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HEALTHCARE & PHARMACEUTICAL

Bone Wax Market Segmentation By Product (Absorbable Bone Wax andNon-Absorbable Bone-Wax); By Material (Natural Bone Wax, Synthetic Bone Wax); By Application (Neurosurgery, Orthopedic Surgery, Thoracic Surgery, Oral Surgery and Others) and By End-User (Hospitals, Specialty Clinics andAmbulatory Surgical Centers) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Bone Wax Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • February 2020:Terumo Cardiovascular Group announced that it has come into a three-year exclusive distribution agreement with Hemostasis, LLCthat will bring BoneSeal® bone hemostat to the United States cardiac surgery market.BoneSeal® bone hemostat is used as a mechanical barrier to control bleeding from a cut or damaged bone surfaces. 

Introduction to Bone Wax

Bone wax is a sterile mixture of beeswax and isopropyl palmitate, a wax-softening agent, used to help mechanically control bleeding from bone surfaces during surgical procedures. They are used for mechanical hemostasis in bones during surgical procedures, such as orthopedics, thoracic surgery, neurosurgery, dental, traumatology, and oral and jaw surgery. Bone was is effective under its tamponade action and don’t have any hemostatic properties. Moreover, bone wax is not soluble in the bodily fluids and thus remains at the site of implantation for a longer duration. They do not act biochemically and are minimally resorbable and supplied in two sterile 2.5 g (0.09 oz) packets.

Market Size and Forecast

The market of the bone wax is estimated to witness a notable growth in the coming future owing to an increasing number of cases for surgical and operating room procedure coupled with a rising case of incidence of orthopedic diseases, an increasing number of accidental fracture cases, and growing demand for minimally invasive surgical procedure. 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.

The bone wax market is anticipated to record a robust CAGR throughout the forecast period i.e. 2020-2028. The market is segmented by product, by material, by application &by end-user. Among these segments, the product segment is further segmented into absorbable bone wax, non-absorbable bone-waxout of which, the absorbable bone wax segment is anticipated to hold leading shares in the bone wax market on account of the safety, ease of application, and 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. Additionally, biocompatibility and swift bone hemostasis attributes of absorbable bone wax are one of the major driving forces of this segment. On the contrary, the orthopedic surgery segment of the application sector is estimated to register the highest revenue share during the forecast period owing to the rise in the prevalence of musculoskeletal conditions like trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Based on end-user, the hospital segment is anticipated to witness notable growth over the forecast period on account of the increasing admissions of patient orthopedic disorder cases coupled with a rise in fall injuries among the geriatric population. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Rising Number of Surgical and Operating Room Procedure

An incrementing number of cases for surgical and operating room procedures coupled with an increasing case of incidence of orthopedic diseases, rising number of accidental fracture cases, and growing demand for minimally invasive surgical procedures are the major factors that are anticipated to propel the growth of the global bone wax market. According to the American Joint Replacement Registry, around 1,61,040 joint replacement procedures took place in the US in 2016.

Restraints

Availability of Alternatives

Intense competition among key manufacturers for the development of alternatives for bone wax coupled with certain side-effects of bone wax is estimated to hinder the growth of the global bone wax market over the forecast years.

Market Segmentation

Our in-depth analysis of the bone wax market includes the following segments:

By Product

  • Absorbable Bone Wax
  • Non-Absorbable Bone-Wax

By Material

  • Natural Bone Wax
  • Synthetic Bone Wax

By Application

  • Neurosurgery
  • Orthopedic Surgery
  • Thoracic Surgery
  • Oral Surgery
  • Others

By End-User

  • Hospitals
  • Specialty Clinics
  • Ambulatory Surgical Centers

By Region

Based on regions, the bone wax market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

North America is estimated to hold the leading share of the global bone wax market, owing to increasing awareness about surgical procedures coupled with reimbursement policy by health authoritycoupled with the awareness among people and higher prices of products. According to the American joint replacement registry report-2018, over 1.4 million hip and knee arthroplasty procedures were recorded. Europe is anticipated to hold the second-largest share of the global market owing to the presence of leading players and their huge investments along with advanced healthcare infrastructure in Germany and Spain. On the contrary, the Asia Pacific market is anticipated to expand at the highest CAGR during the forecast period on account of increased awareness programs led by the government about surgical procedures and the rise in health care expenditure.

The bone wax market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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