Global Bone Morphogenetic Protein Market Size

Bone Morphogenetic Protein Market Analysis

The bone morphogenetic protein market is expected to grow with a CAGR of 2.5% during the forecasted period.

The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the orthobiologics market globally. According to a 2021 update by the National Safety Council (NSC) in America, the Consumer Product Safety Commission (CPSC) reported that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries decreased by 24%. The highest decrease in injuries was sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a more than 60% reduction from March through September 2020. Thus, the COVID-19-imposed lockdown impacted the bone morphogenetic protein market significantly. However, with a better screening process, the market is now opening up, increasing growth. For instance, in April 2022, an article published in the Europe PMC stated that after a year of maintaining 'non-COVID' hospital status for elective surgery, restrictions began to ease as the COVID-19 positivity rate dropped to 1.2% in Nassau County, New York on 1 May 2021. On 3 May 2021 on-site pre-surgical testing (PST) appointments resumed. Currently as the pandemic has subsided the market has gaines some traction, thus it is expected to have a stable growth during the forecast period of the study.

The key factors that are responsible for the growth of the market include the growth in the incidences of sports-related injuries, the growing demand for minimally invasive surgeries, and technological advancements that are being done in the field of bone morphogenetic protein. According to the Centre for Disease Control and Prevention, the number of people participating in sports is increasing across both developing and developed nations, ultimately leading to increased sports injuries. The article, titled 'Arm Injury Statistics' in 2021 reported that 6 million people in the United States broke a bone each year. In those over age 75, hip fractures become the most common broken bone. Fractures account for 16% of all musculoskeletal injuries in the United States annually. More than 40% of fractures occur at home. Therefore, the increasing incidence of bone fractures in the aging population, mainly hip fractures requires assistance for routine activities. This is expected to boost the requirement for bone morphogenetic protein for patients. As the number of such sports-related injuries is increasing, there is a growing demand for bone morphogenetic protein, which helps people who need to form bone.

Increasing injuries such as spinal cord injuries are expected to increase the minimally invasive surgeries which is expected to increase market growth. As per the Spinal Cord Injuries Australia (SCIA), a non-government organization, approximately 15,000 people in Australia have spinal cord injuries (SCIs) in 2020. According to the data published by the United Kingdom Spinal Injury Association, in 2021, approximately 2500 people are injured or diagnosed with spinal cord injuries each year, with an estimated 50,000 people in the United Kingdom living with them. Thus, increasing incidences of sports-related injuries, the growing demand for minimally invasive surgeries, and technological advancements are expected to increase market growth.

However, high cost of procedures coupled with the availability of alternative treatments are expected to hinder the market growth.