Bone Wax Market Projected to Witness Vigorous Expansion by 2026
North America and Europe are projected to dominate the global bone wax market. The market in these regions is driven by increase in number of surgical procedures, innovations in bone wax products, usage as a drug carrier for medications, and rise in prevalence of osteoporosis and osteoarthritis. The market in Asia Pacific is projected to expand at a growth rate of 3% during the forecast period. The bone wax market in Latin America is likely to witness sluggish growth from 2018 to 2026.
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Increase in Number of Procedures Such as Orthopedic Surgery, Neurosurgery, and Thoracic Surgery to Fuel Market Growth
According to the U.S. FDA regulations, bone wax products are generally considered under the medical device Class II segment. Bone wax product offers hemostatic property which is used to physically block bleeding and the bone. Bone wax products include white beeswax as the major component which is formulated with around 70% beeswax and around 30% of softening agents. Softening agents are most often paraffin waxes, palmitates, oils, and petrolatum. Bone wax is primarily used to control bleeding from bone surfaces during surgical operations. The number of surgical procedures have been rising in the past few years. Rise in cases of orthopedic diseases has led to high number of orthopedic surgeries. Surge in epidemiology of osteoporosis and osteoarthritis is a major factor propelling the number of orthopedic surgeries. Osteoporosis is an alarming health issue, especially among the elderly population.
Orthopedic Surgery Segment Leads the Market
Increase in orthopedic and accidental fracture cases along with rise in prevalence of osteoporosis and osteoarthritis is a major factor propelling the number of orthopedic surgeries. Osteoporosis is a serious health concern, especially among the geriatric population. The disease is associated with weakening of knee, hip, wrist, spinal bones, and joints. It accounts for around 8.6 million fractures across the globe each year, and is more prevalent in women. According to the International Osteoporosis Foundation estimates, 75 million people are diagnosed with osteoporosis in Europe, the U.S., and Japan. Osteoarthritis is one of the ten most disabling diseases in developed countries. Nearly 25% of individuals suffering from arthritis have difficulty in performing day to day activities. According to statistics published by the Centers for Disease Control and Prevention (CDC), 50 million people in the U.S. are diagnosed with arthritis. Many of these individuals have activity limitation.
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Ambulatory Surgical Centers and Hospitals Segments to Expand at High CAGRs
An ambulatory surgical center or an ASC is an innovative and technologically advanced medical facility for performing outpatient surgical procedures. These centers are fully equipped with modern machinery and are able to perform a number of specialized surgical procedures. Major factors anticipated to drive the segment during the forecast period are increase in penetration of ambulatory surgical centers and presence of effective reimbursement policies. Hospitals, including tertiary care health centers, perform high-end surgeries. Medication/treatment in hospitals is easy and reliable, as patients can easily avail treatment during a doctor’s visit. Hospitals are the most preferred choice and highly favorable settings for various orthopedic surgery, neurosurgery, and thoracic surgery procedures. Therefore, the segment is expected to witness robust growth during the forecast period.
North America to be a Highly Lucrative Market for Bone Wax Products
The bone wax market in North America is driven by increase in adoption of synthetic bone wax products, availability of well-defined reimbursement policies for surgical procedures, and well-established health care industry. The U.S. held the major share of the market in North America, owing to increase in adoption of new products related to bone wax along with high awareness among end-users. Additionally, players operating in the U.S. focus on R&D to introduce new products with improved efficacy. Increase in adoption of bone wax products in maxillofacial surgery, plastic surgery, and orthopedic surgery boosts the market in the region. Moreover, established rules and regulations and favorable reimbursements for surgical procedures are expected to positively impact the bone wax market in North America in the near future.
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