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Bone glues are synthetic adhesives used as an alternative to metal plates and screws in orthopedic surgeries to repair bone fractures and injuries. Bone glues form a strong bond between fragments to facilitate faster healing. They offer advantages over traditional fixation methods like minimal invasion, reduced operation time, and early recovery without straining bones. The global Bone Glue Market is estimated to be valued at US$ 2,332.0 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for innovative bone repair solutions is primarily driving the bone glue market. Bone glues are gaining popularity owing to their minimal invasive nature compared to traditional fixation methods involving metal implants. They stimulate natural bone healing while allowing early mobilization without straining the fracture site. Moreover, bone glues eliminate issues like stress shielding and implant failures associated with other internal fixation techniques. Their use has increased in pediatric fractures, joint replacements, spinal surgeries and trauma cases. Continuous research towards developing advanced bone adhesive formulas that set faster and biodegrade seamlessly is further expected to support market growth over the forecast period.
SWOT Analysis
Strength: Bone glue has benefits over alternative fixation methods like plates, screws and wires as it reduces operation time and requires minimal invasive procedures. It sets in 30 seconds forming a strong bond comparable to bone and allows immediate weight bearing.
Weakness: Bone glues are difficult to adopt in the market due to lengthy approval procedures by regulatory bodies and its high costs compared to conventional fixation methods limits its use in developing countries.
Opportunity: Rising number of bone fractures, accidents and sports injuries along with increasing aging population has enhanced demand for minimally invasive techniques like bone glues. Growth in trauma and orthopedic surgeries present opportunities.
Threats: Stringent regulatory norms for approval delays market entry of new products. Reimbursement policies vary across regions and lack of it impacts adoption. Alternative treatments pose competition.
Key Takeaways
The global bone glue market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to be US$ 2,332.0 Mn registering a CAGR of 5.9% during the forecast period.
Regional analysis indicates that North America currently dominates the bone glue market owing to continuous technological advancements and growing geriatric population. Asia Pacific is anticipated to be the fastest growing region on account rapid motorization and rising incidences of road accidents in developing countries like India and China.
Key players operating in the bone glue market are Cryolife, Luna Innovations Incorporated., Stryker Corporation, Johnson & Johnson, Baxter International Inc., Galaxy Biomedical, Cohera Medical Inc., Vivostat A/S and Integra Lifesciences Corporation. These companies focus on new product launches and explore growth opportunities through collaborations to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
