Market Trends of Global Bone Wax Industry
This section covers the major market trends shaping the Bone Wax Market according to our research experts:
Orthopedic Surgery Segment is Expected to Witness Growth Over the Forecast Period
Based on application, the orthopedic surgery segment is estimated to register a significant revenue share during the forecast period. The lucrative revenue from the piece is due to a rise in the prevalence of musculoskeletal conditions like trauma, tumors, degenerative diseases, congenital disorders, infections, and sports injuries. Thus, a surge in demand for the segment contributes to the growth of the global bone wax market.
As per the research study titled 'Sports Participation and Injury Rates in High School Students: A Canadian Survey of 2029 Adolescents' published in July 2021, 889 participants out of 1,971 reported at least one injury during the past year with an incidence rate of about 45.10 per 100 students per year and concluded that incidence rate of the injuries due to sports and recreation activities was high in high school students with 29% of adolescents reporting at least one medical attention injury within the past year. Thus the increase in sports injuries increases the demand for orthopedic surgery, thereby, increasing the segment's growth.
According to a Weinstein Legal report published in March 2020, nearly 30 million children and adolescents participate in youth sports in the country each year. This can lead to orthopedic emergencies leading to a demand for surgeries and bone wax, thus driving the market growth.
Thus, the segment is anticipated to witness significant growth over the forecast period due to the abovementioned factors.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America will dominate the bone wax market throughout the forecast period. This dominance is mainly owing to the surging demand for bone wax with growing adoption for minimally invasive surgical procedures in the United States, with the awareness among people and higher prices of products. Also, the increase in the adoption of newly introduced bone wax products along with favorable reimbursement and insurance plans covering the expensive surgical procedures are expected to contribute to the outstanding revenue propelling the global market across the forecast period.
As per the 2021 report of the National Safety Council, in 2020, for all ages, injury from bicycles and accessories were 425,910, injuries reported from exercise and exercise equipment was 377,939, injuries reported from ATVs, mopeds, minibikes, etc., was 229,974. From skateboards, scooters, and hoverboards, 217,646 injuries were reported in 2020. This prevalence of a high number of sports-related injuries in the region is expected to boost the demand for sports medicine and lead the market towards growth.
While in sports, basketball and football were the significant injuries causing factors in the people in the United States. As per the National Safety Council's data for 2020, 214,847 and 122,181 injuries were reported in the United States due to basketball and football. Thus, high sports-related injuries are expected to drive the demand for orthopedic surgeries and, therefore, the need for bone wax is expected to see a surge in the coming years.
Therefore, the abovementioned factors are expected to drive the studied market growth.
