With the advent of technology, the healthcare sector has witnessed numerous changes including the introduction of bone growth stimulators.
The best part about a bone growth stimulator is that it accelerates the whole process of bone healing which leads to a speedy recovery, reduced time of patient stay, increased cost-effectiveness, and lessens the chances of infections.
ESOMAR-certified market intelligence firm, Future Market Insights, projects the global market for bone growth stimulators to US$ 1.8 Bn by the end of 2022, exhibiting a CAGR of 9.9% through 2028. Bone growth stimulation therapy has gained immense popularity in the past few years across the global healthcare sector.
The technology behind a bone growth stimulator is helpful for people more prone to internal injuries and fractures as a result of accidents. As per studies, during the Covid-19 pandemic, in 2020, the elderly population became more prone to bone fractures due to lack of out-of-home activities, sedentary lifestyle, decreased exposure to sunlight, and consequent Vitamin D deficiency.
Considering the aforementioned factors, the spotlight is on bone growth stimulators and their highly efficient properties. In this blog, we will discuss how the use of bone growth stimulators is accelerating the healing of bone-related injuries such as fractures.
Non-invasive or minimally invasive surgeries fuelling demand for bone growth stimulators
The escalating demand for minimally invasive or non-invasive surgeries to treat patients with bone injuries is boosting the demand for bone growth stimulators. To add to this, the prevalence of spinal cord injuries globally has led to increased demand for spinal fusion surgeries. According to the World Health Organization, globally, around 250,000 to 500,000 people suffer from spinal cord injuries annually, mainly because of road accidents, falls, and violence.
The popularity of minimally invasive surgeries is linked with a set of advantages such as smaller incisions, negligent scarring, minimised amount of blood loss, and much more. Bone growth stimulator, once implanted at the time of spinal fusion surgery, generates a weak electrical current to target the desired spot with electromagnet fields to speed up the healing process.
Taking cues, manufacturers are getting into mergers and acquisitions to launch products that aid bone formation during surgeries. For instance, in October 2021, Bioventus Inc., a global leader in innovations for active healing, completed the acquisition of Misonix, Inc., a provider of minimally invasive therapeutic ultrasonic technologies and regenerative medicine that are designed to enhance clinical outcomes.
Bioventus expects to witness significant revenue growth opportunities with Misonix as it will accelerate the adoption of the recently launched neXus® platform used to facilitate ultrasonic procedures across spinal decompressions using the BoneScalpel®, SonaStar® for tumor ablation in the cranium, and SonicOne® for tissue debridement in chronic wounds.
Companies in the bone growth stimulators market are developing pulsed electromagnetic field (PEMF) therapy which is gaining popularity as a safe and non-invasive option for patients to relieve pain and inflammation.
Accelerated fracture healing to fuel sales of bone growth stimulators
After any injury that might lead to a fracture induces a fear in the mind of a human being – the fear of living the rest of the life without being able to perform normal day-to-day tasks to their optimum capacity. According to statistics, approximately 10% of the 7.9 million annual fracture patients in the United States experience nonunion and/or delayed unions, which have a substantial economic and quality of life impact.
Fracture healing is a long complicated process and in some cases there are high chances of a fracture not getting healed at all, resulting in a nonunion of the bone. Bone growth stimulators have come to the rescue as they hold low complication rates. The fact that bone growth stimulators use electrical and electromagnetic fields in bone healing processes propels their demand. Pulsed electromagnetic field (PEMF) therapy has been approved by the FDA for treatment of fracture non-unions and for the enhancement of bone formation after lumbar and cervical spine fusion surgery.
Various research and development activities to prove the efficacy of PEMF therapy are undergoing. For instance, Orthofox Medical Inc., in 2021, published the retrospective data evaluating fusion rates in patients receiving three- and four-level lumbar arthrodesis surgery. The company had set out to evaluate the success rate of Pulsed Electromagnetic Field Stimulation (PEMF) therapy to demonstrate the efficacy when used as an adjunctive treatment in patients receiving three- and four-level lumbar fusion surgery.
As per results, the fusion rate was very good across all patient types including those who were potentially at high risk of fusion failure. These results reconfirm the benefit PEMF therapy can provide patients when used after multi-level lumbar fusion surgery.
Sports injuries paving the way for market growth
According to the National Center for Biotechnology Information, participation of the youth in sporting activities is rising significantly, with an estimated 45 million child and adolescent participants in the U.S. As per studies, in the US, high school athletes alone account for an estimated 2 million injuries as well as 500,000 doctor visits and 30,000 hospitalisations each year. In fact, of all sports-related injuries treated in hospitals, children aged 5 to 14 account for nearly 40 percent of injuries.
As these numbers fluctuate, platelet-rich plasma (PRP) and bone morphogenetic proteins (BMP) products gain popularity as they support bone formation using bone growth stimulators during the treatment of different fractures and spinal operations. The National Center for Sports Safety estimates that two billion dollars are spent in the US health care system each year on the management of sports injuries. Given the substantial amount of spending on the management of sports injuries, the sales of bone growth stimulators are on a rise.
Top industry leaders such as Medtronics announced the launch of The Intellis™ with AdaptiveStim™ implantable neurostimulator powered by proprietary Overdrive™ battery technology. It is designed to overcome limitations with other SCS systems and is optimized for the increased energy demands of High Dose (HD) therapy. Medtronic exclusive features on the Intellis™ platform include AdaptiveStim™, wireless trialing system, and SureScan™ full-body MRI technologies. Wireless, sterile single-use external neurostimulator simplifies testing during trial and implant and is designed for patient comfort and convenience.
How are prevailing medical conditions driving the market across North America?
The number of Americans aged 65 and older will more than double over the next 40 years, reaching 80 million in 2040. The increasing geriatric population across North America has led to a growing burden of orthopaedic diseases in the region. According to the statistics published by the Centers for Disease Control and Prevention, about 1 in 4 US adults (23.7%) or about 58.5 million people have doctor-diagnosed arthritis. Arthritis forms a close link with inactivity among people giving rise to conditions such as cardiovascular disease, diabetes, obesity, and functional limitations.
To add to the numbers, the American Association of Neurological Surgeons reported that in the U.S., 8 million women are suffering from osteoporosis and 25% of women are estimated to be affected by Vertebral Compression Fractures (VCFs). The increasing prevalence of diseases like osteoporosis and arthritis has raises the demand for bone growth stimulators owing to their enhanced non-invasive healing properties.
Given the extreme prevalence of medical conditions associated with bone health across North America, leading industry players are expanding their portfolios. To complement this, Orthofix Medical Inc., a leading North American medical device company with a spine and extremities focus, announced that they have entered into an exclusive license agreement to commercialise the innovative portfolio of Italy-based IGEA S.p.A’s bone, cartilage and soft tissue stimulation products in the U.S and Canada.
Under terms of this agreement, Orthofix has the rights to pursue U.S Food and Drug Administration approvals and commercialisation of IGEA’s platform of orthopaedic products, which are not currently available in the U.S. These products will expand Orthofix’s bone growth therapies portfolio of Pulsed Electromagnetic Field (PEMF) products with additional treatment modalities and indications such as Low-Intensity Pulsed Ultrasound (LIPUS) and Capacitive Coupling (CC) for fracture management.
The pooled analysis based on the aforementioned factors lead us to the conclusion that the scope of bone growth stimulators is wide and beyond just one disease. The investments for the improvement of healthcare infrastructure has given the leaders in the bone growth stimulators market a chance to make their mark by launching products that stand out and take over the major revenue share.
The Centers for Diseases Control and Prevention projects an estimated 34.6 million adults to report arthritis-attributable activity limitations by 2040. This has created an increasing inclination towards active and healthy lifestyles, generating the demand for faster injury healing processes.
Furthermore, the ongoing product developments and advancements, is projected to push the demand for bone growth stimulators in the coming years.
Author Bio: Saurabh Sharma, General Manager Healthcare Research at Future Market Research at Future Market Insights
Saurabh is the General Manager for Healthcare Research domain at ESOMAR-certified market research and consulting firm Future Market Insights (FMI). The award-winning firm is headquartered in Dubai, with offices in the US, UK, and India. MarketNgage is the Market Research Subscription Platform from FMI that assists stakeholders in obtaining in-depth research across industries, markets and niche segments. You can connect with Saurabh on LinkedIn.
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