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.
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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