Global Bone Wax Market Size

Bone Wax Market Analysis

The Bone wax market studied was anticipated to grow with a CAGR of nearly 2.5% during the forecast period (2022-2027).

The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the bone wax market worldwide. The lockdown all over the globe has affected the supply chain of pharmaceuticals, medical devices, and biotechnological products. On the other hand, research and development have come into focus. All the government agencies and healthcare players have come forward to support the development of diagnostics and treatment methods for COVID-19.

According to a 2021 update by the National Safety Council (NSC) in America, the Consumer Product Safety Commission (CPSC) reports that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries were sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a more than 60% reduction from March through September 2020. As per the CPSC, these significant decreases were due to the suspension of school and youth sports leagues in the spring and summer months of 2020 in response to the pandemic. Due to the reduction of bone injuries, the demand for bone wax was severely impacted. However, with the increasing pace of vaccination and government initiatives to control COVID-19 spread, sports activities resumed, and thereby demand for bone wax is expected to improve over the forecast period.

The major factors attributing to the market growth are the rise in the global prevalence of sports and recreation-related injuries, orthopedic diseases, and accidental fracture cases leading to surgical procedures and a steep rise in the adoption of absorbable bone wax products in arthroplasty procedures. According to the 2021 statistics by the World Health Organization (WHO), an estimated 305 million people across the globe suffer from musculoskeletal injuries. In addition, the rising burden of sports injuries such as tennis elbow, hip bursitis, concussions, Achilles tendonitis, runners' knee, and other disorders is anticipated to fuel the adoption of sports medicine. As per the 2020 statistics by the United Kingdom National Health Service, tennis elbow is a common condition affecting about 1-3% of the population, indicating about 4 to 7 cases per 1000 every year. Also, according to the 2021 statistics by the Brain Injury Research Institute, about 1.6 million to 3.8 million recreation and sports-related concussions occur yearly in the United States.

In the study "Efficacy and Safety of Bioabsorbable Bone Hemostatic Agent in Total Knee Arthroplasty: A Prospective Randomized Controlled Trial," published in June 2021, a bioabsorbable bone hemostatic agent (BBHA) was found to be safe without complications in total knee In arthroplasty procedures. However, further studies are necessary to evaluate the efficacy of BBHA in patients with coagulation problems. Thus, research and development studies assessing bone wax's effectiveness in arthroplasty procedures are expected to drive the studied market growth during the study period.

Moreover, a study conducted in January 2022, titled "Evaluation of Bone Wax Coated Bipolar Coagulation Forceps: Performance and Safety Assessment" found that bone wax (BW) melted by the thermal effect of bipolar electrocoagulation can achieve more efficient hemostasis and reduce the amount of BW in neurosurgical procedures associated with bleeding from emissary and diploic veins.

Thus, due to the aforementioned factors, the studied market is expected to witness significant growth during the study period. However, scarcity of bone wax products due to lack of access to advanced health care infrastructure in emerging markets and complex regulatory frameworks and increased adoption of substituents for bone wax in developed countries is expected to hinder the market growth.