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The bone wax market share is expected to increase by USD 12.66 million from 2021 to 2026, at a CAGR of 3.02%.
This bone wax market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bone wax market segmentation by application (orthopedic surgery, neurosurgery, thoracic surgery, oral surgery, and others) and geography (North America, Europe, Asia, and Rest of World (ROW)). The bone wax market report also offers information on several market vendors, including Abyrx Inc., B. Braun Melsungen AG, Baxter International Inc., Bentley Healthcare Pvt. Ltd., Futura Surgicare Pvt. Ltd., GPC Medical Ltd., Healthium Medtech Ltd., Henry Schein Inc., Johnson and Johnson Inc., Lotus Surgicals Pvt. Ltd., Lux-Sutures AS, Medline Industries Inc., Medtronic Plc, Orion Sutures India Pvt Ltd., Saintroy Lifescience, Surgical Sutures Pvt. Ltd., Thermo Fisher Scientific Inc., Unisur Lifecare Pvt. Ltd., VWR International LLC, and World Precision Instruments among others.
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The growing orthopedic conditions and surgical cases is notably driving the bone wax market growth, although factors such as side effects of bone wax may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bone wax industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bone Wax Market Driver
One of the key factors driving growth in the bone wax market is the growing orthopedic conditions and surgical cases. Globally, each year, 37.3 million severe falls occur that require medical attention. In the US, the total medical costs for fatal and non-fatal falls are more than $50 billion every year. Fractured bones take a long time to heal. Many patients that require surgery opt for ambulatory surgical centers (ASCs), which are day surgical centers. Such healthcare infrastructure can help to save costs associated with hospital stays. However, a few patients opt for inpatient departments, depending on the type of orthopedic condition. Some patients prefer undergoing constant observation by healthcare providers for faster recovery. Bone wax may be used in podiatric surgery in areas of bleeding bone where bone healing and soft tissue attachment are not desired. The growing number of cases of osteoporosis, a disease that reduces the quality and density of bones and can cause bone fractures, will increase the need for surgeries. Thus, the increasing incidence of orthopedic conditions and surgical cases will increase the demand for bone wax and, in turn, drive the market in focus during the forecast period.
Key Bone Wax Market Trend
The growing adoption of minimally invasive orthopedic surgeries is a bone wax market trend that is expected to have a positive impact in the coming years. The adoption of minimally invasive surgery is increasing because of its benefits, including shorter hospital stay, less pain and discomfort, low chances of infection and bleeding, no or small scars, and quick recovery. Minimally invasive surgeries require a smaller incision and help in faster recovery compared with open surgery. Arthroscopy is used for the treatment of shoulder, elbow, wrist, knee, and ankle injuries. Minimally invasive surgery is also preferred for the treatment of sports-related injuries. The presence of specialist orthopedic care centers is expected to increase the adoption of minimally invasive surgeries. The increasing adoption of minimally invasive surgeries is expected to lead to the growing use of bone wax since a piece of bone wax is applied on the bleeding site.
Key Bone Wax Market Challenge
The side effects of bone wax will be a major challenge for the bone wax market during the forecast period. Bone wax is composed of beeswax and petroleum jelly and is used to control the bleeding from bone surfaces. It stops blood flow from vessels in the bone, and it does not have any biologic hemostatic effect. Bone wax inhibits bone healing, so it is not used when fracture union is required. It can inhibit bacterial clearance from cancellous bone and, therefore, should not be used in areas of bacterial contamination or infection. Bone wax can cause additional adverse effects such as allergic reactions, granulomatous reactions, and embolization, which refers to the passage and lodging of an embolus within the bloodstream. Patients can develop visible swelling where bone wax is used. It has traditionally been commonly used for bone hemostasis that can cause induction of inflammatory reactions with a consequent increase in infection rates. Thus, these factors may hamper the sales of bone wax sales and hinder market growth.
This bone wax market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global bone wax market as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies such as consumables and disposables like safety needles, syringes, and catheters. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bone wax market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the bone wax market encompasses successful business strategies deployed by the key vendors. The bone wax market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
GPC Medical Ltd. - GPC Medical Ltd. is a privately held company headquartered in India. It is a country company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from the global bone wax market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
GPC Medical Ltd. - The company offers bone wax that is water soluble implant material and for use in the control of bleeding from bone surfaces, under the brand name of GPC Medicals.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bone wax market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bone wax market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for bone wax in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions.
Obesity and aging are among the major factors leading to orthopedic problems in the US. This will facilitate the bone wax market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 led to the slow growth of the bone wax market in 2020. Owing to the implementation of stringent lockdowns, a very high number of patients with COVID-19 occupied the hospitals, which led to the postponement of other treatments and surgeries, such as orthopedic surgery. The outbreak of COVID-19 led to the slow growth of the bone wax market in 2020. Owing to the implementation of stringent lockdowns, a very high number of patients with COVID-19 occupied the hospitals, which led to the postponement of other treatments and surgeries, such as orthopedic surgery.
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The bone wax market share growth by the orthopedic surgery segment will be significant during the forecast period. Orthopedic surgeries are devoted to the diagnosis, prevention, and treatment of disorders of the bones, ligaments, joints, tendons, and muscles. Some orthopedists are generalists, while others specialize in certain areas of the body, such as the shoulders and elbow, hip and knee, foot and ankle, hand and spine. Approximately 30% of the world's population suffers from ortho pain. The more severe the knee injury, the higher the need for surgery to treat it, which is one of the factors leading to a rise in the demand for bone wax to stop the bleeding during surgery.
This report provides an accurate prediction of the contribution of all the segments to the growth of the bone wax market size and actionable market insights on post COVID-19 impact on each segment.
Bone Wax Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 3.02% |
Market growth 2022-2026 |
$ 12.66 million |
Market structure |
Fragmented |
YoY growth (%) |
3.98 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key consumer countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Abyrx Inc., B. Braun Melsungen AG, Baxter International Inc., Bentley Healthcare Pvt. Ltd., Futura Surgicare Pvt. Ltd., GPC Medical Ltd., Healthium Medtech Ltd., Henry Schein Inc., Johnson and Johnson Inc., Lotus Surgicals Pvt. Ltd., Lux-Sutures AS, Medline Industries Inc., Medtronic Plc, Orion Sutures India Pvt Ltd., Saintroy Lifescience, Surgical Sutures Pvt. Ltd., Thermo Fisher Scientific Inc., Unisur Lifecare Pvt. Ltd., VWR International LLC, and World Precision Instruments |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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