When a bone is fractured, human body naturally fixes it by fusing the two broken bones together. For this, human body generates low-level electric field to enhance the natural healing process. This is common for all but a few. For those few, body is not able to effectively re-join the broken bones together. In these cases, fractures are not healed for long periods, or sometimes not healed at all. Bone growth simulator is a cure for such people. It is a technique developed for people who are at risk of failed re-joining of fractured bones and spinal injuries. The global bone growth stimulator market was estimated at a million dollar mark in 2016 across the 39 markets covered in this report. By the end of the forecast period in 2023, it is estimated that the market will grow to approximately $801.4M at a Compound Annual Growth Rate (CAGR) of 2.9%.
A bone growth simulator is implanted at the site where bone fusion is required. There, it generates small electric signals, similar to that generated by human body. This accelerates the fusion process, without causing any pain or uncomforting sensation to the patient. There are external bone growth simulators also, for which there is no surgery required. These devices can be worn on the body part where accelerated bone fusion is required. Such product feature, increase in sports injuries, high cost of disability parts are few of the factors which are causing a rapid increase in this market segment.
With improving world economy, personal disposable income is also on the rise. Hence, people are spending more on healthcare. In addition, government expenditure on healthcare is on the rise all over the world. A growing ageing population, preference for non-surgical options as treatment and a fast lifestyle, combined with higher income level are causing a significant growth in the bone simulator market. But availability of alternatives, gap between supply and demand, uncertainty regarding the efficiency of product are few of the factors which are hindering the growth of this market.
Western countries constitute the major market for this product. North America is the market leader, followed by the Western Europe. DJO LLC, Orthofix International N.V, Zimmer Biomet Holdings Inc., Verve Consulting Inc. are few of the key players in this segment. Most of the players are trying to expand their market by mergers and acquisition. Therefore, chances of any new entrants are not very significant.
Innovation in various other alternative technologies as if bone graft can be a real threat of the growth of bone growth simulator market. The devices are expensive when compared to few of the alternate methods. Apart from these obstacles, the companies should also be looking at expanding their reach to other developed and developing nations to improve on their revenue. Economy of countries like China, Japan and India is growing at a rapid rate and hence a certain section of people here has high disposable income. Expansion of operations to these regions will definitely provide a required boost to the growth of this industry.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com