Bone Morphogenetic Proteins Market Expected to Reach USD 587.069 Million Globally in 2022: Transparency Market Research
According to a new market report published by Transparency Market Research “Bone Morphogenetic Proteins Market (Types : rhBMP-2 and rhbmp-7; Applications: Spinal Fusion, Trauma, Reconstructive and Oral- Maxillofacial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014 – 2022”, the global bone morphogenetic proteins market was valued at USD 612.601 million in 2013 and is expected to grow at a CAGR of 2.1% during the forecast period from 2014 to 2022 to reach USD 587.069 million in 2022.
Browse the full Bone Morphogenetic Proteins Market Report: http://www.transparencymarketresearch.com/bone-morphogenetic-protein-market.html
To date, autograft bone graft substitutes harvested from the patient’s own body and allografts harvested from human cadaver or animal are considered ideal for healing injured bone tissues. Although, autologus and allogenic bone grafting is an effective treatment of certain spinal disorders, the bone transplantation procedure could prolong hospital stay, increase blood loss, recovery time, risk of infectious disease transmission, and increased stress at the harvest site. Furthermore, autografts are not suitable for elderly patients and allogenic bone grafts in some cases show low bio-activity level. Thus, bone grafting procedures are witnessing a steady shift from allogenic and autologus bone graft substitutes to growth factors such as bone morphogenetic proteins (BMPs) and cell-based matrices. BMPs have the ability to stimulate new bone formation by initiating the differentiation of stem cells into osteoblasts. The BMP products have eliminated the need for bone harvesting and reduced the healing time. Thus, the market for BMPs is increasing owing to better osteoinduction and fusion rate, which have reduced the hospital stay, consequently reducing the overhead expenses.
The global bone morphogenetic proteins market, based on geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, North America accounted for the majority share of this market globally in terms of revenue and is anticipated to retain its position during the forecast period. Growth in this market is expected to be driven by aging population and the desire to have an active lifestyle. Similarly, increasing incidences of lower back pain, which is commonly observed in people aged between 40 years and 80 years, is also a key factor that is expected to increase the uptake of BMPs in North America. According to the National Institutes of Health statistics, lower back pain was the most common cause of pain, followed by migraine or headache, and neck pain in the U.S. in 2012. Moreover, 28.4% of the population of the U.S. visits physician clinics for chronic lower back pain. Lower back pain is associated common reason for missed work and job-related disability. Thus, patients with back pain are advised spinal fusion procedures, if non-surgical treatment is ineffective. Therefore, growing incidences of lower back pain that requires spinal surgeries is expected to propel demand for bone morphogenetic proteins in North America. Furthermore, in North America spinal fusion surgeries accounted for the largest share of the market at 76.5% in 2013. In addition, according to the Agency for Healthcare Research and Quality (AHRQ), the number of spinal fusion procedures in the U.S. increased by 72% from 2002 (260,000) to 2011 (460,000). The European region followed the North America bone morphogenetic proteins market globally in 2013.
Press Release for Bone Morphogenetic Proteins Market:
The most promising growth in this market is expected to emerge from the Asia-Pacific region due to rising geriatric population, which is more prone to orthopedic disorders and requires urgent effective care. In addition, the rapidly evolving medical tourism industry in countries such as India, Thailand, and Singapore, rise in disposable income, and growing awareness about orthopedic treatment are few key reasons that are anticipated to propel growth of the BMP market in this region. The BMP market in RoW is underdeveloped and has not expanded due to high cost, reimbursement challenges, and inadequate training of surgeons. Adverse side effects associated with BMP usage have also restricted the uptake of BMPs in these regions.
The market for bone morphogenetic proteins is emerging and is currently occupied by only two players, Medtronic plc and Olympus Biotech Corporation. Of the two, in 2013 Medtronic held the lion’s share due to wide usage of INFUSE. On the other hand, Olympus Biotech accounted for less than 7% of the global BMP market. This is because OP-1/Opgenra is approved for cases, where autologus bone marrow harvesting is not possible or other treatments have failed.
The global bone morphogenetic proteins market is segmented by type as follows:
o Global Bone Morphogenetic Proteins Market Revenue, by Types
o Global Bone Morphogenetic Proteins Market Revenue, by Application
o Spinal Fusion
o Reconstructive Surgery
o Global Bone Morphogenetic Proteins Market Revenue, by Geography
o North America
o Asia Pacific
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Nachiket Ghumare
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453