Bone Wax Research Report: By Product (Absorbable
Bone Wax, Non-Absorbable Bone Wax), by Material (Natural Bone Wax, Synthetic
Bone Wax), by application (Neurosurgery, Orthopedic Surgery, Orthopedic
Surgery, Others), by End-User – Forecast Till 2023
Market
Highlights
he global
Bone Wax Market Size is expected to grow at a CAGR of 3.5% over the
forecast period. 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
Size. 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 Size 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 Size
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 Size due to the
slowly growing healthcare infrastructure mainly in the African region.
Segmentation
The
global Bone Wax Market Size 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 Size 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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