The global Bone Wax Market is growing at a slow rate due to increasing penetration of substitute products, such as, bone hemostatic agents in the market. Nevertheless, factors such as increasing number of surgical procedures and rising prevalence of orthopedic disorders are driving the growth of global bone wax market. The global bone wax market was valued at US$ 68.8 Mn in 2017 and is projected to witness a compound annual growth rate (CAGR) of more than 2.3% from 2018 to 2026, to surpass the value of US$ 84.2 Mn by 2026.
Bone wax is a sterile mixture of beeswax that includes a wax-softening agent, such as isopropyl palmitate, used to stop bleeding from bone surfaces. Bone wax is used for mechanical hemostasis in bones during surgical procedures, such as orthopedics, thoracic surgery, neurosurgery, dental, traumatology, and oral and jaw surgery. Increase in number of surgical procedures is a major factor boosting the demand for the bone wax products. The number of surgical procedures has been rising since the past few years. Various factors responsible for the rise in the orthopedic surgical procedures are rise in cases of orthopedic diseases and accidental fracture cases.
In addition, increasing use of absorbable bone wax products is another trending factor augmenting the growth of the bone wax market. Synthetic bone wax is made of water soluble polymers which reduce the associated complications. Furthermore, synthetic products look and feel like traditional bone wax products. Both synthetic and traditional bone wax are used as carriers for anti-inflammatory drugs used to reduce inflammation at the surgery site. These factors are expected to increase the adoption of bone wax products as compared to other bone hemostatic agents.
The bone wax market has been segmented broadly on the basis of different product types, such as, absorbable bone wax and non-absorbable bone wax. The bone wax market has been further categorized into material type synthetic bone wax and natural bone wax. In terms of application, the bone wax market has been divided into neurosurgery, thoracic surgery, orthopedic surgery, dental/oral surgery, and others. The bone wax end-user segment includes specialty clinics, hospitals, and ambulatory surgical centers. The hospitals segment is the major contributor of the global bone wax market. The segment is driven by increasing incidence of orthopedic disorders, especially among the geriatric population. The hospitals segment is followed by the ambulatory surgical centers and specialty clinics segments. Ambulatory surgical centers are highly popular in North America and Western Europe. Furthermore, these forms of health care providers are gaining popularity in the emerging economies as well.
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In terms of application, the orthopedic surgery segment held the leading share of the global bone wax market. Orthopedic surgery deals with conditions involving the skeletal system and associated joints, muscles, and ligaments. Orthopedic surgery is performed to treat musculoskeletal trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Bone wax offers hemostatic character to block the bleeding of the bone. Increase in the prevalence of orthopedic diseases and accidents drives the growth of the orthopedic surgery segment.
The orthopedic surgery segment is followed by neurosurgery, thoracic surgery, and dental/oral surgery segments. Neurological surgery or neurosurgery is a medical specialty concerned with the surgical treatment and rehabilitation of disorders that affect the nervous system, including the peripheral nerves, spinal cord, brain, and cerebrovascular system. Thoracic surgery (also known as cardiothoracic surgery) is a field of medicine that is involved in the surgical treatment of organs inside the chest (the thorax). It includes treatment of conditions related to the lungs and the heart.
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