Global Bone Growth Stimulator Market, by Product Type (Non-invasive Electrical Bone Growth Stimulators(Capacitive coupling (CC) devices, Pulsed electromagnetic field (PEMF) devices, Combined magnetic field (CMF) devices)), Invasive Electrical Bone Growth Stimulators, Ultrasound Bone Growth Stimulators, by Application (Trauma injury and Fractures, Spinal Fusion, Ontogenesis), by End User (Hospitals, Ambulatory Surgical Centers, Orthopaedic Clinics, Home Care), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development activities by key players in market are expected to drive the global bone growth stimulator market growth over the forecast period. For instance, in June 2019, researchers from Meiji University and Keio University, a private research university based in Japan, reported fabrication of biomimetic-engineered bone using connective tissue growth factor (CTGF), a multifunctional protein.
Global Bone Growth Stimulator Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global bone growth stimulator market, owing to the postponed surgeries and temporary closure of orthopedic clinics. For instance, in February 2021, the Union health ministry had urged hospitals to postpone elective surgeries to reduce the risk of patients being exposed to the novel coronavirus. The CovidSurg Collaborative, a research network of surgeons and anaesthetists in 77 countries, including India, has estimated that 5.8 Billion non-emergency surgeries, 51,100 cancer surgeries, and 27,700 obstetric surgeries had been delayed across India during the three-month period before (January- April)_ and after the peak of the viral outbreak( September – December).
Global Bone Growth Stimulator Market: Key Developments
In May 2022, Orthofix, a medical device company, received the U.S. Food and Drug Administration approval for the Orthofix's ultrasonic bone fracture healing system. The ultrasound-based device joins Orthofix’s portfolio of bone healing wearables that rely on pulsed electromagnetic fields.
Browse 42 Market Data Tables and 44 Figures spread through 156 Pages and in-depth TOC on “Global Bone Growth Stimulator Market”- Forecast to 2030, Global Bone Growth Stimulator Market, By Product Type (Non-invasive Electrical Bone Growth Stimulators(Capacitive coupling (CC) devices, Pulsed electromagnetic field (PEMF) devices, Combined magnetic field (CMF) devices)), Invasive Electrical Bone Growth Stimulators, Ultrasound Bone Growth Stimulators, By Application (Trauma injury and Fractures, Spinal Fusion, Ontogenesis), By End User (Hospitals, Ambulatory Surgical Centers, Orthopaedic Clinics, Home Care),and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bone-growth-stimulator-market-225
Key Takeaways of the Global Bone Growth Stimulator Market:
- Global bone growth stimulator market is expected to exhibit a CAGR of 5.6 % during the forecast period due to launches and approvals of bone growth stimulators by key players in market to expand their product portfolio. For instance, in November 2019, 4WEB Medical, an orthopedic device company, announced the initial launch and completion of the first procedures with the Cervical Spine Truss System-Stand Alone (CSTS-SA). The 3D printed truss design of the implants stimulate bone growth.
- Among End User, the hospitals segment is estimated to hold a dominant position in the global bone growth stimulator market over the forecast period, owing to the increasing number of geriatric population and surgeries for oral and maxillofacial surgeries, dental practices, and bone fractures and spine surgeries. For instance, in July 2019, according to the National Center for Biotechnology Information, globally, around 250,000 to 500,000 people suffer from spinal cord injuries annually, mainly because of road accidents, falls, and violence.
- Among regions, North America is estimated to account for the largest market share in the global bone growth stimulator market over the forecast period, owing to the increasing product launches for bone growth stimulator. For instance, in December 2019, Royal Biologics, orthobiologics & Life Science Company announced the U.S. commercial launch of Maxx Ultra Cord, a maximum natural thickness allograft derived from umbilical cord. In March 2018, Orthofix International N.V. announced the U.S. Food and Drug Administration (FDA) and European CE Mark approvals for its next-generation PhysioStim bone growth stimulators.
- 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.
