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.
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
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:
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani