Bone Wax Research Report: By Product (Absorbable Bone Wax, Non-Absorbable Bone Wax), by Material (Natural Bone Wax, Synthetic Bone Wax), by application (Neurosurgery, Orthopedic Surgery, Orthopedic Surgery, Others), by End-User – Forecast Till 2023
he global Bone Wax Market Size is expected to grow at a CAGR of 3.5% over the forecast period. Bone wax is a mechanical hemostat used in surgeries to stop bleeding. Bone wax does not involve any pharmacological action. It is basically a sterilized mixture of beeswax and it consists of isopropyl palmitate, which is a wax softening agent and is used to stop bleeding from the bone surface. It is used in surgical procedures like orthopedics, thoracic surgery, neurosurgery, dental, oral, traumatology, and jaw surgery. The rising number of surgical procedures is a major booster which drives the global Bone Wax Market Size. Orthopedic surgeries are increasing due to the rising prevalence of orthopedic diseases, especially osteoporosis and accidental fractures. Also, the rising usage of absorbable bone wax products and the growing geriatric population is also fueling the market growth. According to the Population Reference Bureau in 2016, the number of Americans aged 65 and older is projected to reach 98 million by 2060. On the other hand, stringent government rules for the approval of bone wax and the availability of alternatives for bone wax may hinder the growth of the market during the forecast period.
The global Bone Wax Market Size is currently dominated by many market players. The prominent market players are engaged in new product launches and strategic partnerships to strengthen its market position. For instance, in February 2016, Wound Management Technologies announced the US Food and Drug Administration (FDA) clearance for its product HemaQuell, which is a resorbable bone wax.
The market in the Americas is expected to dominate the global Bone Wax Market Size during the forecast period owing to the increasing awareness among the people regarding bone wax and rising orthopedic surgeries. The European market is expected to be the second-largest due to government funding and support of the healthcare sector, increasing prevalence of bone diseases, and growing number of accident and injuries. According to the Arthritis Research UK in 2016, around 10 million people in the UK had a form of arthritis. Moreover, the market in Asia-Pacific region is anticipated to be the fastest-growing during the assessment period owing to the increasing awareness about surgical procedures requiring bone wax, increasing geriatric population, and rising healthcare expenditure. The market in the Middle East & Africa is likely to account for the smallest share of the global Bone Wax Market Size due to the slowly growing healthcare infrastructure mainly in the African region.
The global Bone Wax Market Size has been segmented into product, material, application, and end user.
The market, on the basis of product, has been segmented into absorbable bone wax and non-absorbable bone wax.
The market, by material, has been segmented into natural bone wax and synthetic bone wax.
The market, by applications, has been segmented into neurosurgery, orthopedic surgery, thoracic surgery, oral surgery, and others.
The market, by end-users, has been segmented into hospitals, specialty clinics, ambulatory surgical centers, and others.
Some of the key players in the global Bone Wax Market Size are ABYRX Inc., Wound Management Technologies Inc., Aesculap Inc., Ethicon Inc., Medtronic plc, Baxter International, Medline Industries Inc., Futura Surgicare Pvt. Ltd., CP Medical Corp., Bentley Healthcare Pvt. Ltd., WNDM Medical Inc., GPC Medical Ltd., and others.