As patients of spinal cord fractures continue to struggle with long duration consumed for complete recovery, surgeons and doctors continue to promote the use of bone growth stimulators. The Fact.MR forecast report on global bone growth stimulator market anticipates that global sales of these devices will bring in more than US$ 1.4 Bn by the end of 2017. Spinal fracture patients opting for bone growth stimulators is expected to rise due to increasing advancements in lowering patient discomfort. By the end of 2024, sales of bone growth stimulators in the global market is pegged to bring in US$ 1.91 Bn, exhibiting a steady growth at 5.3% CAGR.
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Key Forecast Highlights
- According to the report, bone growth stimulation devices will account for nearly 56% share on global bone growth stimulator revenues in 2017. Platelet-rich plasmas, on the other hand, will be observed as promising product segment, revenues from which are expected to showcase robust growth at 6.2% CAGR. By the end of 2024, a little over US$ 450 Mn worth of platelet-rich plasmas will be sold in the global market for bone growth stimulators.
- In the view of poor road infrastructure and inferior healthcare facilities existing in the Asia-Pacific excluding Japan (APEJ) region, the demand for bone growth stimulators is expected to gain grounds. These factors are boosting the incidence of spinal fractures in this region, compelling doctors towards adoption of bone growth simulation therapy. Moreover, manufacturers of bone growth stimulators are expected to benefit from low wage costs and high resource availability by setting up their manufacturing units across APEJ region. By the end of 2024, over US$ 225 Mn worth of bone growth stimulators will be sold across the APEJ market.
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- North America is expected to remain the largest market for bone growth stimulator. The report predicts that high healthcare spending implemented in Canada and the US will urge manufacturers towards developing advanced bone growth stimulators. Meanwhile, revenues amassed from sales of bone growth stimulators in Europe will contribute US$ 600 Mn in revenues by the end of 2024. Towards the end of forecast period, North America’s bone growth stimulator market is likely to soar at a CAGR of 6.2%.
- Application of bone growth stimulators in delayed union & non-union bone fracture treatments is expected to gain traction, reflecting a revenue growth at 5.7% CAGR. Spinal fusion surgeries will account for nearly 25% of the global bone growth stimulator sales in 2017, while their application in oral and maxillofacial surgeries will procure around US$ 250 Mn in global revenues.
- Hospitals and clinics are expected to remain largest end-users of bone growth stimulator throughout the forecast period. With more than 43% share, over US$ 800 Mn worth of bone growth stimulators will be sold in hospitals & clinics across the globe by 2024-end. Home care end-use of bone growth stimulator, on the other hand, is expected to create an incremental opportunity of more than US$ 100 Mn by 2024 over 2017.
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The report has also profiled leading players in the global bone growth stimulator market, which include companies such as Orthofix International N.V., Medtronic plc, Zimmer Biomet Holdings, Inc., Bioventus Inc., Stryker Corporation, Johnson & Johnson, Arthrex, Inc., DJO Global Inc., Elizur Corporation, and Ossatec Benelux B.V.
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