Electrical Bone Growth Stimulator Market Expected
Jersey City, New Jersey, Oct. 10, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently released a report, “Electrical Bone Growth Stimulator Market” By product (external type, implanted type), by application (hospitals and clinics, home care, academic and research institutes) and by geography.
According to the in-depth research by experts at Verified Market Research, the Electrical Bone Growth Stimulators market size was valued at USD 1369.96 Million in 2020 and is projected to reach USD 2066.84 Million by 2028, growing at a CAGR of 5.30% from 2021 to 2028.
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202 – Pages
126 – Tables
37 – Numbers
Global Electrical Bone Growth Stimulator Market Overview
The increase in obesity and hence the increase in orthopedic injuries are the major driving factors for the expansion of the electrical bone growth stimulators market. The increase in non-invasive medical practices to enhance the success of bone grafting procedures and the low risk of adverse effects are also expected to accelerate the demand for BGS. BGS complexity rates are low compared to other invasive medical treatment techniques.
The rapid rise in the number of automobile users is also leading to a substantial increase in road accidents resulting in spinal injuries and thus ultimately aiding the expansion of the Electric Bone Growth Stimulators market. However, insufficient knowledge of the success rates of BGS and, therefore, the higher cost of treatment are the main obstacles to the growth of bone growth stimulator. Additionally, the growing demand for effective, safe, innovative and modern treatment techniques may create a chance for the electrical bone growth stimulator market.
Partnerships, collaborations and agreements
- In April 2021, Orthofix Medical Inc., an international medical device company, announced that it had entered into a formal license agreement to commercialize IGEA Sp A’s breakthrough portfolio of bone and soft tissue stimulation products in the United States. United States and Canada. With this agreement, the company obtains the authority to obtain approvals from the United States Food and Drug Administration for IGEA’s orthopedic product platform.
Mergers and Acquisitions
- Stryker paid $5.4 billion for Wright Medical in 2020. Stryker’s position in the braces industry was strengthened following the acquisition.
Product launches and product extensions
- Orthofix Medical Inc., a medical device company, announced FDA approval of the version of the STEM Ontrack mobile app that will be used by the company’s bone growth stimulators in February 2020. This technology works in conjunction with Orthofix bone growth therapy devices to help patients adhere to their prescriptions and advance their clinical outcomes.
The main market players are Stryker, ITO, Orthofix Medical, Zimmer Biomet.
Verified Market Research has segmented the global electrical bone growth stimulator market on the basis of product, application, and geography.
- Electrical Bone Growth Stimulator Market, By Product
- Implanted type
- Electrical Bone Growth Stimulators Market, By Application
- Hospitals and Clinics
- Home Care
- Academic and research institutes
- Electrical Bone Growth Stimulator Market, By Geography
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
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