Albany - New York, Sept. 30, 2015 (GLOBE NEWSWIRE) -- According to a recent market research report published by Transparency Market Research, the global bone morphogenetic protein market is estimated to expand at a CAGR of 2.10% during the period from 2014 to 2022. The report, titled "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", projects the global bone morphogenetic protein market to reach a valuation of US$587.069 mn by 2022. The overall market was worth US$612.601 mn in 2013.
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The report cites that the increase in number of spinal fusion surgeries would increase the demand for bone morphogenetic proteins or BMPs. Rapidly growing geriatric population, and surge in trauma and sports-related injuries will also expedite the demand for bone morphogenetic proteins. Rising demand for minimally invasive surgeries and growing number of spinal surgeries are expected to boost the global bone morphogenetic proteins market. However, the report notes that the high cost of bone morphogenetic proteins and approval for limited indications will restrict the overall market. Off-label usage of bone morphogenetic proteins has been linked to serious side effects. This has led to decline in market revenue. Availability of alternative bone graft substitutes will also reduce the demand for bone morphogenetic proteins. The global bone morphogenetic protein market has a huge opportunity to grow in emerging countries.
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According to the type, the report segments the global bone morphogenetic protein market into recombinant human bone morphogenetic protein-2 (rhBMP-2) and recombinant human bone morphogenetic protein-7 (rhBMP-7). The U.S. Food and Drug Administration has approved the usage of rhBMP-2 for treating acute and open tibial shaft fractures and this has boosted the demand for rh-BMP-2. In particular instances where autograft or any other treatment is not feasible for recalcitrant long bone nonunion, rhBMP-7 is used as an alternative.
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On the basis of application, the report segments the global bone morphogenetic protein market into trauma, spinal fusion, oral-maxillofacial, and reconstructive surgery. Spinal fusion surgeries drive the demand from the global bone morphogenetic protein market. In 2013, spinal fusion surgeries held 76.5% of the market in North America.The report studies the global bone morphogenetic protein market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America dominated the overall bone morphogenetic protein market in 2013 owing to increased number of patients suffering from lower back pain in the age group of 40-80 years. Europe was the second largest market for bone morphogenetic proteins in 2013.
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The report profiles some of the key players in the global bone morphogenetic protein market such as Stryker Corporation, Medtronic, and Cellumed Co. Ltd. The report offers insightful information about the key players such as product portfolio, financial overview, business strategies, and recent developments. The report also studies in detail the successful strategies implemented by the key players such as introduction of new indication, carriers, and formulations for BMP products, and investing in emerging economies.
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The research study has been segmented as below:
Global Bone Morphogenetic Proteins Market Revenue, by Types
Global Bone Morphogenetic Proteins Market Revenue, by Application
- Spinal Fusion
- Reconstructive Surgery
Global Bone Morphogenetic Proteins Market Revenue, by Geography
- North America
- Rest of the World
Browse All Other Biotechnology Research Reports: http://www.transparencymarketresearch.com/biotechnology-market-reports-18.html
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research