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