Meticulous Research®, a prominent market research firm, has published a new report titled “Bone Growth Stimulators Market by Product (Stimulation Device [External, Ultrasonic, Implantable], Bone Morphogenetic Proteins, Platelet-Rich Plasma), Application (Spinal Fusion, Fracture, Oral Surgeries), End User (Hospital, ASC) - Global Forecast to 2030.”
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According to the report, the global bone growth stimulators market is projected to reach $1.94 billion by 2030, with a compound annual growth rate (CAGR) of 4.9% from 2023 to 2030. Key growth drivers include a rising preference for minimally invasive treatments, an increase in bone fractures and spinal injuries, a growing elderly population, and a surge in sports injuries. Additionally, the expansion of hospitals and surgical centers, wider use of platelet-rich plasma (PRP), and growth in emerging economies contribute to the market's positive outlook.
Market Segmentation:
By Product:
- Bone Growth Stimulation Devices:
- External Bone Growth Stimulators (Capacitive Coupling Devices, Combined Magnetic Field Devices, Pulsed Electromagnetic Field Devices)
- Ultrasonic Bone Growth Stimulators
- Implantable Bone Growth Stimulators
- Bone Morphogenetic Proteins
- Platelet-Rich Plasma
By Application:
- Spinal Fusion Surgeries
- Union & Non-union Bone Fractures
- Oral and Maxillofacial Surgeries
- Other Applications
By End User:
- Hospitals & Specialized Clinics
- Ambulatory Surgery Centers (ASC)
- Other End Users
By Geography:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Key Findings:
Product Insights: The bone growth stimulation devices segment is expected to dominate the market in 2023 due to increasing cases of bone fractures, demand for cost-effective and less painful treatments, and a preference for non-invasive surgical procedures.
Application Insights: The delayed union & non-union bone fractures segment is anticipated to experience the highest CAGR during the forecast period, driven by the rising incidence of bone fractures among the elderly and osteoporosis-related conditions.
End User Insights: Hospitals and specialized clinics are projected to hold the largest market share in 2023, attributed to the widespread availability of hospitals, increasing patient visits, and a growing number of medical professionals.
Geographical Insights: North America is expected to lead the market in 2023, due to high healthcare expenditure, a growing elderly population, technological advancements, and early adoption of innovative healthcare products.
Market Drivers:
- Minimally Invasive Treatments: Growing patient preference for treatments that reduce recovery time and pain.
- Orthopedic Conditions: Increasing incidences of bone fractures, spinal injuries, and sports injuries.
- Geriatric Population: An aging population leading to more cases of orthopedic diseases.
- Healthcare Infrastructure: Expansion of hospitals and surgical centers, particularly in emerging economies.
- Technological Advancements: Improved efficacy of bone growth stimulators through innovative technologies.
Opportunities: Emerging markets, increased application of PRP in various treatments, and the growing healthcare infrastructure present significant growth opportunities for market players.
Key Players: Leading companies in the bone growth stimulators market include Orthofix Medical Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Medtronic, plc (Ireland), Stryker Corporation (U.S.), Johnson & Johnson Private Limited (U.S.), DJO, LLC (U.S.), Bioventus LLC (U.S.), OssaTechnics BV (Germany), Arthrex GmbH (U.S.), Smith & Nephew plc (U.K.), and ITO CO., Ltd. (Japan).
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