Market Highlights
Bone wax is a mechanical hemostat used in
surgeries to stop bleeding. Bone wax does not involve any pharmacological
action. It is basically a sterilized mixture of beeswax and it consists of
isopropyl palmitate, which is a wax softening agent and is used to stop
bleeding from the bone surface. It is used in surgical procedures like
orthopedics, thoracic surgery, neurosurgery, dental, oral, traumatology, and
jaw surgery. The rising number of surgical procedures is a major booster which
drives the global bone wax market. Orthopedic surgeries are increasing due to
the rising prevalence of orthopedic diseases, especially osteoporosis and
accidental fractures. Also, the rising usage of absorbable bone wax products
and the growing geriatric population is also fueling the market growth.
According to the Population Reference Bureau in 2016, the number of Americans
aged 65 and older is projected to reach 98 million by 2060. On the other hand,
stringent government rules for the approval of bone wax and the availability of
alternatives for bone wax may hinder the growth of the market during the
forecast period.
The global bone wax market is currently
dominated by many market players. The prominent market players are engaged in
new product launches and strategic partnerships to strengthen its market
position. For instance, in February 2016, Wound Management Technologies
announced the US Food and Drug Administration (FDA) clearance for its product
HemaQuell, which is a resorbable bone wax.
Regional Analysis
The market in the Americas is expected to
dominate the global bone wax market during the forecast period owing to the
increasing awareness among the people regarding bone wax and rising orthopedic
surgeries. The European market is expected to be the second-largest due to government
funding and support of the healthcare sector, increasing prevalence of bone
diseases, and growing number of accident and injuries. According to the
Arthritis Research UK in 2016, around 10 million people in the UK had a form of
arthritis. Moreover, the market in Asia-Pacific region is anticipated to be the
fastest-growing during the assessment period owing to the increasing awareness
about surgical procedures requiring bone wax, increasing geriatric population,
and rising healthcare expenditure. The market in the Middle East & Africa
is likely to account for the smallest share of the global bone wax market due
to the slowly growing healthcare infrastructure mainly in the African region.
Segmentation
The global bone wax market has been
segmented into product, material, application, and end user.
The market, on the basis of product, has
been segmented into absorbable bone wax and non-absorbable bone wax.
The market, by material, has been
segmented into natural bone wax and synthetic bone wax.
The market, by applications, has been
segmented into neurosurgery, orthopedic surgery, thoracic surgery, oral
surgery, and others.
The market, by end-users, has been
segmented into hospitals, specialty clinics, ambulatory surgical centers, and
others.
Key Players
Some of the key players in the global
bone wax market are ABYRX Inc., Wound Management Technologies Inc., Aesculap
Inc., Ethicon Inc., Medtronic plc, Baxter International, Medline Industries
Inc., Futura Surgicare Pvt. Ltd., CP Medical Corp., Bentley Healthcare Pvt.
Ltd., WNDM Medical Inc., GPC Medical Ltd., and others.
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