- Rise in demand for non-invasive and safer surgical treatments, increase in number of patients demanding bone growth stimulators, and surge in government expenditure on healthcare drive the growth of the global bone growth stimulators market
PORTLAND, Oregon, March 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Bone Growth Stimulators Marketby Product (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins, and Platelet-Rich Plasma), Application (Spinal Fusion Surgeries, Delayed Union & Nonunion Bone Fractures, Oral & Maxillofacial Surgeries, and Others), and Distribution Channel (Hospitals & Clinics, Home Care, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global bone growth stimulators market size accounted for $1.24 billion in 2018, and is expected to reach $1.87 billion by 2026, growing at a CAGR of 5.2% during the forecast period.
Chief reasons for market fluctuations
Rise in demand for non-invasive and safer surgical treatments, increase in number of patients demanding bone growth stimulators, and surge in government expenditure on healthcare drive the growth of the global bone growth stimulators market. However, stringent approval process hampers the growth of the market. On the contrary, untapped potential in emerging markets is expected to create lucrative opportunities in the near future.
Bone growth stimulation devices segment dominated the market
The bone growth stimulation devices segment held the largest share in 2018, accounting for more than half of the global bone growth stimulators market, as it is used to promote bone healing in difficult to fusions or heal fractures by applying ultrasonic or electrical current to the fusion/fracture site. However, the platelet-rich plasma segment is projected to portray the fastest CAGR of 7.0% during the forecast period, as it helps stimulate bone growth.
Hospitals and clinics segment to manifest the fastest CAGR through 2026
The hospitals & clinics segment is expected to register the fastest CAGR of 5.6% during the forecast period. Moreover, the segment held the lion's share in 2018, contributing to more than half of the global bone growth stimulators market. This is owing to greater awareness in hospital staff toward bone growth stimulator products, availability of different treatment options, palliative care, and higher affordability. The report also includes an analysis of other segments such as home care and others.
North America held the largest share
The market across North America held the largest share in 2018, accounting for more than half of the market, owing to development of technological advanced bone growth stimulators products, increase in prevalence of spinal cord impairments, and rise in non-government & government initiatives to promote healthcare. However, the global bone growth stimulators market across Asia-Pacific is expected to register the highest CAGR of 7.0% during the forecast period.
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