Market Trends of Global Bone Growth Stimulator Industry
This section covers the major market trends shaping the Bone Growth Stimulator Market according to our research experts:
The External Bone Growth Stimulator Segment is Expected 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, namely their light weight, ease of handling, and portability, act as a major driver for the growth of the current segment.
According to the research study published in Bone and Joint Open, 2020, in 2020, there was an increase in fractures and minor injuries requiring surgery among elderly patients during the COVID-19 lockdown in the United Kingdom, as compared to 2019. Though there was an increase in minor injuries requiring minor surgeries, the numbers 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 number of bone fracture cases and the effectiveness of the external bone growth stimulators in healing fractures. According to a research article published in the Archives of Osteoporosis, 2020, 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 the 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 world. Therefore, there is a growing demand for external bone growth stimulators, which will contribute to the growth of the market for 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.
