Bone Wax Market - Growth, Trends, and Forecast (2020 - 2025)
The Bone wax market studied was anticipated to grow with a CAGR of nearly 2.5% during the forecast period. The major factors attributing to the growth of the market are the rise in the global prevalence of sports and recreation-related injuries, orthopedic diseases and accidental fracture cases leading to surgical procedures. In addition, increasing the use of absorbable bone wax products in surgeries is a primary factor driving the growth of the bone wax market. For instance, according to the National Safety Council (NSC) report, in 2017 about 526,000 were diagnosed with sports and recreation-related injuries and are expected to grow throughout the forecast period fueling the global market.
Scope of the Report
Bone wax is a sterile mixture of beeswax and isopropyl palmitate, a wax-softening agent used to control bleeding from bone surfaces during surgical operations that involve cutting through bones like orthopedics, thoracic surgery, neurosurgery, dental, traumatology, and maxillofacial surgeries.
Key Market Trends
Absorbable Bone Wax Products are Expected to Hold the Major Market Share in the Global Bone Wax Market
- The absorbable bone wax products are expected to account for the largest share and highest CAGR over the forecast period. This dominance is owing to the ease of application, safety, enhanced efficiency with their resorbable nature which does not necessitate the removal and reduced chances of side effects coupled with patient compliance of the absorbable bone wax. Also, an increased preference for these products due to biocompatibility and swift bone hemostasis attributes for their higher revenue. Furthermore, higher availability in various forms like ready-to-use sticks and putty-like products that can be easily molded to the desired shape and consistency drives the global market throughout the forecast period.
- On the basis of application, the orthopedic surgery segment is estimated to register the highest revenue share during the forecast period. The lucrative revenue from the segment is due to a rise in the prevalence of musculoskeletal conditions like trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Thus, a rise in demand for the segment contributes to the growth of the global bone wax market.
- Based on end-user, the hospital segment is expected to contribute a major share of the bone wax market. The segment is fueled by the increasing admissions of patients orthopedic disorder cases, is coupled with a rise in fall injuries among the geriatric population. Also, the ambulatory surgical centers generate higher revenue and are expected to witness the fastest growth rate due to their higher presence in North America and Western Europe along with increased adoption of these healthcare systems in the emerging economies which is expected to propel the global bone wax market.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the bone wax market throughout the forecast period. This dominance is mainly owing to the surging demand for bone wax with growing adoption for minimally invasive surgical procedures in the United States coupled with the awareness among people and higher prices of products. For Instance, according to the American joint replacement registry report-2018, over 1.4 million hip and knee arthroplasty procedures were recorded. Also, the increase in the adoption of newly introduced bone wax products along with favorable reimbursement and insurance plans covering the expensive surgical procedures are expected to contribute to the outstanding revenue propelling the global market across the forecast period.
Next to North America, Europe stands for the second-highest share in the bone wax market due to the presence of leading players and their huge investments along with advanced healthcare infrastructure in Germany and Spain which contribute major revenue in the region.
The market in the Asia Pacific is anticipated to expand at the highest CAGR during the forecast period. The steep growth of this market can be attributed to developing countries such as India and China. Also, an increased awareness program led by the government about surgical procedures and rise in health care expenditure drives the significant investments by key market players are estimated to increase throughout the forecast period propelling the global market
The global bone wax market is moderately competitive and consists of several major players. Some prominent players that are currently dominating the market In terms of market share are acquiring the products, entering into partnerships with the other companies to consolidate their market positions across the globe while others are distributing products. For instance, Abyrx developed a line of resorbable and absorbable hemostatic bone putty products like Montage, HemaSorb, and AHBP. Also, the company has partnered with SurgiCor to expand its geographical footprint of its Bone Putty market fueling the global market revenue. Some of the companies which are currently dominating the market are B. Braun Melsungen AG, Baxter International Inc, Johnson & Johnson, Medtronic plc, and Abyrx Inc.
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