Bone Wax Market is Projected to Expand at a CAGR of 2% from 2018 to 2026

Posted by Sachin Darakhe on October 4th, 2019

Transparency Market Research (TMR) has published a new report titled, “Bone Wax Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global bone wax market was valued at US$ 68.8 Mn in 2017 and is projected to expand at a CAGR of 2% from 2018 to 2026 to reach US$ 84.2 Mn in 2026. The report suggests that increase in usage of bone wax products in orthopedic surgery and neurosurgery procedures across the globe is anticipated to boost the growth of the bone wax market from 2018 to 2026.

North America and Europe are projected to dominate the global bone wax market. The market in these regions is driven by increase in number of surgical procedures, innovations in bone wax products, usage as a drug carrier for medications, and rise in prevalence of osteoporosis and osteoarthritis. The market in Asia Pacific is projected to expand at a growth rate of 3% during the forecast period. The bone wax market in Latin America is likely to witness sluggish growth from 2018 to 2026.

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• Increase in Number of Procedures Such as Orthopedic Surgery, Neurosurgery, and Thoracic Surgery to Fuel Market Growth

According to the U.S. FDA regulations, bone wax products are generally considered under the medical device Class II segment. Bone wax product offers hemostatic property which is used to physically block bleeding and the bone. Bone wax products include white beeswax as the major component which is formulated with around 70% beeswax and around 30% of softening agents. Softening agents are most often paraffin waxes, palmitates, oils, and petrolatum. Bone wax is primarily used to control bleeding from bone surfaces during surgical operations. The number of surgical procedures have been rising in the past few years. Rise in cases of orthopedic diseases has led to high number of orthopedic surgeries. Surge in epidemiology of osteoporosis and osteoarthritis is a major factor propelling the number of orthopedic surgeries. Osteoporosis is an alarming health issue, especially among the elderly population.

• Trend of Entry of Local Players Leading to Intense Competition and Decrease in Prices

The global bone wax market is fragmented, with presence of several small scale and large scale companies. Additionally, the local players from emerging countries such as India and China are focusing on expanding their business across different regions. Key players operating in the global bone wax market are ABYRX, Inc., Ethicon, Inc. (Johnson & Johnson), B. Braun Melsungen AG, Covidien plc. (Medtronic plc), Baxter International, Medline Industries, Inc., Futura Surgicare Pvt. Ltd., GPC Medical Ltd., WNDM Medical, Inc., Surgical Specialties Corporation, and Bentley Healthcare Pvt. Ltd. The bone wax market is dominated by two major players, with strong presence across the world.