Smart Insulin Pen Market to Witness Widespread Expansion During 2019 – 2026
Bone Glue Market Projected to Gain Significant Value by 2024
Growing preference for alternative medical solutions in surgical adhesion procedures is fuelling the demand for organic procedures. The consumption of bone glue in hospitals has reached staggering figures in recent years. This is largely due to the widespread adoption by both healthcare practitioners and patients. The US$ 600.6 Mn global market for bone glue is anticipated to surpass US$ 1,032 Mn in revenues by 2024 end.
A recent study conducted by Mindaspire Market Research (MAMR) points out that the global market for bone glue will expand at 7% CAGR over the forecast period 2016-2024. Higher prevalence of bone related disorders will compel manufacturers to develop superior glues. Adoption of bone glue for adhesion procedures will continue to grow, especially in arthroplasty surgeries. On the basis of application, the arthroplasty surgeries will account for over 40% share of the overall market by 2024 end. Arthroplasty surgeries are a major application segment for bone glues adhesives.
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Major end-use segments include ASCs, specialty clinics, and hospitals. Cost-effective orthopedic surgeries and increasing accidents associated with bone injuries are resulting a higher influx of orthopedic patients in hospitals. Treatment of such patients usually entail bone glue adhesives as during surgical procedures, thus, manufacturers are focusing on improving supply volumes towards hospitals and ambulatory care units. Subsequently, specialty clinics are likely to be the second largest end-user segments having a significant contribution to global bone glue market.
Based on the assessment of individual value share, ASCs and specialty clinics are anticipated to account for 10.9% and 17.9% share of the global bone glue market respectively by the end 2024.
On the basis of region, the market in North America will account for nearly 50% share of the global market in terms of valued. This is primarily owing to the existence of advanced healthcare facilities and availability of advanced pharmaceutical products in the US. Whereas, Asia Pacific bone glue market is expected to expand at a CAGR of over 7% during the assessment period. The market in the Latin America region is projected to surpass US$ 50 Mn by the end of 2024, while the sales for bone glue in the Middle East & Africa (MEA) region will witness sluggish growth. Europe is expected to account for over US$ 150 Mn of the overall market in terms of revenue over 2024.
Use of synthesized constituent adhesive for production of bone glue is proving to be more practical and cost-effective for manufacturing companies. Synthesized constituent adhesive is expected to account for more than 80% of the global revenues over the next couple of years, while demand for natural bone glue will drop further over the forecast period. Sales of synthetic bone glue products such as methacrylate are set to witness an upsurge and are estimated to US$ 23.8 Mn over 2017. Whereas, revenues for cyanoacrylate is expected to cross US$ 250 million globally by the closing end of the forecast period.
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Leading manufacturers and suppliers of bone glue adhesives include Ethicon, Inc. (US) which is expected to hold 40% share of the global market in terms of revenue. Baxter International Inc., Cryolife, Luna Innovations Incorporated, Cohera Medical, Inc., Chemence Medical, Inc., DENTSPLY SIRONA Inc., C. R. Bard, Inc., B. Braun Melsungen AG, Integra LifeSceinces Corporation and Tissuemed Ltd., are amongst other leading companies operating in the global market for bone glue.
