Rising Prevalence of Orthopedic Ailments to Propel Bone Wax Market
Bone wax is a product that enhances wound healing by aiding in hemostasis, i.e. the process of causing bleeding to stop. Bone wax usually comprises of roughly 70% beeswax and 30% of softening agents. The softening agents used are typically oils, petrolatum, paraffin wax and palmitates. The product is used to a large extent in surgical operations, where substantial blood flow may occur. The U.S. FDA regulations place the product under class 2 segment of medical devices.
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A recent emerging trend that is expected to gain traction in the coming years is the introduction of synthetic bone wax. It is made of water soluble polymers, which help reduce related complications, if any. Moreover, products made from synthetic bone wax appear and feel like traditional bone wax. This is a trend that is expected to positively impact the growth of the global bone wax market.
What are the pivotal factors that could impact the global bone wax market?
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.
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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.
The high prevalence of diseases is a major factor that is expected to boost the growth of the global bone wax market to a great extent. The rising number of road accidents, resulting in fractures, is another key factor fuelling the global bone wax market. Other major factors anticipated to drive the segment in the coming years are the increase in penetration of ambulatory surgical centers and presence of effective reimbursement policies.
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Which geographical region is expected to perform well in the global bone wax market?
Geographically, 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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Some of the key players operating in the global bone wax market are Baxter International, Surgical Specialties Corporation, Futura Surgicare Pvt Ltd., B. Braun Melsungen AG, and Bentley Healthcare Pvt. Ltd.
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