LONDON, Jan. 23, 2017 /PRNewswire/ -- The global bone morphogenetic protein (BMP) market size is expected to reach over USD 644.6 million by 2024, based on a new report by Grand View Research, Inc. Increasing incidence of spinal fusion, trauma, and small bone surgeries coupled with demand for faster bone recovery are the key drivers affirming growth of BMP market.
Low back pain and spinal disc dislocation are some of the most common occupational hazards. Over 75% of such disorders require spinal surgery after noninvasive treatment options are unable to provide any relief. Minimally invasive surgery, shorter hospital stays, and fast recovery are common demands observed among patients. BMP has gained high acceptance among orthopedic surgeons in recent years owing to its ability to cater above mentioned benefits
Sport-related injuries, growing geriatric population, and increasing awareness about osteoinduction products as an alternative to bone grafting are other drivers accentuating market growth. BMP has reported outstanding results over bone graft, such as lack of donor morbidity, extensive surgical procedure, higher recovery time, pain & numbness, and high cost.
Further Key Findings from the Study Suggest:
rhBMP-2 and rhBMP-7 are the commercially available recombinant BMPs. rhBMP-2 is widely known for its high osteoinductive property for faster formation of bone and cartilage in bone fusion procedures
rhBMP-2 held more than half of the market share in 2015. Key attributes contributing toward its growth are high acceptance, wide range of applications, and easier availability in developing countries
rhBMP-7 on the other hand is expected to witness decline in market share over the forecast period owing to factors such as limited usage and discontinuation of OP-1from 2014 by Olympus
Spinal fusion held the largest share in 2015. Increasing cases of sport-related spinal injuries, wide range of product availability, easier usage, and long-term reliability are major factors for the aforementioned dominance.
North America held a significant share of over 65.0% in 2015. High number of orthopedic surgical procedures, and availability of favorable reimbursement policies are drivers that can be attributed to for largest share.
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