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With the increasing incidences of accidents and musculoskeletal disorders, the demand for effective bone joining substitutes like bone glue is growing substantially. Bone glue, also known as surgical sealants, bone adhesive or bone welding products are synthetic and natural polymer-based compositions that help in joining fractured bones without use of plates, screws, or wires. Bone glue mimics the body’s natural bone healing process and forms a strong bond between fractured or cut bones within minutes. Bone glue products eliminate complications from implant-assisted fixators and provide stability and strength at the fracture site. 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 bone glue market is witnessing considerable growth due to introduction of advanced generation bone glue products with improved adhesive strength and handling properties. For instance, advanced bone glues incorporate Arg-Gly-Asp peptide sequences that help in achieving faster and stronger bonding between bones. Similarly, new bone glues are being formulated using bio-based and biodegradable materials to reduce post-surgery complications and provide sustained support to fractured bones as they heal. 3D printing technology is also enabling development of patient-specific bone glues customised as per fracture site anatomy. Rising demand for minimally invasive surgical procedures is another key trend fueling sales of easy-to-use bone glue products.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high R&D costs involved in developing bone glues. However, large number of players already exist in the market.
Bargaining power of buyers: The bargaining power of buyers is low as there are no close substitutes available and switching costs are high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials used in bone glue manufacturing such as collagen, gelatin are commoditized.
Threat of new substitutes: The threat of new substitutes is low as bone glue manufacturers hold strong patents and there are limited substitute products available currently.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players offering similar bone glue products.
Key Takeaways
The global bone glue market is expected to witness high growth over the forecast period of 2023 to 2030. North America region currently dominates the market due to increasing demand for bone glue from hospitals and ambulatory surgery centers.
Key players operating in the bone glue market are Cryolife, Luna Innovations Incorporated., St. Jude Medical, Inc. (Abbott Laboratories), 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.
Regional analysis comprises:
North America is expected to continue dominating the global bone glue market during the forecast period. This is attributed to rising demand from hospitals, ASCs along with presence of major players and focus of companies on product innovation. Asia Pacific region is likely to witness fastest growth due to increasing healthcare spending, rise in aging population and trauma cases.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
