The global bone morphogenetic protein market is expected to grow with a CAGR of 2.5% during the forecasted period. The key factors that are responsible for the growth of the market include the growth in the incidences of sports-related injuries, the growing demand for minimally invasive surgeries, and technological advancements that are being done in the field of the bone morphogenetic protein.
According to the Centre for Disease Control and Prevention, the number of people participating in sports is increasing across both developing and developed nations, and this is ultimately leading to an increased number of sports injuries. Approximately, 8.6 million individuals are getting injured during sports annually, as stated by the National Institute of Health (NIH), 2016. This accounts for 34.1 people per 1,000. Spinal injury is the most frequent injury that was seen among the injured population during NIH survey.
As the number of such sports-related injury is increasing, there is a growing demand for bone morphogenetic protein, as this protein helps people who need to obtain bone formation.
Key Market Trends
Spinal Fusion is Expected to Hold the Highest Market Share in the Application Segment
In the application segment, spinal fusion is believed to have the largest market size. Bone morphogenetic protein (BMP) is a protein which stimulates the formation of bone in the body and it is widely used in the spinal fusion surgery. Studies have revealed that BMP is accepted widely to facilitate the fusion at the rate greater than that of traditional bone graft surgery. Due to this reason, BMP gives the surgeon the freedom to perform the surgery with the ease of the improved fusion rate, which avoids the complications of an iliac crest autograft (hip) graft harvest. When the hip graft is avoided, it shortens the amount of the time taken for surgery, and reduces complication rates, allowing for quicker and less painful recovery time. With the rise in the number of spinal surgeries and the ease of surgery with the help of BMP, its application is increasing rapidly in spinal fusion surgery.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America currently dominates the market and is expected to continue its stronghold for a few more years. A well-established healthcare system and the adoption of novel technologies in the region are the prime factors responsible for the growth of the market in this region.
The US FDA approved the protein molecule called rhBMP-2 has become one of the preferred procedure for the surgeries associated with bone in the United States. As per the data published by National Spinal Cord Injury Statistical Center, 2019, approximately 17,730 cases of spinal cord injuries occur annually in the United States, which indicates that there is a great scope for the bone morphogenetic protein usage in the country.
The market is moderately competitive and consists of several companies. In terms of market share, a small number of major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products at affordable prices. Companies like Medtronic Inc., Stryker Corporation, Thermo Fischer Scientific hold a substantial market share.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support