Bone Growth Stimulator Market - In-Depth Insights & Analysis

Bone Growth Stimulator Market Overview

The Bone Growth Stimulator Market was estimated at USD 1.13 Billion in 2023 and is projected to reach USD 1.65 Billion by 2032, growing at a CAGR of 4.29% over the analysis period (2024-2032)

Bones are connected with muscles and joints to hold the body together and support freedom of movement. This unison is called the musculoskeletal system. The skeleton protects vital internal organs such as the brain, heart, and lungs as well supports and shapes the body. Bones are made of calcium, magnesium, and phosphorous. Bones play an important role in our day-to-day activities, however, after a bone injury occurs it takes time for bones to repair on their own. Bone growth stimulation represents a therapy that assists in bone healing after a fracture and spinal fusion surgical process. Naturally, the human body heals damaged or fractured bones however, in individuals with diabetes, poor nutrition, low vitamin D level, and in the aged population, the natural process of bone healing is disrupted. In these people natural healing doesn't take place thus, bone growth stimulators are utilized in such situations. The device segment of bone growth stimulators utilizes electric current to promote bone growth. The electric current is generated by ultrasonic or electromagnetic waves. The growing number of orthopedic disorders is the vital factor propelling the growth of the bone growth stimulator market over the forecasted period.

Market Dynamics And Key Factors For Bone Growth Stimulator Market

Drivers:

• Factors such as the aging population, rising incidence of orthopedic disorders such as osteoporosis and degenerative joint disorders, and a preference for minimally or non-invasive surgeries are all contributing to market growth. The rising frequency of orthopedic disorders, coupled with the high uptake of therapy in healthcare facilities, ensures the growth of the market in the forecasted period. An increase in the number of accidents and trauma cases is expected to further boost the market's growth. Road accidents, along with trauma, can result in serious spinal injuries, as well as delayed union and non-union fractures, requiring surgery. Bone growth stimulators use electrical current or ultrasonic waves to encourage bone healing during treatments for union and non-union fractures, fresh fractures, and failed spinal fusions.
• As these are minimally invasive surgical procedures there has been an upsurge in their demand. Fewer operating complications, shorter hospitalization, less pain, smaller and more cosmetic incisions, lower risk of infection, reduced postoperative care, and faster recovery are all advantages of minimally invasive treatments. Advanced technology is used in minimally invasive treatments to detect and treat a variety of disorders, including cancer. These treatments are intended to remove malignant tumors and lymph nodes from the body without leaving scars. Thus, the growing popularity of minimally invasive surgical procedures is further promoting the expansion of the bone growth stimulator market.

Restraints:

• Inflexible reimbursement policies are one of the factors hampering the growth of the bone growth stimulator market over the analysis period. The majority of insurance service providers offer policies under specific criteria. However, in developing regions as well as in developed regions private insurance providers do not include insurance or reimbursement policies for bone growth stimulation surgeries. Moreover, the growing competition among key market layers has resulted in the production of several devices. However, there has been an upsurge in product recalls across the globe, thereby restraining the development of the bone growth stimulator market.

Opportunities:

• The untapped markets in Asia-Pacific, Middle East & Africa, and Latin America provide a lucrative opportunity for market players. The market in these regions has a large scope as governments are heavily investing in the development of healthcare infrastructure. The Asia-Pacific region has the highest population pool as India and China are the two most densely populated countries in the world. Growing awareness of the latest treatment options for spinal fusion and bone healing among physicians, surgeons, and patients is likely to drive demand for bone growth stimulation products in these regions. Furthermore, many patients from developed countries are reported to travel to these emerging markets for medical care because of the huge cost savings.

Market Segmentation

Segmentation Analysis of Bone Growth Stimulator Market:

• By Product, the device segment is expected to lead the bone growth stimulator market over the analysis period. This segment is projected to grow at a CAGR of 4.3% and generate revenue of USD 739 million by the end of the analysis period. These devices can be implanted as well placed on the outer side of the damaged region. It generates electrical or ultrasonic current to heal fractures or fusions. The growing geriatric population and the rising preference for minimally invasive surgical procedures for the treatment of orthopedic disorders are the main factors supporting the growth of the device segment over the projected period.
• By Application, the spinal fusion segment is predicted to dominate the bone growth stimulator market. The rise in the number of spine disorders and the effectiveness of bone growth stimulators on the cervical and lumbar spine has shown significant beneficial fusion results. Spinal fusion surgeries are performed to connect two or more vertebrae permanently thus eliminating the motion between them. The usage of bone growth stimulators can be utilized in post-operative conditions to stimulate the natural growth process of bone. The number of individuals undergoing spinal fusion surgeries has increased owing to the 79 to 905 success rate of the procedures thus, strengthening the development of the segment.
• By End-Users, the hospitals & ASCs segment is predicted to have the lion's share of the bone growth stimulator market. Hospitals employ bone growth stimulation products for a variety of procedures, including spine surgery, oral and maxillofacial surgery, dental practices, and bone fractures. In 2021, hospitals and ASCs held the largest proportion of the bone growth stimulators market. The key factors driving the growth of the bone growth stimulators market for hospitals and ASCs are the advantages of bone growth stimulation products over their counterparts, the rising patient population, growing procedural volumes of spinal fusion surgeries, growing prevalence of spinal disorders, and growing awareness of bone growth stimulation products.

Regional Analysis of Bone Growth Stimulator Market:

• The North American region is anticipated to have the highest share of the bone growth stimulator market during the forecast period. The market in the USA was estimated at USD 527.7 million in 2021. The development in this region is highly attributed to the presence of prominent players in this region. The high competitiveness in this region has resulted in the development of new devices utilized in bone growth stimulators. For instance, Orthofix International's portfolio for bone growth stimulators comprises of CervicalStim and SpinalStim. The CervicalStim device is the only FDA-approved bone stimulator in the market utilized for cervical fusion. Similar product launches and the growing prevalence of orthopedic disorders in this region have boosted the growth of the bone growth stimulator market in this region.
• The European region is anticipated to have the second-highest share of the bone growth stimulator market in the projected period. The total number of fragility fractures in this region is estimated to increase from 2.7 million in 2017 to 3 million by the end of 2030. With this rise in the number of fragility fractures, the annual fracture-related cost is anticipated to increase by 27%, which was USD 42.5 billion in 2017. It is estimated that 5.5 million men and 22 million women suffer from bone disorders in the EU alone. Moreover, the growing awareness among individuals about the benefits of bone growth stimulators has propelled the growth of the bone growth stimulator market in this region.
• The bone growth stimulator market in the Asia-Pacific region is expected to develop at the highest CAGR over the analysis period. The growth in this region is attributed to the increasing foreign investment and the development of high-quality healthcare infrastructure. The increased incidence of spinal disorders, growing geriatric population, increasing population exposure to key risk factors (such as obesity, smoking, and diabetes), and rising patient demand for minimally invasive orthopedic therapy are contributing to the expansion of the market in this region. In India, 354,796 cases of road accidents were reported in 2020. Thus, road accidents and the rising amount of arthritis in this region are supporting the growth of the bone growth stimulator market in this region.

Players Covered in Bone Growth Stimulator Market are:

• Arthrex Inc. (US)
• Terumo Corporation (Japan)
• Bioventus Inc. (US)
• Medtronic plc (Ireland)
• Orthofix International N.V (US)
• DePuy Synthes Companies (US)
• Synergy Orthopedics (US)
• Elizur Corporation (US)
• Ossatec Benelux B.V. (Netherlands)
• DJO LLC (US)
• Stryker Corporation (US)
• Zimmer Biomet Holdings Inc. (US) and other major players.

Recent Industry Developments In Bone Growth Stimulator Market

• In March 2023, Bioventus Inc., a global leader in innovations for active healing, has acquired Bioness, Inc., a global leader in neuromodulation and rehabilitation medical devices through its innovative peripheral nerve stimulation (“PNS”) therapy and premium rehabilitation solutions, for $45 million in up-front consideration, with up to $65 million of contingent consideration related to the achievement of certain key milestones.