The Global Bone Growth Stimulators Market is likely to gain traction from recent advancements in tissue regeneration and healing. According to a report by Fortune Business Insights, titled “Bone Growth Stimulators Market Size, Share and Global Trend By Product Type (Bone Growth Stimulation Devices, Bone Morphogenetic Proteins (BMP), Platelet-Derived Growth Factor (PDGF)), By Application (Spinal Fusion, Maxillofacial & Dental, Non-union and Union Bone Fractures), By End-User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, Home Care), and Geography Forecast till 2026,” the market was valued at US$ 1,837.2 Mn in 2018. Fortune Business Insights further states that this market will be valued at US$ 2,624.8 Mn by the end of 2026, thereby exhibiting a CAGR of 4.6%.
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Long Awaited FDA Approval for Orthfix’s PhysioStim Has Encouraged Market Competitors
In 2018, Orthofix announced that it has received FDA and CE mark approvals for its PhysioStim bone growth stimulators. PhysioStim offered tissue regeneration and recombining without the need to undergo surgical procedures. The FDA approval for PhysioStim and other such products has encouraged other market players to come up with their own products and improve existing methods. Such drug approvals have a positive impact on the global bone growth stimulators market and are likely to favor the growth of this market in the forecast period.
Conventional bone growth stimulators were mostly manufactured using patented drugs. Most of the stimulators were manufactured with the help of very few drug options. But in recent years, newer drugs have been approved for the manufacturing and study of bone growth stimulators.
Electrical and Magnetic Field Concept to Boost Operation of Bone Growth Stimulators
The combined magnetic field (MF) concept was hugely beneficial for spinal fusion. Magnetic Field (MF) is used for pre-processing of osteogenesis, wherein tissue regeneration and growth is initiated. Electrical bone growth stimulation is used in patients with bone healing problems. They supplement tissue regeneration which stimulates spinal fusion and bone growth. Electrical bone growth stimulators play a major part in spinal fusion among patients who possess a higher grade of disorders or in serious cases. Thus, the drawbacks of normal spinal fusion are overcome by electrical and magnetic bone growth stimulators. The benefits of these concepts have a positive impact on the global bone growth stimulators market and are likely to drive the market in the forthcoming years.
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Increasing Investment in Research and Development to Boost the Market
The growing investments in research and development of bone growth stimulators are boosting the global market. With increasing awareness about the need for early diagnosis of disorders such as spondylitis and other spinal diseases, there has been a growing emphasis on the research and development of drugs related to bone growth stimulation.
Furthermore, to aid the geriatric population, governments across the world have been putting in more effort to improve health reimbursement policies. The aforementioned factors are likely to favor the growth of the global bone growth stimulators market in the forecast period.
Some of the leading companies that are operating in the global bone growth stimulator market are Zimmer Biomet, Stryker, Medtronic, Wright Medical Group N.V., Orthofix Holdings, Inc., Prospec-Tany Technogene Ltd.,Elizur Corporation, Bioventus Ossatec, Benelux BV, and IGEA S.p.a.
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