The increasing cases of sports injuries and the escalating count of spinal fusion surgeries have created a substantial demand for bone morphogenetic proteins. These naturally occurring proteins are a group of growth factors and have the ability to trigger the formation of cartilage and bones, owing to which, they are highly effective in healing bone injuries and surgeries.
The rising pool of lower back pain patients and the growing trend of minimally invasive surgeries is also expected to add significantly to the demand for bone morphogenetic proteins across the world. However, the easy availability of bone graft substitutes and the soaring prices of these proteins may limit their application in the coming years and affect this market negatively in the long run.
According to a report published by Transparency Market Research (TMR), the opportunity presented by the global market for bone morphogenetic proteins was worth US$0.6 bn in 2013. Experts predict that this market to expand at a moderate CAGR of 2.10% during the period from 2014 to 2022.
In this blog post, analysts at TMR answer important questions about the global market for bone morphogenetic proteins:
Which region has been leading the growth of the global bone morphogenetic proteins market?
North America has emerged as the leading regional market for bone morphogenetic proteins across the world. The rise in a number of bone-related disorders, primarily fueled by the growing geriatric population, and the increasing cases of spinal fusion surgeries has been driving the demand for bone morphogenetic proteins in this region over the past few years.
The region, as of now, is dealing with an overwhelming rise in the patient pool suffering from lower back pain. As per the U.S. National Institutes of Health statistics, in 2012, lower back pain surfaced at the most common cause of pain, exceeding the count of migraine and neck pain cases in the U.S. alone. The demand for bone morphogenetic proteins in North America is likely to witness a robust growth in the coming years.
Which regional market is likely to present most attractive growth opportunities in near future?
Asia Pacific is likely to present promising growth opportunities to the bone morphogenetic proteins market over the next few years. The presence of a large geriatric population base, prone to orthopedic disorders will require immediate care. This trend will be the main factor fuelling the demand for these proteins in Asia Pacific.
In addition to this, the large-scale progression in the medical tourism industry in Asian countries such as Thailand, India, and Singapore and the significant increase in the disposable income of people is projected to create new revenue streams for bone morphogenetic proteins producers in the coming years.
Which factor precisely characterizes the competitive landscape of the global bone morphogenetic proteins market?
The intense competition between Olympus Biotech Corp. and Medtronic Plc. defines the competitive landscape of the global market for bone morphogenetic proteins. Medtronic has been leading this market since its inception. Due to the growing popularity of INFUSE, the flagship product of Medtronic, the company is likely to remain dominant over the forthcoming years.