 million in 2022 and is expected to exhibit a CAGR of 5.6% during the forecast period (2022-2030).

Figure 1. Global Bone Growth Stimulator Market Share (%), by End User, 2022

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Increasing prevalence of osteoporosis and osteoarthritis is expected to boost growth of the global bone growth stimulator market over the forecast period.

Increasing prevalence of osteoporosis and osteoarthritis is expected to boost growth of the global bone growth stimulators market over the forecast period. For instance, according to the study ‘Epidemiology and awareness of osteoporosis: a viewpoint from the Middle East and North Africa’ published in the International Journal of Clinical Rheumatology, in 2018, the prevalence of osteoporosis was 15.1% among women and 10.7% among men in Turkey. Moreover, high incidence of osteoporosis and osteopenia was detected among patients admitted to the geriatric department.

Moreover, in January 2021, according to data published by the National Center for Biotechnology Information, in the U.K. over 3 million people are estimated to have osteoporosis and there are estimated to be over 500,000 fragility fractures that occur in the U.K. each year. The highest prevalence of osteoporosis in the studied in Iran with 77.3% in 2019.

Figure 2. Global Bone Growth Stimulator Market Share (%), by Region, 2022

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Increasing geriatric population is also expected to contribute to growth of market during the forecast period.

Increasing geriatric population is also expected to contribute to growth of market during the forecast period. For instance, according to the National Center for Biotechnology Information by 2050, the population of Egypt is expected to reach 130 million, of which over 30% would be aged 50 years and over. According to the Center for Disease Control and Prevention, in May 2022, the share of the global population aged 65 years or above is projected to rise from 10 per cent in 2022 to 16 per cent in 2050. Since 1900, the percentage of Americans aged 65 and older nearly quadrupled (from 4.1% in 1900 to 16% in 2019), and the number increased more than 17 times in 2022 (from 3.1 million to 54.1 million). The older population itself became increasingly older.

Furthermore, in October 2021, according to data published by the World Health Organization, by 2020, the number of people aged 60 years and older would outnumber children younger than 5 years. In 2050, 80% of older people would be living in low- and middle-income countries. By 2030, 1 in 6 people in the world would be aged 60 years or over. At this time the share of the population aged 60 years and over would increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older would double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

Global Bone Growth Stimulator Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, medical devices, etc. by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs and medical devices from one place to another.

However, the COVID-19 pandemic had a negative impact on the global bone growth stimulator market, owing to decrease in research and development activities for bone growth stimulators by key players in market. For instance, in July 2020, according to the data published by the National Center for Biotechnology Information, the COVID-19 pandemic and associated disruptions have had a major impact on the U.S. academic research enterprise. Several traditional research activities were largely suspended in the month of February to May other than COVID-19-related and other essential research. Key players in market were focusing on the development of vaccines for prevention of spread of coronavirus. Moreover, the lockdown imposed by the governments of the countries made it difficult for the key players to carry out the research and development activities smoothly on commercial basis. 

Global Bone Growth Stimulator Market: Key Developments

In May 2022, Orthofix Medical Inc., a medical device company with a spine and orthopedics focus announced the U.S. Food and Drug Administration (FDA) pre-market approval for the AccelStim bone healing therapy Class III device. The device generates a Low-Intensity Pulsed Ultrasound (LIPUS) signal to stimulate the bone’s natural healing process to promote fracture healing. Commercial availability of the AccelStim device is anticipated to occur in the second quarter of 2022 year through a targeted and phased launch plan.

Global Bone Growth Stimulator Market: Restraint

The major factors that hinder growth of the global bone growth stimulator market include availability of alternatives to bone growth stimulators. Traditional physiotherapy, yoga or Ayurveda treatment options are often recommended for non-union or delayed union bone fractures. Moreover, chiropractic is also used in diagnosis and treatment of mechanical disorders of the musculoskeletal system.

Key Players

Major players operating in the global bone growth stimulator market include DJO LLC, Orthofix International N.V., Zimmer Biomet Holdings Inc., Elizur, Bioventus LLC., Precyse Solutions LLC., Ossatec Benelux BV, Verve Consulting Inc., and IGEA S.p.A.