07-Jun-2023 | Zion Market Research
The global bone wax market size was worth around USD 53.98 billion in 2022 and is predicted to grow to around USD 67.14 billion by 2030 with a compound annual growth rate (CAGR) of roughly 2.77% between 2023 and 2030.
The bone wax industry refers to the commercial aspects of producing, marketing, and distributing bone wax which is a medical device used in several surgical processes with the aim to control bleeding from bone surfaces. It is made of beeswax and isopropyl palmitate. There are several factors responsible for the growth of the industry and during the forecast period, it is likely to surge at a steady rate. Before using the bone wax product, the site has to be cleaned and sterilized. Once the medical professional has identified the areas of bleeding on the bone surface, the wax can be molded into a pliable mass and applied directly onto the bleeding surface. However, the specific usage and technique may vary depending on the surgical procedure, the surgeon's preference, and the type of bone wax being used.
This review is based on a report by Zion Market Research, titled "Bone Wax Market By Application (Orthopedic Surgery, Neurosurgery, and Others), By Product (Non-Absorbable Bone Wax and Absorbable Bone Wax), By Material (Natural Bone Wax and Synthetic Bone Wax), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/bone-wax-market
The global bone wax market is projected to grow owing to the increasing number of patients suffering from musculoskeletal disorders such as fractures, degenerative joint diseases, and spinal conditions. Factors such as age, trauma, injuries, repetitive movement and overuse, poor posture and ergonomics, and genetic factors are responsible for the growing number of patients. In some of these cases, patients may have to undergo surgical procedures to ensure that the condition is reversed or symptoms are effectively managed. The World Health Organization (WHO) estimates that nearly 1.4 billion across the globe are suffering from some form of musculoskeletal condition.
The bone wax industry is also registering advancements in terms of technology related to the production and use of bone wax to ensure that the medical device has maximum impact without affecting the patients in any negative way. Some of these developments include the development of new formulations, improved handling properties, and enhanced hemostatic efficacy. Moreover, the increasing population of elderly people who have higher vulnerability toward orthopedic conditions is also crucial to industry growth. In addition to this, factors such as the increasing number of major accidents and higher awareness rate amongst the medical community about the applications of bone wax are projected to work in favor of the market.
The global bone wax industry also deals with multiple growth limitations. One such major reason is the growing concern over potential complications and adverse effects associated with the use of bone wax. Some of these incidents include e tissue reactions, infection, inflammation, and foreign body reactions. Other issues such as cost constraints, changing dynamics in the surgical field, along with rising market competition could cause heavy losses in the industry.
The increasing investments in global healthcare may provide growth opportunities while regulatory compliance could challenge market expansion.
The global bone wax market is segmented based on application, product, material, and region.
Based on application, the global market segments are orthopedic surgery, neurosurgery, and others. The industry witnessed the highest growth in the orthopedic surgery segment owing to the higher use of bone wax during such medical procedures. Bone wax is frequently used in processes such as joint replacement surgeries, fracture fixation, spinal surgeries, and bone grafting. During these surgeries, bone wax is applied to the drilled or cut bone surface and helps in promoting clot formation. In neurosurgical processes, the product is used in procedures involving cranial or spinal bone manipulation. Other applications include dental, maxillofacial, and thoracic surgeries. As per official data, more than 160 spine surgeries are conducted every year across the globe.
Based on product, the global bone wax market segments are non-absorbable bone wax and absorbable bone wax. The industry registered the highest CAGR in the non-absorbable bone wax segment due to several factors including prolonged hemostasis and easy removal. Furthermore, non-absorbable bone wax provides long-term effectiveness since it remains in place for an extended period without breaking down or dissolving. However, in certain conditions, absorbable bone wax may be used. This type of wax is expected to biodegrade over time and is absorbed by the body. Generally, such waxes are made of a combination of fatty acids and glycerol ester. As estimated by NIH, the material dissolves in the implanted site within 24 to 48 hours.
Based on material, the global market segments are natural bone wax and synthetic bone wax.
The global bone wax market is expected to witness the highest growth in North America led by the existence of an advanced medical infrastructure along with higher accessibility to primary medical care. The regional market also benefits from an increasing number of medical device manufacturers along with large-scale pharmaceutical companies who invest in research & development programs for increasing the efficiency of the existing devices while ensuring constant innovation.
Moreover, the rising number of strategic alliances undertaken by US-based medical device firms to enter new markets and expand business avenues could lead to higher CAGR in North America. Europe is projected to register high growth due to the increasing geriatric population the rising rate of surgical processes along with the presence of medical reimbursement policies allowing more people to undertake medical services when needed.
Bone Wax Market: Competitive Analysis
The global bone wax market is led by players like:
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