According to report by P&S Intelligence, the global medical adhesives market
generated a revenue of $8,714.9 million in 2019, and is projected to reach a value of $16,367.2 million by 2030, advancing at a 2.3% CAGR during the forecast period (2020–2030). The market is registering growth due to the increasing per capita income, surge in population, and increasing healthcare expenditure by developing countries. Medical adhesives are the products that are utilized for the securement of critical and non-critical products and devices, facilitating skin healing and protection, and allowing non-invasive monitoring.
On the basis of resin, the medical adhesives market is categorized into natural, acrylic, polyurethane, epoxy, silicone, rubber, and cyanoacrylate. Out of these, the natural category dominated the market in 2019, which is because of its high utilization in different surgical procedures for sealing and binding tissues and achieving hemostasis. These adhesives are also utilized for stopping bleeding during surgical procedures, thereby allowing surgeons to achieve hemostasis efficiently and at a faster pace. Natural adhesives are utilized in a number of application, owing to which their demand is increasing rapidly.
In terms of technology, the medial adhesives market is divided into hot melt & other solids, water-borne, and solvent-borne. Among all these, the water-borne division is expected to progress at the fastest pace during the forecast period. These adhesives have various advantages, such as good breathability, quick-tackiness, and good anchorage to cloth fact stocks. In addition to this, the sustainable nature and resistivity to water and moisture of these adhesives is also among the major factors leading to their increasing demand.
Geographically, North America emerged as the largest medical adhesives market
during the historical period (2014–2019). The major reasons for this is the high purchasing power and demand and increasing opportunities for advancement in the healthcare industry in the region. Within the region, the U.S. dominates the market, which can be owing to the increasing technological advancements, high per capita income, and increasing government support and initiatives regarding free or insured healthcare policies in the country. The Asia-Pacific region is expected to register the fastest growth during the forecast period.
A major trend that is being witnessed in the medical adhesives market is the increasing consumption of bio-adhesives for internal medical treatment, implants, and wound healing in the medical industry. These adhesives are formed synthetically from biological monomer, including synthetic material or sugar, and are designed for adhering biological tissues. Traditional wound closure products such as stitches are more painful and leave dark mars on the skin upon their removal. Hence, in order to overcome these disadvantages, the medical industry is now making use of topical skin closure systems.
In addition to this, the demand for different medical disposable products, including medical adhesives, is growing due to the surging number of patients undergoing surgical procedures or long-terms chronic care therapy and drug delivery. Because of the increasing number of surgical procedures, the emphasis on safety measures and infection prevention measures by medical settings has increased as well, which is further creating the need for medical adhesives across the globe. Government institutes are increasing focusing on creating awareness regarding infection prevention measures in hospitals and outpatient facilities, thereby driving demand for medical adhesives.
Therefore, the increasing number of surgical procedures, growing consumption of bio-based adhesives, and rising focus on infection prevention is resulting in the increasing need for medical adhesives.