Global Bone Growth Stimulators Market Is Expected to Reach $3.3 Billion by 2030: Allied Market Research
Rise in the geriatric population, increase in incidences of fracture and accidents, rise in prevalence of arthritis, and surge in cases of diabetes and other medical conditions drive the growth of the global bone growth stimulators market. Based on region, North America contributed the highest share in terms of revenue in 2020, holding more than half of the total market share.
Portland, OR, May 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Bone Growth Stimulators Market generated $2.0 billion in 2020, and is projected to reach $3.3 billion by 2030, witnessing a CAGR of 5.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Rise in geriatric population, increase in incidences of fracture and accidents, rise in prevalence of arthritis surge in cases of diabetes and other medical conditions such as obesity, vascular disease, and renal disorders, and rise in inclination of patients toward minimally invasive & non-invasive surgical treatments drive the growth of the global bone growth stimulators market. However, stringent approval processes and limited medical reimbursement policies for bone stimulation products restrain the market to some extent. On the other hand, rise in platelet-rich plasma and bone morphogenetic proteins and availability of cost-effective bone growth stimulation devices present new opportunities in the upcoming years.
COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to a global lockdown and the temporary closure of a number of orthopedic clinics, thereby affecting the overall growth of the global bone growth stimulators market.
- It further disrupted the whole supply chain, delayed or canceled elective surgeries, and restricted non-essential care across hospitals, which in turn, hampered the market growth.
- However, the market is expected to recover soon as COVID-19 vaccination has been given in various economies across the globe.
The report offers detailed segmentation of the global bone growth stimulators market based on product, application, distribution channel, and region.
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Based on application, the spinal fusion surgeries segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 6.0% from 2021 to 2030.
Based on distribution channel, the hospitals & clinincs segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 5.8% from 2021 to 2030.
Based on region, North America contributed the highest share in terms of revenue in 2020, holding more than half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 6.9% during the forecast period.
Leading players in the global bone growth stimulators market analyzed in the research include 3M Company, Ambu A/S, Becton, Dickinson and Company, Cognionics, Inc., ConMed, The Cooper Companies, Inc., DyMedix, Koninklijke Philips N.V., Medtronic, Plc., and Natus Medical Inc.
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