Bone Wax Market Report, Size Analysis, Industry Outlook, & Region Forecast Till 2027
| Bone Wax Market Report |
Bone Wax Market Report, Revenue Forecast, Competitive Landscape, Growth Factors, and Trends: By Product (Absorbable Bone Wax, Non-Absorbable Bone Wax), Material (Natural Bone Wax, Synthetic Bone Wax), Application (Neurosurgery, Orthopedic Surgery, Orthopedic Surgery, Others), End-User.
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.
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.
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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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