Medtronic, Bioventus LLC, Orthofix Medical Inc., Zimmer Biomet Holdings Inc., DJO, LLC, and Stryker Corporation, among others, are the major players in the global bone growth stimulators market.
The global bone growth stimulators market is expected to grow at a CAGR of 5.20% in the forecast period of 2021-2026 to reach a value of nearly USD 1.49 billion by 2026. As per the analysis by Expert Market Research, the market is expected to be driven by the rising cases of arthritis, osteoporosis, and accidental injuries.
The most common customers of the bone growth stimulator market are athletes who are more prone to bone-related injuries and require fast and effective treatment. The rising cases of injuries due to sports are aiding the market growth. Further, the growing geriatric population suffers from weakened bones and makes up a significant proportion of the target population for this industry. Additionally, poor lifestyles and unhealthy eating choices weaken the bones, making them susceptible to fractures. This is boosting the market growth of bone growth stimulators.
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The key players in the industry are Medtronic (NYSE: MDT) and Orthofix Medical Inc. (NASDAQ: OFIX). In February 2020, Orthofix Medical Inc., a global medical device company dealing in musculoskeletal products and therapies, announced that the U.S. FDA had given approval for the use of the STIM onTrack™ mobile app version 2.1 to be used with the Company’s bone growth stimulators. Such developments in the industry are aiding the market growth.
Headquarters: Minneapolis, Minnesota
Medtronic plc, an American-Irish registered medical device company, which primarily operates in the U.S. The company is one of the world’s largest medical technology, services, and solutions companies.
It has over 90,0000 employees across the globe. They cater to over 150 countries all over the globe. For the fourth quarter of the fiscal year 2021, ending on 30 April 2021, Medtronic reported a revenue of USD 8.188 billion, an increase of 37%. The GAAP net income was USD 1.361 billion. The non-GAAP net income came out as USD 2.038 billion, an increase of 162%.
Headquarters: North Carolina, United States of America
Bioventus Inc. develops innovations for energetic healing. It accomplishes this by providing solutions in musculoskeletal healing and regeneration. They have products for bone healing, bone graft, and knee osteoarthritis. Bioventus has more than 700 employees worldwide and generates annual revenue of USD 340 million.
Headquarters: Lewisville, Texas, United States of America
Orthofix Medical Inc., a global medical device company, focuses on musculoskeletal products and therapies. The company’s ambition is to improve lives by giving access to reconstruction and regenerative solutions. Orthofix is located in 70 countries worldwide. In February 2020, Orthofix’s mobile app STIM onTrack was approved by FDA. The app helps patients to follow their prescriptions and improve clinical outcomes. Net sales generated by Orthofix in the first quarter of 2021 is USD 106 million, up 1% compared to the previous year. However, the gross profit decreased USD 1.7 million in the same period.
Headquarters: Warsaw, Indiana, United States
Zimmer Biomet is a worldwide leader in musculoskeletal healthcare. They design, manufacture, and sell orthopedic reconstructive products, sports medicine, biologics, extremities, and trauma products, among others. They have operations in 25 countries and market their products in over 100 countries.
For the first quarter of 2021, Zimmer Biomet logged net sales of USD 1.847 billion, an increase of 3.6% from the previous year. The net earnings for the first quarter were USD 198.1 million. Zimmer got FDA approval for its product ROSA Partial Knee System, which is robotically assisted partial knee surgeries. Zimmer Biomet expects a growth of 14-17% by the end of the year 2021.
Zimmer Biomet has had to recall 1360 implantable bone growth and spinal growth stimulators. These devices are implanted during surgery sending electrical signals to speed up the body’s natural healing process.
Headquarters: Carlsbad, California, United States
DJO Global is a manufacturer and distributor of medical devices for musculoskeletal health, vascular health, and pain management. In 2018, Colfax Corporation acquired DJO global for USD 3.15 billion. Colfax Corporation is a leading technology company that provides orthopaedic and fabrication technology products all around the world. DJO global acquired Trillion Surgical in January 2021. Not soon after, they acquired MedShape in April 2021. In the first quarter of 2021, net sales of Colfax were USD 879 million, an increase of 8% from last year. The company generated an operating cash flow of USD 84 million and a free cash flow of USD 60 million. They expect to earn more than USD 250 million by the end of 2021.
Establishment: 20 February 1941
Headquarters: Kalamazoo, Michigan, United States
Stryker Corporation is one of the global leader in the medical technology. The company offers products and services in orthopaedics, medical and surgical, and neurotechnology. Their products are sold in about 100 countries all over the world. In January 2021, Stryker announced that they would acquire OrthoSensor Inc, a joint replacement technology business. Later that year, in May, Stryker Corporation acquired TMJ Concepts.
The reported net sales increased 10.2% from 2020 to USD 4.0 billion. The reported net earnings were USD 302 million, a decrease of 38.7% in the quarter.
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