27 Feb 2017
Posted in Press Release
Asia-Pacific bone growth stimulator market to reach $29.3 million by 2023
The bone growth stimulator market in the Asia-Pacific (APAC) region, which covers Australia, China, Japan, New Zealand, South Korea, and Taiwan, is set to rise from $21.7 million in 2016 to around $29.3 million by 2023, representing a compound annual growth rate (CAGR) of 4.4%, according to GlobalData, a recognized leader in providing business information and analytics.
The company’s latest report states that key market drivers include a growing elderly population and subsequent rise in fracture incidence, osteoporosis, and spinal disease, rising patient awareness of the availability and benefits of stimulation treatments, and continued research into the efficacy of bone growth stimulators.
Jennifer Ryan, Healthcare Analyst for GlobalData, explains: “Electrical stimulation using bone growth stimulators has long been considered a viable treatment option for fracture non-unions, failed unions, and failed spinal fusions. However, the efficacy of these devices is not well established, and potential patient benefit through their use on fresh fractures is currently under investigation. Continued research on these devices is necessary to grow the market, as positive data will precipitate a more favorable reimbursement scenario, increasing physician and patient adoption.”
China will be the fastest growing market in the APAC region, with a CAGR of 6.1% over the forecast period, according to GlobalData. This space includes only external bone growth stimulators, as implantable devices are not currently approved for use in China, and growth will be driven largely by an improving healthcare landscape, a growing middle class population, and an increasing elderly population.
Ryan continues: “Access to healthcare has traditionally been a significant obstacle for many patients in China. In order to alleviate this, government officials have made significant improvements to the healthcare system in recent years that allow more than 95% of the population to have some form of coverage, although care can still be costly and quality can be subpar.
“Indeed, the wide disparity of healthcare services across China still presents a hurdle for many patients, particularly those with lower incomes who are living in rural areas. Additionally, bone growth stimulator manufacturers attempting to break into the Chinese market may face difficulty, as reimbursement policies favor the use of domestically manufactured devices by providing high reimbursement rates.”
– Information based on GlobalData’s report: MediPoint: Bone Growth Stimulators – Asia-Pacific Analysis and Market Forecasts.