The Global Bone Glue Market was valued at US$ 1,648.3 million in 2015 and is projected to expand at a CAGR of 6.3% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Growing incidence of fractures and rapidly aging population are expected to be major factors driving growth of the global bone glue market over the foreseeable future.
Each year, an estimated 1.5 million people suffer from bone fracture, which leads to bone diseases. Fractures are the most common musculoskeletal medical condition, which accounts for a high number of hospitalization cases. Nearly one-third of bone disorder patients are admitted in hospitals or private day care centers. Thanks to the use of certain advanced bone glue products that are highly effective in treating minor fractures, a substantial number of people who suffer from fractures do not require any hospitalization.
Bone density decreases with age, often leading to bone disorders among people over 60 years of age. According to WHO, bones become especially fragile in elderly women. Approximately, 1 in 4 women, i.e. around 24% of women aged 50 or older suffer from falls each year, as compared to nearly half of women aged 85 years and above. In many instances most of the falls lead to fracture, out of which 35-40% of bone fractures are healed or joined with the use of bone glue.
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Musculoskeletal is a medical condition, which increases burden on an individual and healthcare system. Social care plays a pivotal role in ensuring effective healing in developed and under developed nations alike. Medical conditions under musculoskeletal conditions such as osteoarthritis, rheumatoid arthritis, osteoporosis, and low back pain account for a significant portion of the global healthcare burden. Osteoarthritis is characterized by cartilage joint damage which leads to severe pain and mobility, mainly in the knees and hip joints. According to WHO and United Nations, osteoarthritis affects 9.6% of males and 18% of females over 60 years and above. Increase in life expectancy and rapidly aging population are the major factors fueling incidence rate of osteoarthritis. It is projected to be the fourth largest cause of disability by 2020. Various joint replacement surgeries are conducted each year helping people overcome pain due to rheumatoid arthritis. Rheumatoid arthritis causes inflammation of the joints and usually affects multiple joints, affecting 0.3–1.0% of global population and high prevalence among women in developed regions. This creates highly lucrative growth opportunities for players in the global bone glue market.
Key takeaways of the bone glue market:
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