|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 53.98 billion||USD 67.14 billion||2.77%||2022|
Bone Wax Market
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 report analyzes the global bone wax market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the bone wax industry.
Bone wax is a waxy, sterile substance that is used in medical procedures to control bleeding from bone surfaces. It is a mixture of beeswax, paraffin wax, and isopropyl palmitate and is typically supplied in a paste-like form or solid block. During surgical processes, bone wax is applied to the cut surface of the bone which aids in hemostasis or stopping of bleeding by sealing off small blood vessels. It promoted clot formation by acting as a physical barrier adhering to the bone surface. Bone wax is easily moldable and can be effortlessly shaped to fit irregular bone structures or contours. This is the main reason for their high application and popularity in surgical procedures, including orthopedic, neurosurgical, and thoracic surgeries. Bone wax is frequently used during craniotomy and sternotomy. The former refers to skull surgery and the latter refers to chest surgery. During the forecast period, the bone wax market is expected to grow at a slow pace.
The global bone wax market is projected to grow owing to the increasing number of surgical procedures conducted across the world. Several factors have contributed to the surging rate of successful surgeries for various purposes. With the rising investments toward improved healthcare infrastructure along with the growing rate of disposable income aided by availability and access to medical reimbursement policies, people have become more equipped with spending on necessary healthcare-related procedures such as surgical operations. The National Institute of Health (NIH) claims that nearly 310 million major surgeries are conducted every year globally. The number of such operations has grown over the years due to increasing population and higher rates of accidents due to growing population density in rural and urban areas. The Indian Ministry of Road Transport and Highways estimates that nearly 1130 accidents occur every day in the Indian subcontinent.
Increasing availability of other advanced alternatives to restrict market expansion
The global bone wax market is expected to witness growth restrictions owing to the increasing availability of other more effective alternatives to bone wax which is generally used for hemostasis. For instance, sealants and hemostatic agents have gained significant popularity in the last few years. Furthermore, limited awareness surrounding the accurate use of bone wax for maximum impact and the least side effects could also impede industry growth during the forecast period.
Increasing investments in global healthcare to provide growth opportunities
The global bone wax industry is expected to witness several growth opportunities owing to the increasing investments in global healthcare. Countries and world leaders are investing in regional healthcare infrastructure while focusing on developing the global scenario surrounding access to quality medical care. This is achieved with the aid of international and non-profit organizations that work toward the betterment of society. India’s Investment Grid has suggested that there are nearly 600 investment opportunities that are worth more than USD 32 billion as of 2023.
Regulatory compliance to challenge the market expansion
The bone wax industry is subject to intense regulatory requirements and standards to ensure the overall safety and efficacy of the product. However, such compliance strategies are known to be resource-intensive as they can take up a lot of time and increase the overall cost of launching a product in any regional market. Moreover, such medical products have to undergo domestic testing and receive necessary approval before being launched in the commercial market.
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 bone wax industry segments are non-absorbable bone wax and absorbable bone wax.
Based on material, the global market segments are natural bone wax and synthetic bone wax. The latter segment registered the highest growth in the industry in 2022. Synthetic bone wax is made of a combination of synthetic materials, such as polymers or waxes. It may also include additives that are used to enhance the properties of the product. Factors that drive the demand for synthetic bone wax include higher consistency and excellent biocompatibility. Moreover, this type can be sterilized before use and hence is safer. It minimizes the risk of contamination or infection. Natural bone wax, which is derived from animal sources such as beeswax, may carry a higher risk of potential pathogens. The synthetic version is also allergen-free making it an ideal choice for use. A review by the JAMA network estimates that nearly 0.5% to 3% of patients undergoing surgical operation may become exposed to infections
|Report Attributes||Report Details|
|Report Name||Bone Wax Market Research Report|
|Market Size in 2022||USD 53.98 Billion|
|Market Forecast in 2030||USD 67.14 Billion|
|Growth Rate||CAGR of 2.77%|
|Number of Pages||209|
|Key Companies Covered||Ethicon (a subsidiary of Johnson & Johnson), Medtronic plc, Baxter International Inc., B. Braun Melsungen AG, Pfizer Inc., Integra LifeSciences Corporation, Stryker Corporation, Zimmer Biomet Holdings, Inc., 3M Company, Aesculap AG (a subsidiary of B. Braun Melsungen AG), Baxter Healthcare Corporation, Ecolab Inc., Ethicon US, LLC (a subsidiary of Johnson & Johnson), Medline Industries, Inc., Meyer-Haake GmbH Medical Innovations, Aesculap Implant Systems, LLC (a subsidiary of B. Braun Melsungen AG), Anika Therapeutics, Inc., C. R. Bard, Inc. (a subsidiary of BD), DePuy Synthes (a subsidiary of Johnson & Johnson), Gem srl, GPC Medical Ltd., Guangzhou Renfu Medical Equipment Co., Ltd., Humeca BV, MedSys Group, LLC, and Redax S.p.A.|
|Segments Covered||By Application, By Product, By Material, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to witness the highest growth
The global bone wax market is projected to register the highest growth in North America. The United States may lead with dominance over the largest part of the regional market share. One of the primary factors driving the growth in this region is the access to medical procedures backed by the countries such as the US and Canada being first-world countries equipped with robust healthcare infrastructure.
Moreover, the reimbursement policies in these regions are patient-friendly which allows more patients to invest in their health. In addition to this, the US is home to some of the most important companies operating in the medical devices and systems market with the US medical device export value increasing by 5.8% in 2018, as reported by Fitch Solutions. The Middle East and Africa may also register moderate growth with countries such as Saudi Arabia, South Africa, and the United Arab Emirates witnessing high investment in healthcare architecture.
The global bone wax market is led by players like:
Bone wax is a waxy, sterile substance that is used in medical procedures to control bleeding from bone surfaces.
The global bone wax market is projected to grow owing to the increasing number of surgical procedures conducted across the world.
According to study, 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
The CAGR value of bone wax market is expected to be around 2.77% during 2023-2030.
The global bone wax market is projected to register the highest growth in North America.
The global bone wax market is led by players like Ethicon (a subsidiary of Johnson & Johnson), Medtronic plc, Baxter International Inc., B. Braun Melsungen AG, Pfizer Inc., Integra LifeSciences Corporation, Stryker Corporation, Zimmer Biomet Holdings, Inc., 3M Company, Aesculap AG (a subsidiary of B. Braun Melsungen AG), Baxter Healthcare Corporation, Ecolab Inc., Ethicon US, LLC (a subsidiary of Johnson & Johnson), Medline Industries, Inc., Meyer-Haake GmbH Medical Innovations, Aesculap Implant Systems, LLC (a subsidiary of B. Braun Melsungen AG), Anika Therapeutics, Inc., C. R. Bard, Inc. (a subsidiary of BD), DePuy Synthes (a subsidiary of Johnson & Johnson), Gem srl, GPC Medical Ltd., Guangzhou Renfu Medical Equipment Co., Ltd., Humeca BV, MedSys Group, LLC, and Redax S.p.A.