Michael Barbella, Managing Editor08.11.22
A rosy future is in store for the worldwide bone growth stimulators market.
Data from Allied Market Research indicate the sector generated $2 billion in 2020, and is likely to reach $3.3 billion by 2030, expanding 5.5% annually through 2030. Growth drivers include the world's aging population; an increase in fractures and accidents; rising cases of arthritis, diabetes and other medical conditions such as obesity, vascular disease, and renal disorders; and patient preference for minimally invasive and non-invasive surgical treatments.
However, stringent approval processes and limited medical reimbursement policies for bone stimulation products could limit the market's growth to some extent. On the other hand, a rise in platelet-rich plasma and bone morphogenetic proteins and availability of cost-effective bone growth stimulation devices will present new opportunities for market players in the near future.
The outbreak of COVID-19 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 also disrupted the supply chain, delayed or canceled elective surgeries, and restricted non-essential care across hospitals, which in turn, hampered market growth. But the market is gradually recovering as COVID-19 vaccination rates rise in various regions worldwide.
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 dominate the sector through 2030. Moreover, the same segment is projected to register the highest annual growth (6%) from 2021 to 2030.
Based on distribution channel, the hospitals and clinincs segment held the highest market share in 2020, holding more than half of the total market share, and is expected to retain its leadership over the next eight years. Moreover, the same segment is estimated to register the highest annual growth (5.8%) through 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 top all other regions by 2030. Asia-Pacific is projected to have the fastest annual growth (6.9%) over the next eight years.
Leading players in the global bone growth stimulators market 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.
Data from Allied Market Research indicate the sector generated $2 billion in 2020, and is likely to reach $3.3 billion by 2030, expanding 5.5% annually through 2030. Growth drivers include the world's aging population; an increase in fractures and accidents; rising cases of arthritis, diabetes and other medical conditions such as obesity, vascular disease, and renal disorders; and patient preference for minimally invasive and non-invasive surgical treatments.
However, stringent approval processes and limited medical reimbursement policies for bone stimulation products could limit the market's growth to some extent. On the other hand, a rise in platelet-rich plasma and bone morphogenetic proteins and availability of cost-effective bone growth stimulation devices will present new opportunities for market players in the near future.
The outbreak of COVID-19 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 also disrupted the supply chain, delayed or canceled elective surgeries, and restricted non-essential care across hospitals, which in turn, hampered market growth. But the market is gradually recovering as COVID-19 vaccination rates rise in various regions worldwide.
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 dominate the sector through 2030. Moreover, the same segment is projected to register the highest annual growth (6%) from 2021 to 2030.
Based on distribution channel, the hospitals and clinincs segment held the highest market share in 2020, holding more than half of the total market share, and is expected to retain its leadership over the next eight years. Moreover, the same segment is estimated to register the highest annual growth (5.8%) through 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 top all other regions by 2030. Asia-Pacific is projected to have the fastest annual growth (6.9%) over the next eight years.
Leading players in the global bone growth stimulators market 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.