According to the latest market report published by Future Market Insights titled, “Bone Growth Stimulators Market: Global Industry Analysis and Opportunity Assessment, 2015-2025”, the bone growth stimulators market is anticipated to expand at a CAGR of 9.5% during the forecast period.
Bone growth stimulators are used in cases of delay or failure of fracture healing as they enhance the bone healing process without the sensation of electrical shocks or currents or vibrations when worn by the user. An internal bone growth stimulator or invasive bone growth stimulator is implanted on the fusion site of the bone and it delivers small electrical currents. The internal bone growth stimulator is removed from the body after 6-12 months. External bone growth stimulator or non-invasive bone growth stimulators are externally worn portable devices and do not require surgical implantation. An external bone growth stimulator is prescribed for use for two to nine hours every day for a period of around three to nine months.
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Economic factors such as improvement in service sector, increase in personal income, and increase in per capita healthcare expenditure are expected to drive market growth globally. Captivating product features, expanding application in the sports medicine industry, high disability cost payments, among others, are fuelling growth of the global bone growth stimulators market. However, various factors such as availability of alternative therapies, uncertainty about efficacy, device-related issues and competition from bone grafts restraint growth of the bone growth stimulators market.
By product, the global bone growth stimulators market is segmented into invasive bone growth stimulators, non-invasive bone growth stimulators and ultrasound bone growth stimulators. The non-invasive bone growth stimulators product segment-which comprises capacitive coupling devices, combined magnetic field devices and pulsed ultrasound magnetic field devices-accounts for the highest market share currently and is expected to remain the leading segment in terms of value during the forecast period. In terms of application segmentation, trauma injury and fractures segment is expected to expand at the highest CAGR in terms of value and volume over the forecast period as compared to other applications. Hospitals end user segment, though projected to account for the highest share in market, is expected to expand at an average CAGR in terms of value and volume over the forecast period. Orthopedic clinics and home care end user segments are expected to represent significant market attractiveness indices over the forecast period.
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By region, North America is expected to remain the market leader in the bone growth stimulators market mainly due to consumer awareness about chronic pain related to bone fracture and injury and subsequent disability costs. Western Europe is the second-largest contributor to the global market in terms of value and volume owing to availability of public health systems and subsidies coupled with reliance of patients on the Internet to research about new technologies, such as bone growth stimulators. MEA is projected to expand at a significant pace mainly due to large (particularly expatriate) population, improvements in life expectancy and decline in mortality rates, combined with increased budgetary spend on healthcare, resulting in a major shift and boost in growth of the bone growth stimulators market in the MEA countries. The MEA bone growth stimulators market is still untapped, so companies have substantial growth opportunities in this region.
Key market players covered in this report are DJO LLC, Orthofix International N.V., Zimmer Biomet Holdings Inc., Elizur, Bioventus LLC., Ossatec Benelux BV, Verve Consulting Inc. and IGEA S.p.A. Major players in the bone growth stimulators market are focusing on enhancing their global and regional presence through strategic mergers & acquisitions and operational expansion.