Bone Wax Market exhibiting CAGR of 3.4% by 2032, owing to rising demand for minimal invasive surgical procedure | insightSLICE
The global Bone Wax market size was estimated to be US$ 79 million in 2021 and is expected grow at a CAGR of 3.4% between 2023 to 2032.
Bone wax is a sterile beeswax mixture that is generally used to stop bleeding from bone surfaces. The bone wax mixture contains a wax-softening ingredient, such as isopropyl palmitate and beeswax.
Bone wax is used to mechanically stop bleeding in bones during or after surgical procedures. Various operative procedures that require bone wax are orthopedic and thoracic surgeries, neurosurgery, dentistry, oral and jaw surgeries, and trauma patients. The rise in surgical operations especially in orthopedics is a major user of bone wax products.
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Global Bone Wax Market Key Segments:
By Product
- Absorbable bone wax
- Non-absorbable bone wax
By Material
- Natural bone wax
- Synthetic bone wax
By Application
- Neurosurgery
- Orthopedic surgery
- Thoracic surgery
- Dental/oral surgery
- others
By End-User
- Hospitals
- Specialty clinics
- Ambulatory surgical centers
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
Growing orthopedic ailment frequency, expanding desire for less intrusive surgical methods, and an increase in the number of accidental injury cases are primary proponents of growth for the bone wax market.
Increased use of absorbable bone wax materials and the development of novel bone wax products for specialized usage have resulted in better adoption and subsequent growth in the bone wax market. An increase in recreational and athletic injury rates has also enabled the use of bone wax for their treatment.
The key players of the Global Bone Wax Market are:
The major companies involved in the bone wax market are ABYRX Inc., Aesculap Inc., Bentley Healthcare Pvt. Ltd., Baxter, CP Medical Corporation, Ethicon Inc., Medtronic, Medline Industries Inc., Futura Surgicare Pvt. Ltd., GPC Medical Ltd, Wound Management Technologies Inc., and others.
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Driving factors for the growth of Global Bone Wax Market
The population of adults over 60 years old is continuously growing in many developed countries. As individuals become older, the prevalence of orthopedic autoimmune and chronic illnesses such as arthritis, osteoporosis, and tendinitis rise. This will result in increased demand for bone wax products amongst the growing senior population.
Similarly, the growth of safe surgical procedures for the older population will also enable better growth of the bone wax market during the estimated period.
Musculoskeletal disorders include those affecting the legs, skeletons, tendons, bones, ligaments, tissues, and other structural elements that also utilize bone wax products. A rise in cases of chronic illnesses and developmental disorders will also enable the growth of the bone wax market to a certain degree.
As surgical procedures become simpler and safer, there is a growing demand for them and this increases the consumption of bone wax products. Traditional bone wax products were expensive as they were derived from naturally occurring but rare ingredients.
Advancement in synthetic bone wax products will also enable faster acceptance, reduced costs, and further use of such products in surgical and therapeutic solutions. Furthermore, water-soluble polymers are used to create synthetic bone wax, which is also absorbable and less likely to cause inflammatory issues. Such benefits can enable the use of bone wax products even in cases with natural bone wax complications.
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The leading market segments of Global Bone Wax Market
Both natural and synthetic bone wax products have added anti-inflammatory and blood coagulation chemicals which enable direct application at the site of injury or surgery. As more synthetic products are developed and their efficacy is enhanced to a naturally similar level, they will be highly adopted instead of alternative products like bone hemostatic agents.
Non-invasive therapies for sports and leisure injuries are becoming increasingly popular across the world. Bone wax products will benefit from growth in demand due to such therapies. Populations with large disposable incomes are eager to spend on non-invasive therapies that use bone wax products.
Also, the use of synthetic bone wax in such treatments can reduce the cost burden for populations in developing countries. Both factors are expected to increase the usage and growth of the bone wax products market globally.
Currently, North America leads the bone wax market due to the increased use of less invasive surgical methods in the United States. More consumer awareness and an increased product portfolio help the growth of the bone wax market.
Due to increased health awareness and demand for sophisticated medical technology, the bone wax market in the Asia-Pacific region is also predicted to develop at the fastest rate during the projection period.
Challenges of Global Bone Wax Market
Several factors have been observed to obstruct the growth of the bone wax market and regulatory compliances are a major hurdle for this industry. Many previously marketed bone wax treatments had various negative side effects and were thus not approved by regulatory agencies. Such difficulties for bone wax makers would impede the global expansion of this industry.
Government authorities all over the world have established a slew of stringent laws and requirements relevant to novel artificial bone wax products, which are also projected to restrict the bone wax market growth.
Because of the increasing availability of substitute products such as bone hemostatic agents, the demand for bone wax has steadily stagnated. However, aspects such as the rising prevalence of orthopedic ailments and the number of surgical procedures along with better and cheaper synthetic bone wax products are moving the global bone wax market forward.
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