Market Overview:
The worldwide bone morphogenetic protein market in 2018 was projected at USD 604.5 million and is estimated at USD 620.21 million in 2024, with a CAGR of 25%. The main factors responsible for market growth include development in the incidence of sport-related accidents, increased demand for minimally invasive surgery, and technological advances in the bone morphogenetic protein sector.
According to the Center for Disease Control and Prevention, the amount of sports participants is growing across both developing and developed nations, resulting in an increased amount of sports injuries. Approximately 8.6 million individuals are wounded worldwide during sports, as the National Health Institute NIH has mentioned. Spinal injury is the most common injury seen during the NIH survey among the wounded population. As the amount of such sports-related injury increases, there is increasing demand for morphogenetic bone protein as this protein helps individuals who need bone formation.
Scope of the Report:
Bone morphogenetic proteins BMPs signal molecules and most of them contribute to the protein family of Transforming Growth Factor-TGF. BMPs play a major part in the formation of bone and cartilage and embryogenesis. This study involves a thorough assessment of bone morphogenetic protein kinds and applications.
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Key Market Trends: –
Spinal Fusion is expected to hold the highest market share in the application segment:
Bone morphogenetic protein BMP is a protein that stimulates bone formation in the body and is commonly used in the surgery of spinal fusion. Studies have shown that BMP is commonly accepted to promote fusion at a pace higher than traditional bone graft surgery. Because of this, BMP gives the surgeon the freedom to perform the surgery with the ease of the enhanced fusion rate, avoiding the complications of the graft harvest of an iliac crest autograft. When avoiding the hip graft, the amount of time taken for surgery is shortened and complication rates are reduced, allowing a faster and less painful recovery time.With the increase in the number of spinal surgeries and the ease of surgery with the help of BMP, its use in spinal fusion surgery is increasing rapidly.
North America dominates the market and expected to do same in the forecast period:
Presently North America dominates the market and its presence is expected to continue for a few more years. The primary variables responsible for market growth in this region are a well-established healthcare system and the implementation of new techniques in the region. Approximately 1.62 million spinal fusion surgeries are conducted annually in the United States, according to information released by the National Institute of Health, which suggests that there is excellent scope for BMP use in the nation.
Competitive Landscape:
The industry is moderately competitive and is composed of several firms. A tiny amount of significant players are presently dominating the market in terms of market share. However, mid-size to smaller businesses are growing their market presence by introducing fresh products at affordable rates with technological advancement and product innovation.
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Significant market shares are held by companies such as Medtronic Inc., Sigma Aldrich Corporation, Stryker Corporation, Thermo Fischer Scientific, and DePuy Synthes.
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