Global Bone Glue Market, by Product Type (Synthetic Bone Glue and Natural Bone Glue), by Therapeutic Application (Osteoporosis, Sports Injuries, Spinal Injuries, Traumatic Bone Fracture, and Bone Tumor), by End User (Hospitals, Clinics, Specialized Orthopedic Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to value at US$ 2,332.0 Million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period (2022-2030).
Increasing research and development activities, product launches, and incidence of fractures and rapidly aging population are expected to be major factors driving growth of the global bone glue market. Organizations such as the National Aeronautics and Space Administration (NASA) is working with LaunchPad Medical, a clinical stage medical device company, in collaboration to resolve the problem of decreasing bone density of astronauts by 2% per month due to low level of force exerted on the skeleton in low-gravity conditions. Thus, in January 2018, LaunchPad Medical announced the creation of a bone adhesive called Tetranite that bonds to both bone and metal surfaces and can therefore be used to treat fractured bones and stabilize metal implants. LaunchPad Medical launched Tetranite adhesive, onto the International Space Station for experiments in microgravity environment. Fractures are the most common musculoskeletal medical condition, which accounts for large number of hospitalization cases. Nearly one-third of bone disorder patients are admitted in hospitals or private day care centers. Due 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.
Global Bone Glue Market– Impact of Coronavirus (COVID-19) Pandemic
The coronavirus or COVID-19 outbreak started in Wuhan, China in 2019 and has spread across all the continents of the world, affecting various industries globally. The economy in countries all over the world such as India, Italy, Bangladesh, Sri Lanka, the U.S., Morocco, and others has been disrupted due to lockdowns implemented by governments to combat the spread of coronavirus since 2020.
COVID 19 had an immediate and profound impact on the bone glue market. Local businesses were being impacted by rising demand and issues in the supply chain. Remote patient care is being used, and is desired by both patients and healthcare personnel, to reduce COVID 19 infection in hospitals and clinics. An orthopedic practice could hardly stay untouched in the face of such unanticipated occurrences. Numerous procedures and regular appointments were postponed or cancelled. Due to the pandemic, there was a significant decrease in the number of fractures. For instance, in July 2020, according to the reports published in National Center for Biotechnology Information, National Library of Medicine, published a report on effect of COVID-19 on fracture demography which stated that the frequency of fractures decreased by approximately one-third during the pandemic period compared with that in the non-pandemic period. The mean age of the patients with a fracture in the pediatric group was found to have decreased. Finger fractures in pediatric patients and metatarsal fractures in adult patients were found to have significantly decreased during the pandemic.
Thus, impact of the Coronavirus (COVID-19) pandemic has restrained the growth of global bone glue market during the forecast period.
Global Bone Glue Market: Key Developments
Increasing collaborations among key players to develop and introduce new technology in bone adhesion is expected to drive growth of the global bone glue market. For instance, in April, 2021, RevBio, Inc. a clinical stage medical device company, announced that it has been awarded a Phase II Small Business Innovation Research (SBIR) grant expected to total US$ 2 million over two years from the National Institute on Aging, part of the National Institutes of Health. This funding will allow the company to pursue the treatment of wrist fractures with its patented bone adhesive technology known as Tetranite, because the bone adhesive is injectable, only a small incision will need to be made in a patient's skin to deliver the material, making it a more minimally invasive treatment option than standard open surgery.
Browse 26 Market Data Tables and 25 Figures spread through 166 Pages and in-depth TOC on "Global Bone Glue Market, by Product Type (Synthetic Bone Glue and Natural Bone Glue), by Therapeutic Application (Osteoporosis, Sports Injuries, Spinal Injuries Traumatic Bone Fracture, and Bone Tumor), by End User (Hospitals, Clinics, Specialized Orthopedic Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030"
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Rising prevalence of musculoskeletal diseases is increasing the burden on patients and the overall healthcare system. For example, according to the Arthritis Foundation report of 2018, in 2013, total medical costs and earnings losses due to arthritis were US$ 304 billion. Medical conditions such as osteoarthritis, rheumatoid arthritis, osteoporosis, and lower back pain, which are closely associated with musculoskeletal condition, 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 the WHO and United Nations, osteoarthritis affects 9.6% of males and 18% of females aged 60 years and above. Increasing life expectancy and rapidly aging population are major factors fueling incidence of osteoarthritis. It is projected to be the fourth-largest cause of disability by 2020. These factors, in turn, are expected to boost demand for bone glue, thereby fuelling growth of the bone glue market. Increasing number of joint replacement surgeries that help people overcome pain due to rheumatoid arthritis is also driving growth of the bone glue market. 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 is expected to drive the market growth. This creates lucrative growth opportunities for players in the global bone glue market.
Key Takeaways of the Global Bone Glue Market:
- Global bone glue market is expected to witness a CAGR of 5.9% during the forecast period, owing to increasing product launches and technological advancements in bone glue products.
- Among product type, the synthetic bone glue segment is expected to account for a major revenue share by 2030 owing to increasing development activities. For instance, in January 2019, Launchpad Medical raised US$ 8.5 million in a new round of equity financing. The Lowell, a Massachusetts-based Medtech Company, is developing Tetranite injectable, a synthetic adhesive solution intended for bone repair. Tetranite is bio-resorbable and is designed to provide instant adhesive capabilities to treat fractured bone and to stabilize metal hardware in compromised bone.
- Among Therapeutic application, Osteoporosis segment is expected to hold a dominant position in market over the forecast period. Increasing prevalence of osteoporosis is driving the growth of global bone glue market. For instance, on March 18, 2022, National Center for Biotechnology Information, a national library of medicine, published a study report which stated that the prevalence of osteoporosis has significantly increased in men to 63.6%, while in postmenopausal women to 58.4% because more patients are getting tested by DXA (dual-energy X-ray absorptiometry) scan. The prevalence of osteoporosis is bound to increase as the population is aging whereas due to awareness of osteoporosis in social media circles has brought more people to undergo DXA scans, which has pushed the prevalence towards the upwards trend.
- Among End User, hospital pharmacies segment is expected to hold dominant position over the forecast period as reimbursement and pricing of drugs are more favorable in hospital pharmacies, owing to 340B pricing program( Public Health Service Act requires pharmaceutical manufacturers participating in Medicaid to sell outpatient drugs at discounted prices to health care organizations that care for many uninsured and low-income patients)
- 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.
