Growing Prevalence of Minimally Invasive Procedures and Increasing Technological Development in the Field of Bone Morphogenetic Protein are Anticipated to Boost the Bone Morphogenetic Protein Market during The Forecast Period 2021-2026. Bone Morphogenetic Protein Market size is estimated to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026.
The Bone Morphogenetic Protein market is growing at a significant rate owing to increasing prevalence of minimally invasive procedures and rising development in technology in the field of bone morphogenetic protein. Bone morphogenetic are also known as cytokines that helps to maintain and cartilage and bone morphogenesis also helps to insert specific cells and from a new bone. Furthermore, increasing research and development activities in healthcare industry is set to further enhance the overall market demand for Bone Morphogenetic Protein Market for the period 2021-2026.
The Bone morphogenetic protein are naturally occurring proteins that are involved in various cellular responses and belong to beta super family. It is used in various orthopedic application such as spinal fusions and oral surgery and useful for the spinal infusion treatment. This is also called as rh-BMP-7 which helps in the treatment of kidney disease. Bone morphogenetic also plays an important role in the development of central nervous system. There are two types of bone morphogenetic protein such as rh-BMP-2, and rh-BMP-7. Owing to growing number of sports injuries, the demand of rh-BMP-2 is increasing. Rh-BMP-7 provides effective results in bone grafting that also increasing the demand of rh-BMP-7 and are increasing the growth of this market. COVID-19 pandemic had greatly impacted the growth of Bone Morphogenetic Protein Market. Owing to shut down in the manufacturing units, there is an acute shortage in the supply of raw materials that reduces the sales and reduces the growth of health care research and development and are negatively impacted the growth of this market.
North America dominated the global market share of the Bone Morphogenetic Protein Market in 2020 owing to the growing advancement in technology, rising healthcare infrastructure and increasing R&D initiatives for the development of bone morphogenetic protein. According to National Spinal Cord Injury Center, more than 17,730 cases of spinal cord injuries occur in U.S. in 2019 that increases the growth of this market. The rapid growth in healthcare sector is driving the demand for bone morphogenetic protein. All these factors are set to avail new growth opportunities to the Bone Morphogenetic Protein market in the region during 2021-2026.
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Bone Morphogenetic Protein Market Growth Drivers:
Growing Prevalence of Minimally Invasive Procedures
Increasing sports related injuries are increasing the prevalence of minimally invasive surgeries that expands the growth of this market. Moreover, rising geriatric population and increasing number of accidents also increases the demand of minimally invasive procedures that helps to rise the growth of the Bone Morphogenetic Protein Market over 2021-2026.
Increasing Technological Advancement
Increasing technological development in the field of bone morphogenetic protein increases the growth of this Market. Various companies such as Stemgen s.p.a are offering technology such as hrBMP4 that increasing the growth of Bone Morphogenetic Protein Market over 2021-2026.
In September 2019, Medtronic received FDA approval for the use of Infuse bone graft that allow the usage of bone graft for Transforaminal Lumbar Interbody Fusion (TLIF) spine procedures.
The Major Players in this Market Include
The major companies in the Bone Morphogenetic Protein Market include Medtronic, Cellumed Co.,Ltd, Sigma-Aldrich Corporation, ProSpec, Ember Therapeutics, DePuy Synthesis, among others.
Over the years, major market players have focused on the development of bone morphogenetic protein. The launch of new market companies, adequate funding, and government-aided policies help in the development of Bone Morphogenetic Protein products. The continuous developments in the Bone Morphogenetic Protein Market such as advanced technologies, increasing funding amount of startups and research organizations, are the major factors set to drive the Bone Morphogenetic Protein market during the forecast period 2021-2026.
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