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Bone Growth Stimulator Market Size, Share & COVID-19 Impact Analysis, By Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins (BMP), Platelet-Derived Growth Factor (PDGF)); By Application (Spinal Fusion, Maxillofacial & Dental, Nonunion and Union Bone Fractures, and Others) and By End-user (Hospitals & ASCs, Speciality Clinics, Home Care and Others) and Regional Forecasts, 2021-2028

Region : Global | Format: PDF | Report ID: FBI100161

 

KEY MARKET INSIGHTS

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The global bone growth stimulator market size was USD 1.75 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with bone growth stimulators witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market witnessed a decline of 8.6% in the year 2020. The market is anticipated to grow from USD 1.83 billion in 2021 and is expected to reach USD 2.55 billion in 2028 at a CAGR of 4.8% in the 2021 - 2028 period. The sudden rise in CAGR is attributable to the market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Bone growth stimulation is an alternative therapy that has grown in popularity across the past few years, specifically for bone healing. Bone stimulators are often used for fractures that have failed to heal independently.


The cases of bone fractures and sports injuries are increasing gradually, augmenting the demand for bone growth stimulators across the globe. Bone growth stimulation devices and products have positively impacted orthopedic surgeries. The market potential has initiated various clinical studies on bone morphogenetic protein. These stimulators have wide application in spinal fusion, dental, maxillofacial, fracture repair, and many others. The rising prevalence of osteoarthritis and degenerative bone diseases are also contributing to the growth of the market. Also, rapid adoption and demand for bone morphogenetic proteins and platelet-rich plasma factors owing to improved healing results are also expected to boost the market.


Postponed Elective Surgeries and Disruption in Care Management to Hamper Market Growth Amidst COVID-19 Pandemic


The novel coronavirus (COVID-19) outbreak in late December 2019 has been an unprecedented event globally. The orthopedic-related businesses witnessed a significant decline across the pandemic, and the bone growth stimulator market is no different!


The outbreak of the COVID-19 pandemic had a short-term negative impact on the global market due to postponed elective surgeries, temporary closure of orthopedic clinics, ban on organized sports, and restriction in non-essential care across hospitals, and slow-down in-patient flow and referrals.



  • For instance, in March 2020, the Centers for Medicare & Medicaid Services (CMS) announced that all non-essential medical, surgical, elective surgeries and dental procedures had been postponed during the COVID-19 outbreak.

  • Moreover, according to the University of Birmingham, over 6.3 million elective orthopedic surgeries are estimated to have got canceled globally due to the COVID-19 pandemic during the 12 weeks of peak disruption.


However, deferral of elective surgical care likely resulted in a significant backlog of future patient demand.



  • In May 2020, as per a study circulated by the Journal of Bone and Joint Surgery suggested that the U.S. may witness a cumulative backlog of more than a million spine surgery and joint replacement cases by mid of 2022 and that the country will require up to 16-18 months to work through the backlog of orthopedic care.


Hence, it can be suggested that the huge backlog of orthopedic procedures across the globe, will significantly support the growth of the market in the near future. 


LATEST TRENDS


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Growing Preference for Non-invasive Bone Growth Stimulators is the Latest Market Trend


Increasing preference and adoption of non-invasive bone growth stimulators is the latest trend witnessed across the past few years. Non-invasive stimulators use magnetic, ultrasonic signals or electrical fields to stimulate osteogenesis in conjunction with spinal fusion or fracture fixation. The device is applied over the location of a fracture for a period of time during the entire treatment procedure. Companies marketing such devices include Zimmer Biomet, Orthofix, and DJO. For instance, in September 2017, Orthofix announced European CE Mark and U.S. Food and Drug Administration (FDA) approvals for its next-generation SpinalStim and CervicalStim bone growth stimulators. These medical devices use pulsed electromagnetic fields (PEMF) at a low level designed to augment and activate the body's natural healing process, offering patients a non-invasive and safe treatment option for promoting postoperative spinal fusion.


DRIVING FACTORS


Growing Prevalence of Bone Diseases to Boost Product Demand


The increasing occurrence of bone diseases around segment the globe is one of the major factors supporting the usage of such stimulators, thus augmenting the market growth. Osteoporosis is one of the leading causes of fractures across the globe. The condition is estimated to cause more than 8.9 million fractures annually, affecting an estimated 75 million people in the U.S., Europe, and Japan. Furthermore, increasing diagnosis of such conditions coupled with the rapid development of technologically advanced products for efficient treatment will further support market expansion. Also, the increasing number of oral and maxillofacial surgeries across the globe will further support the market growth.


Increasing R&D Activities Coupled with Growing Number of Product Launches to Support Bone Growth Stimulator Market Growth


Increasing efforts from various manufacturers to develop novel and innovative technologically advanced products in the market will significantly support industry growth. For instance, in March 2016, Bioventus LLC, launched its ultrasound bone healing stimulator system, EXOGEN, in Saudi Arabia. The product is used in the treatment of non-unions, delayed unions, and joint fusion. Also, in February 2020, Orthofix announced the U.S. FDA approval of the STIM onTrack mobile app version 2.1 for use with the Company’s bone growth stimulators.


RESTRAINING FACTORS


Poor Medication Adherence among Patients due to High Pill Burden to Limit Market Growth


Increasing product launches have also surged the number of product recalls across the globe, thereby hampering market growth up to a certain extent. For instance, in November 2018, Zimmer Biomet recalled 1,300 bone growth and spinal fusion stimulators. Zimmer Biomet initiated the recall owing to a lack of adequate controls and validation to ensure that final products were clean from chemical residue and bacteria. Hence, such instances might restrict the market growth.


SEGMENTATION


By Product Analysis


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Bone Growth Stimulation Devices Segment Projected to Dominate in Forthcoming Years


The bone growth stimulation devices segment accounted for a dominant share of the global market in 2020. The increasing focus of researchers to develop novel non-invasive stimulating devices has further surged demand for these products. For instance, in March 2019, DJO, announced the successful result of the Oregon Health & Science University’s independent study of patients undergoing lumbar fusions using non-invasive electrical stimulation devices.  


Platelet-Derived Growth Factor (PDGF) segment is expected to witness a comparatively higher growth rate across the forecast period. Growing incidence of fractures and trauma incidences has led to higher demand for these products. Hence, manufacturers are constantly trying to develop and market PDGF-based therapies across the globe, thereby supporting market growth.


By Application Analysis


Spinal Fusion Segment to Hold Largest Share


Among applications, the spinal fusion segment dominated the market in 2020. High shares of the segment are primarily due to the large number of patient pools undergoing spinal fusion surgeries across the globe. Moreover, the high price of the procedure coupled with the increasing volume of surgeries is the major factors supporting the lucrative shares of the segment across the analysis time frame. For instance, as per an article published by Remedy Health Media, approximately 1.62 million instrumented spinal procedures are performed each year in the U.S.


The non-union and union bone fractures segment, on the other hand, is estimated to witness a significant growth rate across the forecast period. High growth is primarily due to the increasing incidence of fractures and trauma cases worldwide. Growing incidence of sports injuries and road accidents are leading to increased cases of fractures, thus augmenting segmental growth.


By End-user Analysis


Hospitals to Remain Dominant Across the Forecast Period


In terms of end-users, the hospital segment dominated the global market. The dominance is due to a high number of patient visits and many orthopaedic procedures being conducted in hospital facilities. The huge numbers of hospitals on a global scale, including the developed and developing markets. The indispensability of government hospitals in terms of subsidized care in a number of markets, especially in the emerging markets, is the cause of the segment's dominance. For example, as per the American Hospital Association, in 2018, the total number of hospitals in the U.S. amounted to 6,146, with the number of staffed hospital beds amounting to 924,107.


The specialty clinics segment is anticipated to register the highest CAGR for numerous factors. One of the key market trends in the developed markets is the growth of specialty clinics, where the care revolves around specific medical specialties such as orthopedics. Since the treatment and management of bone fractures require specialized care, this is anticipated to contribute to the growth of the segment in the forecast period.


REGIONAL INSIGHTS


North America Bone Growth Stimulator Market Size, 2020 (USD Billion)

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The market in North America held the dominant share and stood at USD 0.72 billion in 2020. The Increasing healthcare expenditures, growing prevalence, and incidences of associated bone disorders that require the administration of bone growth stimulators are the major factors supporting regional dominance. Furthermore, robust procedural volumes pertaining to orthopedic conditions will significantly contribute to this region's high shares.


The market in Europe is projected to register a considerable market size throughout the study period. Strong and emerging companies such as Bioventus and Orthofix Holdings, Inc are expected to contribute to the region's dominance coupled with the strong procedural volumes in the region for various types of orthopedic conditions.


The industry in Asia Pacific is anticipated to witness lucrative growth during the forecast period. Lucrative development of the region is due to the rising prevalence of bone diseases in the region. The strong potential patient pool coupled with the under-penetration of the market is expected to offer lucrative growth opportunities for the bone stimulators companies to expand in the region and thus augment regional growth.  


Market in Latin America and Middle East & Africa is anticipated to grow at a moderate rate owing to the gradual adoption of the novel bone growth stimulators and increasing usage of non-invasive stimulation devices. However, comparatively limited healthcare infrastructure is expected to restrict the market growth up to a certain extent despite the strong potential patient population in these regions.


KEY INDUSTRY PLAYERS


Zimmer Biomet and Orthofix Holdings, Inc. to lead the Market


Zimmer Biomet and Orthofix Holdings, Inc. account for the majority of the share in the global market mainly due to the diversified product portfolio of Zimmer Biomet and new product approvals received by Orthofix Holdings, Inc. Orthofix Holdings, Inc. received both FDA and CE approval for CervicalStim and SpinalStim bone stimulators, which is estimated to strengthen the company’s position in the global market. Other players operating in the market are Stryker, Medtronic, Bioventus, DJO, LLC., and a few others. These companies operate in a highly competitive landscape.


LIST OF KEY COMPANIES PROFILED:



  • Orthofix Holdings, Inc (Texas, U.S.)

  • Zimmer Biomet (Warsaw, U.S.)

  • Depuy Synthes. (New Brunswick, U.S.)

  • Stryker (Kalamazoo, U.S.)

  • Bioventus LLC. (North Carolina, U.S.)

  • Medtronic Plc (Dublin, Ireland)

  • DJO, LLC. (California, U.S)

  • Arthrex, Inc. (Florida, U.S.)

  • Terumo Corporation (Tokyo, Japan)


KEY INDUSTRY DEVELOPMENTS:



  • March 2018-  Orthofix Holdings, Inc. announced U.S. FDA approval for its PHYSIOSTIM. It provides non-surgical treatment for patients with complex fractures.

  • March 2021-  Bioventus LLC announced the acquisition of Bioness, Inc. This acquisition will enable Bioventus LLC to expand its bone growth therapy product portfolio.

  • November 2020- DJO, LLC. announced the acquisition of the bone growth stimulation device business from OrthoLogic Corporation for USD 93.0 million.


REPORT COVERAGE


An Infographic Representation of Bone Growth Stimulators Market

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The market report provides a thorough analysis of the industry. It focuses on key aspects, such as leading companies, products, applications, and end-user. Also, the report offers insights into the market trends, impact of COVID-19, and the prevalence of bone diseases, among other key insights. Moreover, the report encompasses several factors driving the growth of the market over recent years.


Report Scope & Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



Product, Application; End-user; and Region



By Product




  • Bone Growth Stimulation Devices

    • Electrical Bone Growth Stimulators

      • Capacitive Coupling (CC) Devices

      • Combined Magnetic Field Devices (CMF)

      • Pulsed Electromagnetic Field Devices (PEMF)



    • Implantable Bone Growth Stimulators

    • Ultrasonic Bone Growth Stimulators



  • Bone Morphogenetic Proteins (BMP)

  • Platelet-Derived Growth Factor (PDGF)



By Application




  • Spinal Fusion

  • Maxillofacial & Dental

  • Nonunion and Union Bone Fractures

  • Others



By End-user




  • Hospitals & ASCs

  • Speciality Clinics

  • Home Care

  • Others



By Geography




  • North America (By Product, By Application, By End-user, and By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By Product, By Application, By End-user, and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Scandinavia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Product, By Application, By End-user, and By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Product, By Application, By End-user, and By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • Middle East & Africa (By Product, By Application, By End-user, and By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)





Frequently Asked Questions

Fortune Business Insights says that the global market stood at USD 1.75 billion in 2020 and is projected to reach USD 2.55 billion by 2028.

In 2020, the market size stood at USD 1.75 billion.

The market will exhibit steady growth at a CAGR of 4.8% during the forecast period (2021-2028).

By product, the bone growth stimulation devices segment will lead the market.

The increasing prevalence of bone diseases, rising R&D activities coupled with a growing number of product launches are the major growth driving factors.

Zimmer Biomet and Orthofix Holdings, Inc. are the major players in the market.

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Bone Growth Stimulators Market Size, Share and Global Industry Trend Forecast till 2026
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