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 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. 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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