The global bone morphogenetic protein market is expected to stand at US$587.069 mn by the end of 2022, as stated in a research report released by Transparency Market Research. The global bone morphogenetic protein market was valued at US$612.601 mn in 2013, and is expanding at a CAGR of 2.10% within the given forecast period from 2014 to 2022.This data is provided in the latest research report published on the TMR website, titled “Bone Morphogenetic Proteins Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.” The report is an intensive analytical outlook on this market’s current trends as well as future projections. These analytics can allow a user to take the right business decision and progress in this market.
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Bone morphogenetic proteins form a critical part of the group that is responsible for growth. It is a multi-functional factor and originates from the superfamily of transforming growth factor beta. The key role of bone morphogenetic proteins has been in the development of cartilage and bones. Recently, there have been extensive studies on the role of bone morphogenetic proteins in chronic kidney disease, bone complications, and long bone autografts.
According to the report, the key driver of the global bone morphogenetic protein market is the growing number of physical trauma cases. There has recently been a growth in the number of sports-related injuries as well, further contributing to the growth of this market.
Another major driver of the global bone morphogenetic protein market is the growing percentage of the elderly in the global population. This rising demographic is the most prone to bone complications and is therefore a prime creator of demand for most bone-related healthcare and medical device markets, including the global bone morphogenetic protein market.
However, the global bone morphogenetic protein market is currently seriously hampered by the side effects associated with the off-label usage of market products. Another restraint on the market is the high cost of bone morphogenetic proteins, which is coupled with the overall low rate of approvals with limited indications. Another older restraint on this market is the easy availability of substitutes for bone grafts
The growth rate can be improved by a faster proliferation of the global bone morphogenetic protein market into the developing economies. In this context, while North America has led the market in 2013, the current focus is being put on the Asia Pacific region by many global players. A high population density coupled with a rapidly evolving healthcare infrastructure is creating a higher appeal for this region. The report expects North America to continue dominating the global bone morphogenetic protein market in the given forecast period, owing to a high number of patients between 40 and 80 years who are suffering from lower back pains.
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The report segments the global bone morphogenetic protein market on the basis of types and applications. Based on type, this market has been segmented into rhBMP-2 and rhBMP-7. Of these, the U.S. FDA has approved the use of rhBMP-2 in tibial shaft fractures, opening up its scope of growth more than the latter. rhBMP-7 is mostly used as an alternative in very specific autograft cases.
Based on application, the global bone morphogenetic protein market was dominated by the spinal fusion surgeries segment in 2013, when it held 76.5% of the market.
The key players in the global bone morphogenetic protein market, as detailed in the report, include Cellumed Co. Ltd., Medtronic, and Stryker Corporation.
Key Segments of the Global Bone Morphogenetic Protein Market
Global Bone Morphogenetic Proteins Market Revenue, by Types
Global Bone Morphogenetic Proteins Market Revenue, by Application
· Spinal Fusion
· Reconstructive Surgery
Global Bone Morphogenetic Proteins Market Revenue, by Geography
· North America
· Asia Pacific
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