The global bone growth stimulator market in terms of revenue was estimated to be worth $1.4 billion in 2022 and is poised to reach $1.8 billion by 2027, growing at a CAGR of 5.9% from 2022 to 2027.
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The External bone growth stimulators segment accounted for the largest share of the bone growth stimulation devices market, by product type, in 2021
By product type, the global External bone growth stimulators market is segmented into capacitive coupling (CC) devices, pulsed electromagnetic field (PEMF) devices, and combined magnetic field (CMF) devices. In 2021, the Pulsed electromagnetic field (PEMF) segment dominated the global External bone growth stimulators market. The advantages of Pulsed electromagnetic field (PEMF) is the increasing demand for noninvasive electrical bone stimulation the major driving factors for this market.
Spinal Fusion Surgeries segment is anticipated to hold major share of the global bone growth stimulators market in 2021
Based on application, the global bone growth stimulators market is segmented into spinal fusion surgeries, delayed union and nonunion bone fractures, oral and maxillofacial surgeries, and other applications. The spinal fusion surgeries segment accounted for the largest share of the bone growth stimulators market in 2021. This segments large share can be attributed to the increasing number of spine procedures.
North America to hold a significant share of the bone growth stimulators market during the forecast period
The bone growth stimulators market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American region accounted for the largest share of the bone growth stimulators market in 2021. This can be attributed to the rising incidence of spinal disorders, increasing geriatric population, and growing patient preference for minimally invasive orthopedic therapies in the region.
The bone growth stimulator market is dominated by players such as Orthofix Medical Inc. (US), Enovis Corporation (Formerly Colfax (US), ZimVie (US), Bioventus LLC (US) and Medtronic plc (Ireland).
Recent Developments
- In 2022, Orthofix Medical Inc. (US) received FDA premarket approval for the AccelStim Bone Growth Stimulation Device.
- In 2021, The company announced the competition of its spinoff of ZimVie. The spinoff marks a major milestone in the active portfolio management of Zimmer Biomet.
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