Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Bone Growth Stimulators Market – Insights
Bone growth stimulation is utilized to promote bone healing in difficult to heal fractures. Bone growth stimulators are used to enhance the bone healing process without the sensation of electrical shocks or currents or vibrations when being worn by the user. The devices stimulate the natural healing process of bone by sending low?level pulses of electromagnetic energy to the injury or fusion site.
The global bone growth stimulators market is estimated to account for US$ 2,975.5 Mn in terms of value and 1,165,560 Units in terms of volume by the end of 2027.
Global Bone Growth Stimulators Market: Drivers
Increasing prevalence of osteoporosis and osteoarthritis is expected to boost growth of the global bone growth stimulators market over the forecast period. For instance, according to the study ‘Epidemiology and awareness of osteoporosis: a viewpoint from the Middle East and North Africa’ published in the International Journal of Clinical Rheumatology, in 2018, the prevalence of osteoporosis was 15.1% among women and 10.7% among men in Turkey. Moreover, high incidence of the osteoporosis and osteopenia was detected among patients admitted to the geriatric department.
Therefore, increasing geriatric population is also expected to contribute to growth of the market. For instance, according to the same source, by 2050, the population of Egypt is expected to reach 130 million, of which over 30% will be aged 50 years and over.
North America region held dominant position in the global bone growth stimulators market in 2018, accounting for 42.3% share in terms of volume, followed by Europe.
Figure 1. Global Bone Growth Stimulators Market Value (US$ Mn), by Region, 2018
Global Bone Growth Stimulators Market: Restraints
Traditional physiotherapy, yoga or Ayurveda treatment options are often recommended for non-union or delayed union bone fractures. Moreover, chiropractic is also used in diagnosis and treatment of mechanical disorders of the musculoskeletal system. Therefore, availability of alternatives to bone growth stimulators is expected to hamper growth of the market over the forecast period.
Moreover, the amount of scientific data that highlights the effectiveness of bone growth stimulators is low. Use of bone growth stimulators may also lead to adverse effects such as increased pain, numbness and tingling, headache, migraines and nausea. Such scenario is also expected to restrict growth of the global bone growth stimulators market.
The cost of treatments using bone growth stimulators is considerably high and may reach US$ 6,000. Therefore, reduction in cost of devices is expected to offer lucrative growth opportunities for market players.
Moreover, increasing awareness regarding the use and benefits of bone growth stimulators and new technologically advance product launch is also expected to aid in market growth. For instance, in November 2019, Advanced Biomedical Technologies Inc., a manufacturer of novel orthopedic internal fixation devices, announced the official launch of its sales campaign.
Noninvasive Electrical Bone Growth Stimulators segment in the global bone growth stimulators market was valued at US$ 660.1 Mn in 2018 and is expected to reach US$ 1,528.3 Mn by 2027 at a CAGR of 9.8%% during the forecast period.
Market Trends/Key Takeaways
There are several insurance cover policies that offer reimbursement for electrical and ultrasound bone growth stimulators for non-union or delayed union fractures. Some of these include, Regence, United Healthcare, Humana, Aetna, and Blue Cross.
Increasing R&D bone growth stimulation is expected to boost growth of the market. For instance, in August 208, in the study ‘Osteogenic Effect of ZnO-Mesoporous Glasses Loaded with Osteostatin’, researchers from Instituto de Investigación Hospital, assessed the biological consequences of the concurrent inclusion of ZnO and osteostatin impregnation in mesoporous bioactive glasses – a family of bioceramics that are clinically used as scaffolds for bone regeneration.
Global Bone Growth Stimulators Market: Competitive Landscape
Major players operating in the global bone growth stimulators market include, DJO LLC, Orthofix International N.V., Zimmer Biomet Holdings Inc., Elizur, Bioventus LLC., Precyse Solutions LLC., Ossatec Benelux BV, Verve Consulting Inc., and IGEA S.p.A.
Key players in the market are focused on product launch and approval to expand their product portfolio. For instance, in November 2019, 4WEB Medical, an orthopedic device company, announced the initial launch and completion of the first procedures with the Cervical Spine Truss System-Stand Alone (CSTS-SA). The 3D printed truss design of the implants stimulate bone growth.
Key players in the market are also focused on adopting collaboration and partnership strategies to enhance their market share. For instance, in December 2019, Bone Bank Allografts (BBA), a provider of regenerative medicine technologies, announced partnership with Yankee Alliance, a group purchasing organization (GPO). The agreement covers BBA’s comprehensive portfolio of orthobiologics that include surgical allograft options from traditional bone and soft tissues to specialty custom products for transplant.