Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- 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.
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.
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Covid-19 Scenario:
- Due to prolonged lockdown across various countries, the supply of raw material was disrupted, which created a huge gap in the supply-demand of the Bone Growth Stimulators market.
- Bone Growth Stimulators manufacturing companies have affected to a larger extent due to disrupted supply chain amid the Covid-19 outbreak.
- However, as governments have announced relaxation in lockdown measures, the manufacturing of Bone Growth Stimulators is expected to gain momentum.
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.
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.
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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Major market players
- Arthrex, Inc.
- Colfax Corporation (DJO Global, Inc)
- Essex Woodlands Healthcare Partners (Bioventus LLC)
- Johnson & Johnson (Depuy Synthes)
- Isto Biologics
- Orthofix Medical Inc.
- Medtronic Plc
- Terumo Corporation
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
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