Report: Asia-Pacific bone growth stimulator market to reach $29.3m by 2023
The bone growth stimulator market in the Asia-Pacific (APAC) region is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from $21.7m in 2016 to $29.3m by 2023, according to a report by GlobalData.
Titled ‘MediPoint: Bone Growth Stimulators – Asia-Pacific Analysis and Market Forecasts’, the report covers the APAC countries of Australia, China, Japan, New Zealand, South Korea, and Taiwan.
Increase in incidences of fractures, osteoporosis and spinal disease due to a growing elderly population, and patient awareness regarding stimulation treatments are expected to drive growth in the market. Research efforts aimed at improving the efficacy of bone growth stimulators is also expected to drive the market growth.
Electrical stimulation using bone growth stimulators is emerging as an effective treatment option for fractures and failed spinal fusions. The treatment’s efficacy, however, has not been established with research currently ongoing.
Positive data from the research is needed to develop a favourable reimbursement scenario and increase adoption among physicians and patients, opines Jennifer Ryan, Healthcare Analyst for GlobalData.
Country-wise, China is expected to become the fastest growing market in the APAC region, at a CAGR of 6.1%. Implantable devices, however, are currently not approved in China. Growth will be driven by improvements in the country’s healthcare landscape.
Access to healthcare is a major hurdle for Chinese patients, especially for those with lower incomes. The government has taken a number of measures to improve the healthcare system by ensuring that more than 95% of the population have some form of coverage. Despite the measures, healthcare in China is costly and quality is below par.
Additionally, government reimbursement policies favour domestically manufactured devices by offering high reimbursement rates. Manufacturers, therefore, may face hurdles while entering the Chinese market.