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Bone Wax Market size was over USD 63.25 million in 2023 and is anticipated to cross USD 95.26 million by 2036, witnessing more than 3.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of bone wax is estimated at USD 64.87 million.
The market of the bone wax is estimated to witness a notable growth in the coming future owing to an increasing number of cases for surgical and operating room procedure coupled with a rising case of incidence of orthopedic diseases, an increasing number of accidental fracture cases, and growing demand for minimally invasive surgical procedure. According to the National Safety Council (NSC) report, in 2017 about 526,000 were diagnosed with sports and recreation-related injuries and are expected to grow throughout the forecast period fueling the global market.
Rising Number of Surgical and Operating Room Procedure
An incrementing number of cases for surgical and operating room procedures coupled with an increasing case of incidence of orthopedic diseases, rising number of accidental fracture cases, and growing demand for minimally invasive surgical procedures are the major factors that are anticipated to propel the growth of the market. According to the American Joint Replacement Registry, around 1,61,040 joint replacement procedures took place in the US in 2016.
Challenges
Availability of Alternatives
Intense competition among key manufacturers for the development of alternatives for bone wax coupled with certain side-effects of bone wax is estimated to hinder the growth of the market over the forecast years.
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
3.2% |
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Base Year Market Size (2023) |
USD 95.26 million |
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Forecast Year Market Size (2036) |
USD 63.25 million |
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Regional Scope |
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The bone wax market is segmented by product, by material, by application &by end-user. Among these segments, the product segment is further segmented into absorbable bone wax, non-absorbable bone-waxout of which, the absorbable bone wax segment is anticipated to hold leading shares in the market on account of the safety, ease of application, and enhanced efficiency with their resorbable nature which does not necessitate the removal, and reduced chances of side effects coupled with patient compliance of the absorbable bone wax. Additionally, biocompatibility and swift bone hemostasis attributes of absorbable bone wax are one of the major driving forces of this segment. On the contrary, the orthopedic surgery segment of the application sector is estimated to register the highest revenue share during the forecast period owing to the rise in the prevalence of musculoskeletal conditions like trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Based on end-user, the hospital segment is anticipated to witness notable growth over the forecast period on account of the increasing admissions of patient orthopedic disorder cases coupled with a rise in fall injuries among the geriatric population.
Our in-depth analysis of the global market includes the following segments:
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Product |
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By Material |
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By Application |
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By End-User |
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Based on regions, the bone wax market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is predicted to account for largest revenue share by 2036, owing to increasing awareness about surgical procedures coupled with reimbursement policy by health authoritycoupled with the awareness among people and higher prices of products. According to the American joint replacement registry report-2018, over 1.4 million hip and knee arthroplasty procedures were recorded. Europe is anticipated to hold the second-largest share of the global market owing to the presence of leading players and their huge investments along with advanced healthcare infrastructure in Germany and Spain. On the contrary, the Asia Pacific market is anticipated to expand at the highest CAGR during the forecast period on account of increased awareness programs led by the government about surgical procedures and the rise in health care expenditure.
February 2020:Terumo Cardiovascular Group announced that it has come into a three-year exclusive distribution agreement with Hemostasis, LLCthat will bring BoneSeal® bone hemostat to the United States cardiac surgery market.BoneSeal® bone hemostat is used as a mechanical barrier to control bleeding from a cut or damaged bone surfaces.
Author Credits: Radhika Pawar
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