The main factors driving the growth of the bone growth stimulators market are an increase in the propensity of patients for minimally invasive and non-invasive surgical procedures, and the availability of affordable bone growth stimulation devices.
JERSEY CITY, NJ, November 8, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Bone Growth Stimulators MarketBy product (bone growth stimulation devices, bone morphogenetic proteins, platelet-rich plasma), by application (spinal fusion surgeries, nonunion and delayed union bone fractures, oral and maxillofacial surgeries), by geographic scope, and prognosis.
According to in-depth research by Verified Market Research, the global Bone Growth Stimulator market size was valued at $1.04 billion in 2020 and is projected to reach $1.66 billion by 2028, growing at a CAGR of 6.08% from 2021 to 2028.
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Overview of Global Bone Growth Stimulator Market
Doctors recommend bone growth stimulator therapy to help after a fracture or spinal fusion surgery to help fractures repair more quickly. They are also called orthogenesis stimulators and they deliver painless ultrasound. In cervical and lumbar spine surgeries they are of great help. Products made from platelet-rich plasma and bone morphogenetic protein (BMP) promote bone development when used to treat various fractures and spinal operations.
As a result of faster recovery after these surgeries, the use of these products is expected to increase. Therefore, more orthopedic and spinal procedures are being performed as the number of accident and trauma patients increases. This rise has further increased consumer demand for these products, along with those for BMP and PRP, which is expected to fuel the expansion of the market.
Increased geriatric population, increased fracture and accident rates, increased prevalence of arthritis, increased incidence of diabetes and other diseases such as vascular disease, obesity, and kidney disorders, increased patient preference for procedures minimally invasive and non-invasive surgical procedures, increase in platelet-rich plasma and bone morphogenetic proteins, and the increase in the availability of bone growth stimulation devices at reasonable prices are the main factors.
Other factors contributing to the growth of the bone growth stimulators market include the increase in patient awareness of bone growth stimulators, the procedural benefits provided by bone growth stimulation devices in the treatment of bone fractures and orthopedic diseases, the increase in technological advances in bone growth stimulators, and the increase in the rate of adoption of bone growth stimulators by both patients and prescribers. However, market expansion is anticipated to be limited by strict approval procedures and limited medical reimbursement regulations.
It has been seen that the general expansion of the market is hampered by frequent product recalls. A manufacturer’s business and reputation suffer when products are recalled. This can also have an impact on a customer’s engagement with other items from a company. Recalls often cast doubt on the effectiveness of novel products, delaying their acceptance by surgeons.
In July 1, 2021, ICelularity Inc. (“Celularity”), a clinical biotechnology company that develops new ways to treat cells and biomaterial products found in the human placenta after birth to treat cancer, infectious and degenerative diseases, and Arthrex, Inc. ., a world leader in orthopedic technology, announced that the companies have entered into a special partnership to distribute and sell Celularity’s biomaterial products for orthopedic surgery and sports medicine. Under the terms of the agreement, Celularity will provide Arthrex with exclusive distribution rights for orthopedic surgery and sports medicine and will remain responsible for the production and supply of products.
In January 5, 2021, Sryker announced the acquisition of OrthoSensor, Inc., a private company founded in 2007 and headquartered in Dania Beach, FL. OrthoSensor, Inc., is a leader in the digital transformation of musculoskeletal care and sensory replacement technology.
key players. main players
The main market players are Arthrex, Inc., Essex Woodlands Healthcare Partners (Bioventus LLC), Colfax Corporation (DJO Global, Inc), Isto Biologics, Johnson & Johnson (Depuy Synthes), Medtronic Plc, Orthofix Medical Inc., Stryker Corporation, Terumo Corporation, and Zimmer Biomet holdings, inc.
Verified Market Research has segmented the global Bone Growth Stimulator Market on the basis of product, application, and geography.
Bone Growth Stimulators Market, by Product
Bone Growth Stimulator Market, By Application
Bone Growth Stimulators Market, By Geography
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