Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Bone Glue Market Insights
Osteoporosis is a common cause for bone fractures and its prevalence gradually increases with age. For instance, according to the National Center for Biotechnology Information, the prevalence of osteoporosis is that it occurs in 10% men and 13% in women who are aged 60 years or above. According to the National Osteoporosis Foundation data of 2014, a total of 54 million U.S. adults aged 50 and older were affected by osteoporosis and low bone mass in 2013. It further states that the number of bone fractures will increase by 2 to 4 times by 2020 and 41 million women will suffer from osteoporosis or osteoarthritis. This is mainly attributed to significant rise in geriatric population.
As bone health significantly deteriorates with age, this would lead to a large number of accidents and resultant fractures. The statistics released by the National Osteoporosis Foundation in 2014, revealed that 10.2 million adults have osteoporosis and another 43.4 million have low bone mass, which means that over one-half of the total U.S. adult population is currently affected by bone disorders in 2013. This is expected to boost growth of the bone glue market. According to Medanta Medicity, a major multi-specialty hospital based in India, Indians are found to have 15% lower bone density, which puts Indians at a greater risk of broken bones compared to Caucasians.
The global bone glue market size is estimated to be valued at US$ 1,981.77 million in 2019 and is expected to witness a CAGR of 5.7% over the forecast period (2019 – 2027).
Global Bone Glue Market Share (%) Analysis, By Product Type, 2019 and 2027
Source: Coherent Market Insights Analysis (2019)
Increasing number of bone disorders and rising number of arthroplasty are expected to drive growth of the global bone glue market
Increasing prevalence of bone disorders and rising geriatric population are major factors that are driving growth of the bone glue market. For instance, according to the report of Arthritis Foundation of 2018, osteoarthritis (OA) is the most common bone and joint disorder in the U.S., wherein around 30.8 million U.S. adults suffer from osteoarthritis. Furthermore, as per the same source, osteoarthritis is the most common cause of disability in the U.S. adults aged above 60 and older.
Increasing number of arthroplasty procedures and consequent rise in demand for newer bone glues across various countries in North America and Europe is expected to fuel growth of the bone glue market. For instance, according to the Journal of Bone and Joint Surgery published data in September 2018, primary total hip arthroplasty (THA) is projected to grow 71%, to 635,000 procedures by 2030 and primary total knee arthroplasty (TKA) is projected to grow 85%, to 1.26 million procedures by 2030.
Global Bone Glue Market- Restraints
However, stringent regulations in the U.S. such as institutions and universities that use animals for research purpose should be licensed and or registered with the U.S. Department of Agriculture and facilities and regulated animals must be inspected yearly by the USDA’s Animal and Plant Health Inspection Service are negatively affecting the market growth due to inhibition in the production of natural glue obtained from animals.
Non-animal substitutes i.e. synthetic glue is relatively more expensive and can also lead to compatibility issues with bones. Difficulties such as irritation caused by the cement to the surrounding skin over prolong application, breakdown of the cement causes artificial joint to come loose, and breakage of cement in bits that are associated with cemented arthroplasty are main concerns, which hamper growth of the bone glue market.
Global Bone Glue Market- Regional Insights
On the basis of region, the global bone glue market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in the global bone glue market, owing to increasing initiatives by key players in this region. Advancements in technologies by key players is expected to drive the market growth. For instance, in 2015, LaunchPad Medical, LLC entered into a definitive agreement to receive license from Stryker Corporation's for a novel bone adhesive technology. This technology is based on unique synthetic biomaterial.
Europe is the fastest growing region in the global bone glue market, owing to increasing research and development activities regarding bone glue products. For instance, in April 2018, researchers from the KTH Royal Institute of Technology in Stockholm, Sweden developed an adhesive glue that is used the basic bonding technique with thiol-ene coupling (TEC) technology, which hardens and sets reliably even when exposed to water and oxygen. The adhesive technique is three-layered, much like a sandwich of biocompatible glue and fiber. This effective glue could provide an optimal solution for acute bone fractures and sudden painful damage to the bone.
Global Bone Glue Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Bone Glue Market- Competitive Landscape
Key players operating in the global bone glue market include Cryolife, Luna Innovations Incorporated., 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.