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Bone growth stimulators are devices which promote bone health
in situations of critical fractures. These devices can use electric current to
expedite the healing process. The global bone growth stimulator market report
by Market Research Future (MRFR) comprises analysis of latest trends in bone
repair, patents of latest devices, and market dynamics for the period of 2018
to 2023 (forecast period). The impact of the COVID-19 pandemic and its effects
are also included in the report.
Market Scope
The global bone growth stimulator marketis expected to grow significantly
over the forecast period. The market held a market value of USD 1,213 million
in 2017 and is projected to grow at a CAGR of 5.86% over the forecast period.
Preference of electric bone stimulation in lieu of surgeries can drive the
market growth. According to clinical trials conducted by the Cedars-Sinai
Hospital, electric bone growth stimulators can expedite the healing process in
ankle fractures. Success of these trials can pave the path for the global bone
growth stimulator market.
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Competition
Depuy Synthes, Harvest Technologies, Orthofix International
N.V., Stryker Corporation, Isto Biologics, DJO Finance LLC, Zimmer Biomet
Holdings, Inc., Arthrex, Inc., Bioventus LLC, and Medtronic PLC are key players of the global bone
growth stimulator market.
Segmentation
The global bone growth stimulator market has been segmented by
product, application, and end user.
By product, the market has been segmented into platelet-rich
plasma, bone growth stimulation devices, bone morphogenetic proteins, and
others. The bone growth stimulation devices segment is further segmented into
ultrasonic bone growth stimulators, external bone growth stimulators, and
implanted bone growth stimulators. Among the product segment, bone growth stimulation
devices are expected to account for the largest share in the global bone growth
stimulator market in 2017. This is majorly attributed to the wider acceptance
of the devices and better patient compliance.
On the basis of application, the market has been segmented
into oral and maxillofacial surgeries, spinal fusion surgeries, delayed union
& non-union bone fractures, and others. The spinal fusion surgeries segment
is expected to lead in the global bone growth stimulator market in 2017.
On the basis of end users, the market has been segmented into
academic and research institutes, hospitals & clinics, home care and others.
The hospitals & clinics segment is expected to account for the largest
share in the global bone growth stimulator market in 2017. However, growth of
home care services in the developed and developing countries has been estimated
to drive the segment growth during the forecast period.
Regional Analysis
Based on the regions, the market for bone growth stimulator
is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle
East & Africa (MEA).
Geographically, the Americas is anticipated to dominate the
global bone growth stimulator market owing to the rising prevalence of the
orthopedic and spinal ailments such as bone fractures and spinal damage. Development
of better therapeutic approaches and advanced treatments has positively
affected the regional market growth. Moreover, increasing numbers of spinal
fusion procedures, patient preference for orthopedic fixation procedures, high
awareness among the population, and high disposable income levels are some of
the factors driving the bone growth stimulator market growth.
Europe is expected to hold the second largest market share in
the global bone growth stimulator market. The market growth is majorly
attributed to the increasing government support for the device manufacturers. Establishment
of manufacturing units of medical device companies in this region has brought
traction to bone growth stimulators.
Similarly, APAC has observed a rapid growth in the bone
growth stimulator market owing to continuous developments in the healthcare
sector. Moreover, increase in government funding for healthcare, a rise in R&D
expenditure, and growing number of medical device companies in the region is
predicted to be highly lucrative for the market in the region.
Lastly, the MEA region is anticipated to show a modest growth
rate in the bone growth stimulator market during the forecast period.
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