Portland, OR, June 29, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global spine bone stimulators market generated $487.8 billion in 2020, and is projected to reach $665.5 million by 2030, witnessing a CAGR of 3.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in the incidence of spinal cord disorder, rapid escalation in geriatric population, increase in incidence of spinal deformities, and upsurge in need for adequate healthcare facilities drive the growth of the global spine bone stimulators market. However, availability substitute, fixation instrumentation during fusion & non-union fractures, and high initial cost of these devices hamper the market growth. Contrarily, rise in awareness of newly developed technologies and upsurge in healthcare expenditure are expected to provide lucrative growth opportunities for the market.
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COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic led to the global lockdown, which in turn, hampered the overall growth of the global spine bone stimulators market.
- The lockdown resulted to reduction in outdoor sport activities and in-road traffic accidents. Also, reduction in planned surgeries affected the market growth.
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The report offers detailed segmentation of the global spine bone stimulators market based on device type, end user, and region.
Based on device type, the non-invasive Spine Bone Stimulators segment held the highest market share in 2020, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 3.3% from 2021 to 2030.
Based on end user, the hospitals segment held the largest market share in 2020, holding around two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the specialty clinics segment is projected to register the highest CAGR of 4.0% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, holding more than half of the total market share, and is estimated to continue its dominant share by 2030. However, Asia-Pacific is projected to manifest the fastest CAGR of 5.1% during the forecast period.
Leading players of the global spine bone stimulators market analyzed in the research include Enovis (DJO Global, Inc.), Zimmer Biomet. Orthofix Medical Inc., Elizur Corporation, Ossatec Benelux BV, Orchid Medical, Inc., IGEA S.p.A., ManaMed Inc., Theragen, Inc. Intelligent Implants.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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