Bone Morphogenetic Proteins Market Expected to Behold a CAGR of 2.10% through 2014 – 2022
Bone morphogenetic proteins (BMPs) that have been classified under transforming growth factor beta super family are considered as multi-factorial growth factors. Bone morphogenetic proteins are naturally occurring proteins which are found in human body, engaged with numerous cellular responses. These bone morphogenetic proteins have been approved by the FDA for usage in various orthopedic applications like tibia non-unions, oral surgery, and spinal fusions. These proteins comes with the ability to induce own cells of the patients for bone formation. In addition to that, bone morphogenetic proteins have proved to be advantageous for patients who are going through spinal fusion surgery by means of elimination of the need for bone harvesting from the region of pelvis.
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With rising intense rivalry between various companies such as Stryker Corp., Cellumed Co. Ltd., and Medtronic Plc., the international market for bone morphogenetic proteins exhibits a highly concentrated and competitive landscape of business. These market participants are actively investing in research initiatives that are directed towards developing innovative products that match with the ever changing requirements of the consumers. Over the years to come, the leading market players are anticipated to increasingly engage into various market strategies such as strategic alliances, acquisitions, and mergers with local players and startups so as to strengthen their positions in the market, observes the said research report.
As per the estimations by the report, the world market for bone morphogenetic proteins is expected to experience a sluggish rise at a growth rate of 2.10% CAGR over the period of forecast which extends from the year 2014 to the year 2022 and attain a market valuation of around US$ 0.58 bn by the end of the period of forecast.
North America to Continue with its Dominance over the Period of Forecast
Taking regional distribution into consideration, the said market in North America presently holds the lion’s share of the international market for bone morphogenetic proteins, and it is trailed by Europe. In addition to that, North America, with a market share of more than 70%, is anticipated to dominate the said industry over the period of forecast.
This leadership is experienced owing to the high awareness about bone morphogenetic proteins products, soaring number of spinal fusion procedures, and availability of premium priced recombinant bone morphogenetic proteins products. In addition to that, the highest growth of this industry is anticipated to emerge in Asia Pacific over the period of the forecast.
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Rising Incidences of Trauma to Trigger Growth of the Market
The international market for market for bone morphogenetic proteins is witnessing a high growth due to the surging reports of sports injuries and trauma are increasing the number of spinal fusion surgeries across the globe. The said market is also gaining traction from substantial growth in the expanding base of elderly people, who are now prone to numerous bone-related disorders, such as osteoarthritis, osteoporosis, and arthritis.
Over the years to come, the soaring requirement for minimally invasive surgeries and the expanding pool of patients who have been suffering from the issues of lower back pain are likely to encourage the demand for bone morphogenetic proteins across the globe, thereby impacting positively on this market, as the market research report states.