Albany, NY -- (SBWIRE) -- 09/05/2017 -- With intense rivalry between Medtronic Plc., Cellumed Co. Ltd., and Stryker Corp., the Global Bone Morphogenetic Proteins Market displays a highly competitive and concentrated business landscape, finds a new study by Transparency Market Research (TMR). These players are actively investing in research initiatives directed towards developing innovative products that match the changing requirements of consumers. Over the coming years, the leading players are expected to increasingly involve into mergers, acquisitions, and strategic alliances with local players and startups to strengthen their positions in the overall market, states the research report.
As per the report's estimations, the global market for bone morphometric proteins will witness a sluggish rise at a CAGR of 2.10% over the period from 2014 to 2022 and reach a value of US$0.58 bn by the end of the forecast period. Spinal fusion has emerged as the leading application area of bone morphogenetic proteins and is expected to continue report high demand in the near future. Among all types of bone morphogenetic proteins, rhBMP-2 is enjoying the most prominent demand at present. Researchers predict the trend to remain so over the next few years.
Europe, North America, Asia Pacific (APAC), and the Rest of the World (RoW) have been considered as the prime geographical segments of the worldwide market for bone morphogenetic proteins in this research study. North America, among the lot, has been leading the global market and is anticipated to continue to dominate throughout the period of the forecast, notes the research study.
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Increasing number of Bone Injuries to Boost Demand for Bone Morphogenetic Proteins
According to an analysts at TMR, "the global market for bone morphogenetic proteins is experiencing a high rise, thanks to the increasing reports of trauma and sports injuries and the augmenting number of spinal fusion surgeries across the world. The market is also gaining from the significant growth in the population base of elderly people, who are prone to various bone-related disorders, such as arthritis, osteoporosis, and osteoarthritis.
Over the years to come, the escalating demand for minimally invasive surgeries and the rising pool of patients suffering from lower back pain issues are likely to fuel the demand for bone morphogenetic proteins across the world, reflecting greatly on this market, states the report.
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Availability of Bone Graft Substitutes to Restrict Demand
On the flip side, the easy availability of a number of bone graft substitutes is expected to cause significant damage to the otherwise proliferating global market for bone morphogenetic proteins, in the near future. The detrimental side-effects, triggered by the off-label utilization of bone morphogenetic proteins and the high costs associated bone morphogenetic proteins, are also projected to impede the growth of this market in the coming years.
Nonetheless, continual advancements in these proteins and the increasing government support in terms of funds for research are anticipated to propel this market over the next few years, states the research report.
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