October 18, 2022 10:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del: , Oct. 18, 2022 (GLOBE NEWSWIRE) -- The global bone growth stimulators market is expected to witness year-on-year growth with a phenomenal CAGR of 9.9% over the projection period from 2022 to 2028. The global market is anticipated to reach US$ 3.3 Billion in 2028. Growth in the market is attributed to the rising overall fracture injuries around the world which are expected to propel the demand for bone growth stimulators over the upcoming years.
Bone growth stimulators are majorly used for a specific type of fracture, and it is also useful during supportive therapy after surgery on a fracture, and corrective osteotomy. Owing to the recent technological developments in the market, innovation of products like the AccelStim bone growth stimulator and other products which emit high-frequency sound waves (ultrasound signals) are anticipated to bolster market growth over recent years. These advancements in the healthcare sector will aid in propelling bone growth and assisting in the healing of damaged bones proposing positive growth in the near future.
According to a recent study conducted by the International Osteoporosis Foundation, statistics revealed that more than200 a million people are suffering from osteoporosis. Worldwide, 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime. These numbers are anticipated to increase at a fast pace in the assessment period, therefore, bolstering the demand for bone growth stimulators worldwide.
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The prominent players operating in the global bone growth stimulators market are extensively investing in research and development activities in order to launch innovative and technologically advanced products that cater to an expanding customer base. In addition to that, dominant market players are heavily investing in mergers, acquisitions, collaborations, and partnerships to strengthen their distribution networks.
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More Insights into the Bone Growth Stimulators Market
The U.S. is expected to dominate the North American region by garnering maximum sales in the global bone growth stimulators market. The global market is anticipated to account for about 42.5% of the total market share in 2022. According to the CDC, around 1 out of every 4 U.S. adults (23.7%, 58.5 million people) suffer from diagnosed arthritis. The incidence of arthritis and osteoarthritis is predicted to grow in the forthcoming years, which in turn will propel the demand for electrical bone growth stimulators over the assessment period.
The U.K. is predicted to dominate the European bone growth stimulators market in the forthcoming years, as it accounts for around 20.4% of the total market share in 2022. The growth is attributed to the growing preference for minimally invasive procedures and the rising popularity of medical tourism in the country.
Bone Growth Stimulators Market by Category
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3.1. Key Trends Impacting the Market
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