Transparency Market Research Report Added Bone Morphogenetic Protein Market" to its database.
Albany, NY -- (SBWIRE) -- 12/08/2014 -- Bone morphogenetic proteins are multifunctional growth factors and are expressed during the cartilage repair, early fracture, and limb development. Currently, around 20 different BMPs are identified, where each protein possesses different degrees of tissue stimulating properties. These proteins provide means for quick recovery from fracture, where bone healing or augmentation is required. These proteins have been especially helpful in spinal fusion. BMPs are more likely to be used in patients who have undergone previous surgery or patients who are undergoing complex spinal fusion procedures.
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According to an article published in 2011 on website Science Daily there has been an increment in BMP assisted spinal fusion procedures from 5.5% in 2003 to about 28% in 2008. The article also states that nearly 30% spinal fusion procedures currently use BMPs. Growth factor impregnated spinal cages have been popular in spinal surgeries. Although expensive as compared to other methods, BMP application has increased owing to its efficiency, and minimum side effects.
Higher rate of fusion failure with traditional methods, also have increased the adoption of BMPs. BMP is also expected to replace the bone graft substitutes because of its high success rate. The number of spinal fusion procedures has almost doubled to 413,000 between 2002 and 2008, in the U.S. alone according to Bloomberg. This high rise in the procedures will provide a broad base for market expansion. Increasing incidences of fractures is also expanding the application of bone morphogenetic proteins. As these incidences are higher in developing nations, better market opportunities exist due to emerging patient pool such as road accident victims. According to a report published by World Health Organization (WHO) involving 28 nations, the total number of road traffic deaths is as high as 1.24 million per year. According to the Road Transport Ministry of India's report, around 0.5 million road accidents were reported in 2011. Apart from these factors, rise in geriatric population and sedentary life style adopted by modern generation, incidences of spinal disorders are bound to rise in the near future.
In spite of these drivers, the bone morphogenetic proteins market suffers from certain serious drawbacks. Owing to higher price of the products, the maker for bone morphogenetic proteins is expected to grow at a slower rate in the developing nations. Also, in the U.S. hospital charges for procedures involving BMP were about USD 15,000 greater than hospital charges for fusions without BMP. Unfavorable reimbursements have added to the worries. These restraints must be worked upon for better market capitalization. In this instance, medical tourism may be the right solution for people in United States and Europe. India, Brazil, Mexico, South-East Asia are major regions for medical tourism and can offer significantly more affordable procedures to patients.
Medtronic's InFUSE bone graft which consists of a genetically engineered human BMP- rhBMP-2 was approved in 2002. Commercially available BMPs which have been used for medical purpose include recombinant human bone morphogenetic protein-2 (rhBMP-2), rhBMP-7 or osteogenic protein-1 (OP-1). Stryker is the manufacturer of OP-1 with FDA approval in 2001, and is approved in other 28 countries including European Union nations, Canada, and Australia. The price for BMP-2 and BMP-7 is around USD 5,000 per kit in the U.S. Corporate can expand the market by increasing the cost to benefit ratio, by either decreasing cost or seeking approvals for use in other indications. Research and development on other BMPs may also help in increasing the product portfolio. Various off-label applications have indicated potential use in other procedures. Some of the key players in the market include Stryker, Medtronic, Olympus Biotech, DePuy Synthes and others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include:
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter's five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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