The global Bone Glue Market is estimated to be valued at US$2,332.0 million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Bone glue, also known as surgical adhesive or tissue adhesive, is a medical adhesive used in various orthopedic surgeries. It is a type of glue that is specifically designed for bonding bone segments together or fixing fractures. Bone glue is widely used in orthopedic surgeries to provide stability and prevent movement of bones during the healing process. It offers several advantages over traditional methods of bone fixation, such as screws and plates, including reduced surgical time, minimal scarring, and accelerated healing. The increasing adoption of minimally invasive surgical procedures and advancements in medical adhesive technologies are driving the growth of the bone glue market.
B) Market Dynamics:
Driver: Increasing prevalence of orthopedic conditions
The rising prevalence of orthopedic conditions, such as fractures, osteoporosis, and osteoarthritis, is a major driver for the bone glue market. According to the International Osteoporosis Foundation, worldwide, one in three women over the age of 50 will experience osteoporotic fractures, as well as one in five men. The geriatric population is particularly prone to fractures and requires surgical interventions for bone fixation. Bone glue offers a less invasive alternative to traditional surgical methods, making it an attractive option for orthopedic surgeons.
Opportunity: Growing demand for minimally invasive surgeries
Minimally invasive surgeries have gained significant popularity in recent years due to their benefits, such as reduced post-operative pain, shorter hospital stays, and faster recovery times. Bone glue plays a crucial role in these procedures, as it allows for precise bonding of bone segments without the need for large incisions. The increasing demand for minimally invasive surgeries, coupled with technological advancements in bone glue formulations, presents a significant growth opportunity for the market.
C) Segment Analysis:
The bone glue market can be segmented based on product type, application, and end-user. Based on product type, the market is further divided into synthetic bone glue and biological bone glue. Synthetic bone glue is expected to dominate the market due to its wide availability and cost-effectiveness. In terms of application, the market is segmented into orthopedic surgeries, dental surgeries, and others. Orthopedic surgeries are anticipated to be the dominating segment, owing to the high prevalence of orthopedic conditions and the increasing adoption of bone glue in fracture fixation. Hospitals and ambulatory surgical centers are the key end-users of bone glue, representing the largest market share.
D) PEST Analysis:
Political: The regulatory landscape related to medical adhesives, including bone glue, varies across different countries. Strict regulations are in place to ensure patient safety and product efficacy.- Economic: The increasing healthcare expenditure and growing medical tourism in developing countries are contributing to the market growth.
Social: The rising awareness about the benefits of minimally invasive surgeries and the growing elderly population are driving the demand for bone glue.
glues and improved bonding strength, are shaping the market dynamics.
E) Key Takeaways:
The global Bone Glue Market Growth is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing prevalence of orthopedic conditions and the growing demand for minimally invasive surgeries.
Regionally, North America is expected to dominate the market, followed by Europe, due to the presence of well-established healthcare infrastructure and a high prevalence of orthopedic conditions.
Key players operating in the global bone glue market include Cryolife, Luna Innovations Incorporated, St. Jude Medical, Inc. (Abbott Laboratories), Johnson and Johnson, Cohera Medical Inc, Tissuemed Ltd., Integra Lifesciences Corporation, Baxter International Inc., B.Braun Melsungen AG, DENTSPLY SIRONA Inc., Chemence Medical Inc., LaunchPad Medical, and C.R. Bard Inc.
The global bone glue market is expected to witness significant growth due to the increasing prevalence of orthopedic conditions and the growing demand for minimally invasive surgeries. The market is characterized by the dominance of synthetic bone glue and the orthopedic surgeries segment. Key players in the market are focused on product innovations and strategic collaborations to gain a competitive edge.