Published: Oct, 2016
The global bone morphogenetic proteins (BMP) market has had a turbulent recent past. Medtronic, Inc. accounted for a landslide share in the BMP market until negative literature about the side-effects of INFUSE bone graft system was published in The Spine Journal in 2012. Side-effects reportedly included adverse effects on male sterility, extra bone generation, bone damage cancer, and nerve damage. INFUSE, which accounted for 92% share of the overall BMP market, witnessed decline in revenue in 2012 to 2014.
However, owing to constant product demand and positive reviews from organizations such as the Yale University, BMP market registered an increase in sales in November 2014 and January 2015 and is forecast to value US$587.06 mn by 2022. The global market for bone morphogenetic proteins market is projected to rise at a CAGR of 2.14% between forecast periods of 2014 to 2022. Apart from Medtronic, Inc. that held 94.4% share in 2012, Olympus Biotech is the only other major player in the market for bone morphogenetic proteins.
Asia Pacific Showing Most Promising Growth Rate
The BMP market in Asia Pacific is forecast to show a considerably increased CAGR of 2.9% from 2014 to 2022 as compared to the global growth rate of 2.14%. This improvement is a result of the availability of Rafugen (BMP-2) in South Korea which would increase the adoption of BMP-2 products in the Asian region. Although rhBMP-7 is anticipated to be withdrawn from the market since 2015 due to withdrawal of OP-1 Implant and OP-1 Putty from the market. By type, rhBMP-2 is projected to expand at a CAGR of 2.8% during the forecast period.
Acceptance of Spinal Surgeries by Increasing Geriatric Population Driving BMP Market
The number of spinal fusion procedures has increased rapidly in the last two decades. Procedures involving the joining of two of more vertebrae have become a common practice across the globe as compared to hip replacement, knee arthroplasty, and percutaneous angioplasty. The number of spinal fusion procedures is increasing due to the introduction of new spinal devices for holding the vertebrae. Also, a growing acceptance of spinal surgeries among the geriatric population in order to lead an active lifestyle is fueling the market.
Moreover, a rise in healthcare awareness coupled with the growing importance of adventure sports among youngsters has led to an increase in the incidence of sports injuries worldwide. BMPs are used for healing these injuries quickly and effectively. Furthermore, the increasing prevalence of lower back pain would also increase the number of spinal surgeries which in turn augurs well for the global market for bone morphogenetic proteins. Additionally, there has been a significant rise in demand for minimally invasive surgeries in the past few years. This factor is also expected to drive the growth of the BMP market.
Side-effects due to Off-label Usage of INFUSE have Severally Restricted the Use of BMP
Off-label usage of INFUSE was reported to have serious side-effects. These adverse effects associated with INFUSE have restricted the use of the product in some hospitals, and thereby negatively affecting the market growth. The availability of alternative bone graft substitutes is also reducing the demand for bone morphogenetic proteins. Currently, demineralized bone matrix (DBM) is one of the most widely used substitutes. The high cost of BMPs and approvals for limited indications are also limiting the market’s earnings.
According to the author of this research study, “One of the opportunities in the global market for bone morphogenetic proteins is the emerging countries in Asia Pacific and Latin America due to socio-economic developments and expanding population base. Growing middle class in countries such as India, China, and Japan along with the aging population is expected to contribute to the growth of the market.”
The information presented in this review is based on a Transparency Market Research report, titled, “Bone Morphogenetic Proteins Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022”
Key Segments of the Bone Morphogenetic Proteins Market
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
- Asia Pacific
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