Bone Growth Stimulator Market to Grow at 1.5 billion by 2026: COVID Impact & Post COVID Analysis, Business Opportunities, and Strategies
The growing choice of patients for non-invasive and minimally invasive surgical treatments, the rising prevalence of target disorders, and the rising number of sports and accident-related orthopaedic injuries are all boosting the market for bone growth stimulators. The primary challenges limiting the growth of this market include limited medical reimbursement for bone stimulation devices, high treatment costs connected with BMP and PRP products, and side effects associated with BMP-based orthopaedic treatment.
The global
bone growth stimulator market is expected to increase at a CAGR of 5.8% over
the forecast period, from USD 1.1 billion in 2021 to USD 1.5 billion in 2026.
The global
COVID-19 pandemic has had a major influence on markets in a variety of sectors
and industries, including healthcare, oil and gas, aerospace and defence, and
food and beverage. In terms of global economic conditions, the regional impact
of the pandemic on business, government legislation and preventive policies,
the majority of these industries are undergoing a moment of uncertainty. As a the result, key enterprises and market participants have been compelled to alter
their attention from long-term growth strategies to short-term survival
tactics, resulting in changes in corporate operations such as manufacturing,
supplying, and consumer communication in several sectors of the global economy.
Due to a the sharp drop in elective surgeries, a ban on organised sports, the temporary
closure of O&P clinics, hospital access restricted to non-essential care,
limited access to clinics, and slowed in-patient flow and referrals, the
pandemic is expected to have a short-term negative impact on the bone growth
stimulators market. However, there are signs of resurgence in important
European markets, such as the market is expected to gradually rise to start in
the late second half of 2021, which could be attributed to addressing pre-COVID
elective surgeries, an increase in the number of surgeries as a result of
clearing backlogs as well as new cases fully reopened healthcare services,
large-scale recreation and physical work, and the reopening of organised
sports.
Long-term
growth drivers such as the growing senior population and the rising prevalence
of diabetes, obesity, and osteoarthritis will also continue to fuel the
market's expansion over the forecast period.
In these countries, factors such as the
presence of a large patient population, rising healthcare expenditure,
government initiatives to support the healthcare industry, strengthening export
trade, and growing awareness among physicians, surgeons, and patients about the
latest treatment options for spinal fusion and bone healing are expected to
boost demand for bone growth stimulation products. In the bone growth
stimulators market, emerging economies (such as China, India, Brazil, and
Mexico) are likely to offer considerable growth potential. Furthermore, many
patients from developed countries are known to fly to these emerging markets for
medical care because of the huge cost savings.
The highest
share of the market for bone growth stimulators was in North America. North
America's big position is due to the region's well-developed healthcare
infrastructure and reimbursement system, as well as increased physician and
patient knowledge of novel treatment techniques and technologies on the market.
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