LONDON--(BUSINESS WIRE)--The global bone growth stimulator market is expected to grow at a CAGR of over 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global bone growth stimulator market by product (devices, bone grafts and BMP, PRP), by application (spinal fusion surgeries and delayed union and nonunion bone fractures), and by end-user (hospitals and clinics, homecare, and academic and research institutions and CROs). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing prevalence of orthopedic disorders
OA is a common form of arthritis. It is also known as degenerative joint disease or wear and tear arthritis. It usually occurs in the hands, hips, and knees. The cartilage and the bones within a joint begin to break down due to OA. This leads to disability. In such cases, bone growth stimulators are used for the healing process. The rising prevalence of diseases such as arthritis and the increasing number of trauma injury and fracture cases are likely to drive the growth of the market.
According to a senior analyst at Technavio for orthopedics and medical devices research, “The prevalence of arthritis increases with age. Therefore, the growth of the geriatric population in several countries across the world will increase the prevalence of the disease. This is anticipated to increase the demand for bone growth stimulators. Diseases such as osteoporosis also cause fractures. Physicians use bone growth stimulators to heal bones. They use devices, bone grafts, and substitutes. These devices permit surgeons to treat the disease precisely.”
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Market trend: growing adoption of MI and robotic surgeries
Healthcare providers, governments, patients, and other key stakeholders have encouraged the shift from traditional open surgeries (that cause pain and require an extended stay in hospitals) to MI surgeries, which require a short hospital stay. The increased demand for such surgeries is because of the increasing number of complications associated with traditional open surgeries. For instance, conventional open surgeries can cause various post-surgical complications such as pain, blood clots, fatigue, muscle atrophy, and infections. Several research studies have also demonstrated the advantages of MI surgeries over conventional open surgeries. The increasing adoption of robotics for spine surgeries has increased the demand for bone growth stimulators.
Market challenge: increasing number of product recalls
Obtaining regulatory approvals is generally difficult, unpredictable, and subjective. Most technical challenges related to the development of new products are evident during clinical trials. Even after a product is approved, if it has issues such as system malfunctions or causes adverse effects in people, regulatory authorities can issue a product recall. Frequent product recalls can affect the growth of the market.
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