A recently published Fact.MR report on the global bone growth stimulators market establishes that the industry is expected to grow at a CAGR of 5.3% to reach US$ 3 Bn by the end of the 2021-2031 forecast period. Short-term growth outlook also appears positive, with an anticipated valuation worth US$ 1.9 Bn by 2022.
During the historical period, sales of bone growth stimulators reached US$ 1.8 Bn, expanding at a CAGR of 4%. Postponement of elective procedures amidst the COVID-19 pandemic temporarily contracted demand in the first half of 2020. As relaxations were granted, demand eventually was restored on its former trajectory.
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Medical study indicates that utilizing electrical bone growth stimulators in the spinal fusion process has several advantages. Furthermore, as a consequence of key government initiatives, as well as large investments made by numerous commercial organizations, there has been a considerable increase in research and development activities related to innovative treatment approaches and product development.
Key Takeaways from the Market Study
- Global market for bone growth stimulators to expand 1.6x from 2021 to 2031
- Bone growth stimulation devices to account for 56% of global sales
- Platelet-rich plasma to exhibit promising growth, surging at above 6% CAGR
- BGS for delayed union and non-union bone fractures to account for a CAGR of nearly 6%
- Applications for oral & maxillofacial surgeries to produce around US$ 250 Mn in revenue by 2022
- China will be the fastest growing market, rising at a CAGR of 6.1 % over the forecast period
- Sales across the U.S likely to reach US$ 51 Mn as of 2022
- Hospitals & clinics primary end users, accounting for 43% of total market revenue
“Increasing frequencies of traffic accidents and the expansion of healthcare facilities in Asian countries such as China, India, and Indonesia are major drivers of growth in the bone growth stimulation industry,” says a Fact.MR analyst.
The market for bone growth stimulators is extremely consolidated, with a significant number of global competitors. With the growing frequency of orthopedic diseases and technological advancements, a few small to mid-sized businesses are breaking into the market.
- In December 2020, Arthrex Inc. launched of the SwiveLock® ACL Repair Kit. This kit is designed as a less-invasive treatment method for certain types of anterior cruciate ligament. It is the first and only FDA-cleared kit for ACL tears.
- In November 2020, Stryker Corporation completed the acquisition of Wright Medical Group N.V, a global medical device company focused on extremities and biologics, reinforcing its position in trauma and extremities treatment domains.
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More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global bone growth stimulators market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the bone growth stimulators market on the basis of product (bone growth stimulation devices, platelet-rich plasma and bone morphogenic proteins), end user (hospitals & clinics, home care, academic & research institutions and CROS and other end users) and application (delayed union & non-union bone fractures, spinal fusion surgeries, oral & maxillofacial surgeries and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Research Insight: https://www.factmr.com/report/54/bone-growth-stimulator-market
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