Bone Growth Stimulator Market Rising in United States | Market Future Size
The global bone growth stimulator market size is expected grow from USD 1.83 billion in 2021 to reach USD 2.55 billion by 2028, exhibiting a CAGR of 4.8% during the forecast period. The growing bone fractures and sports injuries around the world will promote the growth of the market in the forthcoming years, states Fortune Business Insights, in a report, titled “Bone Growth Stimulator Market, 2021-2028.” The market size stood at USD 1.75 billion in 2020.
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Acquisition of Stimgenics by Medtronic to Consolidate Business
Stimgenics, LLC, a privately held business situated in Bloomington,
Illinois, has pioneered a unique spinal cord stimulation
(SCS) waveform known as Differential Target Multiplexed (DTMTM) Spinal
Cord Stimulation, according to Medtronic plc. The treatment, which is provided
through the Medtronic IntellisTM platform, is a novel programming option for
treating chronic pain sufferers. The results of a three-month randomized
control trial (RCT) comparing DTM to traditional SCS will be presented at the
North American Neuromodulation Society (NANS) 23rd Annual Meeting in Las Vegas
on January 23-26. The acquisition will create lucrative opportunities for the
market. DTM waveform can activate a new mechanism that affects both neurons and
glial cells, adding to our knowledge of SCS action mechanisms. When compared to
either low frequency or high frequency alone, the DTM waveform has shown a
statistically significant reversal of pain responses in animal models.
Introduction of Innovative Products by Major Brands to Foster Growth
Increasing efforts from various manufacturers to produce unique and
creative technologically advanced items would help the sector grow
considerably. For example, Bioventus LLC released EXOGEN, an ultrasonic bone
healing stimulator system, in Saudi Arabia in March 2016. Non-unions, delayed
unions, and joint fusion are all treated with this product. In February 2020,
Orthofix announced that the STIM onTrack mobile app version 2.1 had been
approved by the US Food and Drug Administration (FDA) for use with the
Company's bone growth stimulators.
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Market Segments:
The global bone growth stimulator market was dominated by the bone
growth stimulation devices segment in 2020. Researchers' increased attention on
developing innovative non-invasive stimulating gadgets has boosted demand for
these goods even more.
In 2020, the spinal fusion application segment dominated the market. The
enormous number of patients undergoing spinal fusion operations throughout the
world accounts for the high proportion of the sector. The hospital sector
led the global market in terms of end-users. The huge frequency of patient
visits and orthopaedic operations performed in hospital facilities account for
the dominance.
Geographically, the market is divided into North America, Asia Pacific,
Europe, Latin America, and the Middle East and Africa.
Increasing Cases of Bone-related Disorders to Augment Growth in North
America
North America dominated the market, which was valued at USD 0.72 billion
in 2020. The major factors supporting regional dominance are rising healthcare
expenditures, rising prevalence and incidences of bone-related disorders that
necessitate the use of bone growth stimulators, and increasing prevalence and incidences
of bone-related disorders that necessitate the use of bone growth stimulators.
Furthermore, large procedural volumes for orthopaedic diseases will contribute
considerably to this region's high bone growth stimulator market share. The
European market is expected to generate significant income during the forecast
period. The existence of strong and developing firms such as Bioventus and
Orthofix Holdings, Inc, as well as high procedural volumes for various types of
orthopaedic diseases, are likely to add to the region's supremacy.
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