◆英語タイトル：Bone Growth Stimulator Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Bone Growth Stimulator Market is valued at approximately USD 985 million in 2020 and is expected to witness a revenue of USD 1,425 million in 2026, with a CAGR of 5.9% over the forecast period.
The impact of COVID-19 on the studied market is expected to be significant. Due to the lockdown and travel restriction imposed to combat the transmission of viruses, the incidence of road accidents, and consequent fractures, injuries have been reduced, which would highly impact the studied market. However, as per the research article published in the Journal of Clinical Pharmacy and Therapeutics, 2020, the elderly population was more prone to bone fractures due to lack of out-of-home exercise, sedentary lifestyle, and decreased exposure to sunlight, which resulted in Vitamin D deficiency. Additionally, there was a significant increase in hip fractures, especially among the elderly population in the United Kingdom during the pandemic, which was majorly attributed to the lack of caretakers and relatives to take care of the aged people as per the research study published in Bone and Joint Open, 2020. Thus, the increasing incidence of fractures and trauma cases among the elderly population during the pandemic turns the spotlight on the bone growth stimulators, in turn driving the growth of the studied market.
The bone growth stimulator market is majorly driven by factors such as the rising incidence of bone and joint disorders, growing demand for non-invasive and minimally invasive surgeries across the globe, along with the growing population of geriatrics.
Osteoarthritis is considered to be one of the most prevalent articular diseases among the population above the age of 65 years. According to the Centers for Disease Control and Prevention(CDC), an estimated 63 million American population have been diagnosed with arthritis and is estimated to reach 78 million by 2040. Additionally, the global geriatric population is expected to increase to one in six people in the world over age 65 in 2050 as compared to one in 11 in 2019 as per World Population Prospects: the 2019 Revision data.
A increasing incidence of trauma and accident cases worldwide is considered as one of the major factors that are likely to boost the demand for the studied market. According to the National Safety Council, in 2018, around 4.5 million people were severely injured due to the accidents. Thus, given the aforementioned factors, the bone growth stimulator market is expected to witness significant growth over the forecast period globally.
Key Market Trends
External Bone Growth Stimulators are Believed to Register Good Growth Over the Forecast Period
The external bone growth stimulators are expected to witness a significant market share over the forecast period. The advanced features of external bone growth stimulators which are attributed to their lightweightness, ease of handling, and portability characteristics act as a major driver for the growth of the current segment.
According to the research study published in Bone and Joint Open, 2020, there was a proportional increase in fractures in elderly patients and in minor injuries requiring surgery during the COVID-19 lockdown in the United Kingdom as compared to 2019. Though there was an increase in the minor injuries requiring minor surgeries, the number of polytrauma and open fractures were reduced during the COVID-19 era due to a reduction in road traffic and in participation in outdoor sports activities. Thus, COVID-19 is expected to impact the studied market significantly during the pandemic era.
The demand for these products is increasing due to the rising bone fracture cases and the effectiveness of the external bone growth stimulators in healing fractures. According to the research article published in Archives of Osteoporosis, 2020, the fragility fractures in the largest five countries of the European Union plus Sweden (EU6) accounted for 2.7 million in 2017 and is expected to reach 3.3 million in 2030, which is a 23% increase from 2017. Additionally, as per the research study published in Orthopedic Trauma Association International, 2020,14 % of the Australian population have osteoporosis and 60,000 hip fractures have been estimated to occur by 2050 in Australia. This indicates the rising burden of fracture across the globe. Therefore, there is a rising demand for external bone growth stimulators which will contribute to the growth of the same over the forecast period.
North America Hold the Major Share in the Studied Market and is Expected to Dominate Over the Forecast Period.
North America holds the largest share of the bone growth stimulator market. This is majorly attributed to the increasing geriatric population and the growing burden of orthopedic diseases in the region. According to the National Spinal Cord Injury Statistical Center’s Spinal Cord Injury, Facts and Statistics, 17,730 new Spinal Cord Injury cases occur each year and nearly 249,000 to 363,000 people are living with Spinal Cord Injury in the United States in 2019. Also, according to the Population Reference Bureau’s Population Bulletin’s Aging in the United States, the Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. The rising elderly population is more prone to bone fractures and thus drives the growth of the studied market.
According to the research article published in Arthroscopy, Sports Medicine and Rehabilitation, 2020, Northwell Health mandated the cancellation of all elective surgical cases to reserve the resource in the treatment of COVID-19 patients, and only emergency orthopedic procedures were performed. Northwell health performed approximately 2,970 emergency orthopedic surgeries during a 4-week period at its 16 orthopedic hospital sites in the United States during the COVID-19 pandemic. Hence, COVID-19 is expected to impact the studied market growth moderately.
Additionally, the increasing product approvals in the region and the existence of major players in the United States surge the market growth. For instance, in Feb 2020, Orthofix received FDA approval for its updated version of its bone growth stimulator app, STIM onTrack. Thus, the Bone Growth Stimulator Market is expected to witness huge growth over the forecast period in North America.
The bone growth stimulators market is highly consolidated and consists of global players majorly. With the rising burden of orthopedic diseases and technological advancements, few small to mid-sized companies are also penetrating the market. The key players of the studied market include Medtronic plc, Johnson and Johnson (Depuy Synthes), Bioventus LLC, Orthofix International N.V., Zimmer Biomet, Stryker Corporation among others. Also, expansion strategies of the global players are proving to be beneficial for the emerging markets as product availability is increasing.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Bone and Joint Disorders
4.2.2 Growing Demand for the Non-Invasive or Minimally Invasive Surgeries
4.2.3 Development of Biocompatible Synthetic Bone Grafts
4.3 Market Restraints
4.3.1 High Cost of Surgeries and Limited Medical Reimbursements for Bone Growth Stimulation Products
4.3.2 Adverse Effects of BMP-Based Treatment
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Bone Growth Stimulation Devices
22.214.171.124 External Bone Growth Stimulators
126.96.36.199.1 Combined Magnetic Field (CMF) Devices
188.8.131.52.2 Capacitive Coupling (CC) Devices
184.108.40.206.3 Pulsed Electromagnetic Field (PEMF) Devices
220.127.116.11 Implanted Bone Growth Stimulators
18.104.22.168 Ultrasonic Bone Growth Stimulators
5.1.2 Bone Morphogenetic Proteins (BMP)
5.1.3 Platelet-Rich Plasma (PRP)
5.2 By Application
5.2.1 Spinal Fusion Surgeries
5.2.2 Delayed Union & Non-union Bone Fractures
5.2.3 Oral and Maxillofacial Surgeries
5.3 By End-user
5.3.1 Hospitals and Clinics
5.3.2 Home Care
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Arthrex, Inc.
6.1.2 Bioventus LLC
6.1.3 Johnson and Johsnon (Depuy Synthes)
6.1.4 Medtronic Plc
6.1.5 Orthofix International N.V
6.1.6 Smith & Nephew Plc
6.1.7 Stryker Corporation
6.1.8 Zimmer Biomet
6.1.9 DJO Finance, LLC
6.1.10 Isto Biologics
6.1.11 Ossatec Benelux B.V.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS