A new Transparency Market Research report states that the global bone morphogenetic protein market was valued at US$612.601 mn in 2013.and is predicted to reach US$587.069 mn by 2022. It is expected to expand at a sluggish CAGR of 2.10% from 2014 to 2022. The title of the report is "Bone Morphogenetic Proteins Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022".
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According to the report, the market for bone morphogenetic proteins is fuelled by the growing geriatric population, increasing sports and trauma injuries, and the increasing count of spinal fusion surgeries. In addition, the growing demand for minimally invasive surgeries and a rise in population having lower back pain issues will also augment the demand for bone morphogenetic proteins. On the other hand, factors such as the presence of a number of other bone graft substitutes and the detrimental side-effects caused by the off-label usage of bone morphogenetic proteins may impede the growth of the market in the coming years. Furthermore, the soaring costs of bone morphogenetic proteins may also pose a negative effect on the growth of the market.
The report segments the market on the basis of type into rhBMP-2 and rhBMP-7. Amongst these, in 2013, the segment of rhBMP-2 held the largest share in the market on the basis of revenue. This is because rhBMP-2 has been broadly accepted by surgeons and physicians globally owing to it being effective in carrying out lower back spinal fusions. On the other hand, the segment of rhBMP-7 is predicted to lose all of its market share in the forthcoming years owing to the elimination of OP-1/Opgenra from the market, starting from August 2014.
On the basis of application, the report segments the market into trauma, spinal fusion, oral maxillofacial, and reconstructive surgery. Amongst these, the segment of spinal fusion holds the largest share in the market, trailed by the segment of trauma. On the other hand, the reconstructive segment is predicted to expand at low CAGR in the forecast horizon. This is owing to the availability of a number of promising bone graft alternatives and the limited utilization of bone morphogenetic protein products in reconstructive surgery.
On the basis of geography, the bone morphogenetic proteins market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America constitutes the largest share of more than 70% in the market for bone morphogenetic proteins and is predicted to lead the market all through the forecast horizon. This is due to the increasing awareness on bone morphogenetic protein products and the rising count of spinal fusion procedures.As per the report, the chief players operating in the market are Medtronic, Cellumed Co. Ltd., and Stryker Corporation, among others.
Full Research Report on Global Bone Morphogenetic Proteins Market with detailed figures and segmentation at: