(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Allied market Research published a report, titled, " Bone Wax Market by Product (Absorbable Bone Wax and Non-Absorbable Bone Wax), by Application (Orthopedic Surgery, Thoracic Surgery, Neurosurgery and Others), and End User (Specialty Clinics, Hospitals and Ambulatory Surgery Centers): Global Opportunity Analysis and industry Forecast, 2024-2033" . According to the report, the bone wax market was valued at $53.1 million in 2023, and is estimated to reach $73.0 million by 2033, growing at a CAGR of 3.2% from 2024 to 2033.
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Prime Determinants of Growth
The bone wax market is primarily driven by the increasing prevalence of orthopedic surgeries and procedures, spurred by the rising incidence of bone fractures, orthopedic diseases, and conditions such as osteoporosis and arthritis. The aging global population contributes significantly to this trend, as elderly individuals are more prone to bone-related issues requiring surgical interventions. Technological advancements in surgical procedures, including minimally invasive techniques, further contribute to market growth.
In addition, the continuous advancements in bone wax formulations, enhancing their safety and efficacy profiles drives the growth of the market. The development of synthetic and bioresorbable bone wax alternatives addresses concerns related to inflammation and infection, expanding their adoption among healthcare professionals.
Report Coverage & Details
| Repot Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $53.1 million |
| Market Size in 2033 | $73 million |
| CAGR | 3.2% |
| No. of Pages in Report | 280 |
| Segments Covered | Product, Application, End User, and Region |
| Drivers | Increasing incidence of orthopedic surgeries Rise in adoption of bone wax during surgeries. Rise in geriatric population |
| Opportunity | Technological advancement in bone wax |
| Restraint | Post operative complications. |
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Segment Highlights
The non-absorbable bone wax segment dominated market share in 2023.
By product, the non-absorbable bone wax segment dominated the market share in 2023. This is attributed to the fact that non-absorbable bone wax provides immediate and effective bleeding control by creating a mechanical barrier, which is crucial in complex surgeries where blood loss needs to be minimized. In addition, its stability and long-lasting properties ensure that it remains effective throughout the healing process without being absorbed or requiring frequent reapplication. This reliability is especially important in procedures involving large bone surfaces or areas prone to excessive bleeding.
The orthopedic segment dominated the market share in 2023.
By application, the orthopedic segment dominated the market share in 2023. This is attributed to rising incidence of orthopedic disorders, such as osteoarthritis and rheumatoid arthritis, has led to an increased number of surgical interventions, driving the demand for bone wax in this field. In addition, the growing aging population, which is more prone to bone-related ailments, further propels the need for orthopedic surgeries. Innovations in surgical techniques and the development of minimally invasive procedures have also contributed to the higher usage of bone wax, as these advancements often require precise and effective hemostatic agents to control bleeding during bone surgeries.
Hospital segment dominated market share in 2023
By end user, hospital segment dominated the market share in 2023. This is attributed to the fact that hospitals are the primary settings for surgical procedures, including orthopedic, neurosurgery, and dental surgeries, where bone wax is commonly used to control bleeding from bone surfaces. The high volume of surgeries performed in hospitals creates a consistent and substantial demand for bone wax. In addition, hospitals have the infrastructure and resources to stock and utilize advanced medical supplies, ensuring a steady supply and usage of bone wax.
Regional Outlook
North America dominated the market share in 2023 due to high adoption of bone wax during the surgeries, strong presence of major key players, and well-established healthcare infrastructure. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period. This is attributed to expansion in healthcare infrastructure, surge in healthcare expenditure in countries such as China, India, & Japan, and rise in geriatric population.
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Key Players
Zimmer Biomet Holdings, Inc
Baxter International, Inc.
Orion Sutures India Pvt. Ltd.
The report provides a detailed analysis of these key players in the global bone wax market. These players have adopted different strategies such as product approval, product launch, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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Recent Developments in Bone Wax Market Worldwide
In February 2022, Futura Surgicare Pvt. Ltd. launched a new brand, Dolphin Hemostats, for its absorbable hemostat, Hemostax. The product is designed to help surgeons control bleeding.
In September 2023, Abyrx, Inc. announced that the United States Food and Drug Administration (FDA) has provided regulatory clearance for the company's Montage Settable Bone Putty for use in cardiothoracic surgery following sternotomy.
In April 2022, Medline Industries announced that it has entered into a definitive agreement to acquire 100% of shares of Asid Bonz, a leading German supplier of medical devices
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