Bone Wax Market Analysis

Market Insights

The bone wax market is projected to grow from USD 75.2 million in 2020 to USD 88.7 million by 2026 at a CAGR of over 2.8% during the forecast period.

Bone wax is referred to as a sterile mixture of isopropyl palmitate and beeswax, a wax-softening agent which is used to control the bleeding from bone surfaces during surgical operations, which involves cutting through bones such as thoracic surgery, orthopedics, dental, neurosurgery, traumatology, and maxillofacial surgeries. 

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The rise in the worldwide prevalence of orthopedic diseases, sports & recreation-related injuries, and accidental fracture cases resulting from surgical procedures. Moreover, growing the usage of absorbable bone wax products in surgeries further augments product consumption. Surging incidences of orthopedic diseases, an increasing number of accidental fracture cases, growing demand for a minimally invasive surgical procedure, a rise in the usage of absorbable bone wax products, and increasing sports and recreation-related injuries are some other factors bolstering the industry's growth.

The COVID-19 pandemic has moderately affected the bone wax industry. The rapid spread of COVID-19 has led to several thousands of hospital admissions. The focus of healthcare professionals has been shifted toward the treatment of COVID-19-infected patients, which affected the treatment of non-emergency medical conditions, amid the pandemic.

Segments' Analysis

Product Trends

Based on product, the bone wax market has been classified into absorbable bone wax and non-absorbable bone wax. Under these, the absorbable bone wax held the largest market share in 2020 and is likely to grow at a considered CAGR during the forecast period. This is mainly attributed to the ease of application, improved efficiency with their resorbable nature, safety that does not necessitate the removal, and lower chances of side effects along with patient compliance of the absorbable bone wax, further bolsters the segment growth.

Regional Insights

By region, the North American market held a significant market share in 2020 and is projected to grow at a healthy CAGR in the coming years. Rising demand for bone wax with strong adoption for minimally invasive surgical procedures in the region as well as growing awareness among people, favorable reimbursement and insurance plans, and higher prices of products, augments the regional market growth during the forecast timeline.

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Key Players

Key players operating in the bone wax market are-

• ABYRX (US)
• Ethicon (US)
• B. Braun Melsungen (Germany)
• Medtronic (Ireland)
• Baxter (US)
• Medline (US)
• Futura Surgicare (India)
• GPC Medical (India)
• WNDM Medical (US)
• Surgical Specialties (US)

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players) 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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