As per a PS Intelligence report, the global medical adhesives market is predicted to attain a revenue of $16,367.2 million by 2030, increasing from $8,714.9 million in 2019, and is projected to advance at a 2.3% CAGR during 2020–2030. The market is registering growth due to the improving per capita income, increasing population, rising healthcare expenditures in emerging economies, and growing medical products and equipment manufacturing bases. In terms of resin, the market is divided into natural, acrylic, polyurethane, epoxy, silicone, rubber, and cyanoacrylate.
The natural division held the largest share of the medical adhesives market in 2019, which is due to the high usage of natural medical adhesives in all surgical procedures for sealing and binding tissues and for achieving hemostasis. Natural adhesives are also utilized for stopping bleeding during surgery, thereby allowing surgeons to achieve hemostasis more efficiently and quickly. Moreover, these adhesives are also useful in a number of applications, such as orthopedic operations, dental extractions and oral surgery, traumatology, and circumcision, owing to which, their demand is expected to be the highest in the coming years as well.
When application is taken into consideration, the medical adhesives market is divided into medical devices equipment, dental, external medical application, and internal medical application. Among all these, the internal medical application division is projected to account for the largest share of the market during the forecast period. This is because of the application of bio-adhesives which are generally used in intracorporal conditions. Direct contact with tissues, organs, and body fluids is needed under such applications for reducing bleeding complications, which is why demand for medical adhesives is growing.
Geographically, North America dominated the medical adhesives market during the forecast period (2014–2019), which can be ascribed to the increased purchasing power and opportunity for advancements in the healthcare industry in the region. The Asia-Pacific region is expected to advance at the fastest pace during the forecast period, which is due to the rising healthcare expenditure, increasing government initiatives, and high-the medical product manufacturing base in a number of countries in the region. Moreover, increased access to medical facilities in China and India are also leading to the growth of the market.
The rising awareness regarding health and enhancing macroeconomic factors in emerging economies is a major factor that is driving the demand for medical adhesives. The increased gross domestic product in countries including Brazil, China, and India has resulted in the change in spending habits of people, in terms of food and health. As the spending in the healthcare sector is growing the demand for improved medical devices and equipment is growing as well, thereby leading to the increasing demand for medical adhesives.
Other than this, the rising demand for medical disposable equipment, products, and devices is also resulting in the growth of the medical adhesives market. This is due to the surging number of patients who are undergoing surgical procedures or long-term chronic care therapy and drug delivery. This is emphasizing the need for infection prevention and safety measure by medical settings in outpatient facilities. Governments of various countries are further focusing on encouraging the use of disposable medical products in the healthcare sector for improving safety standards.
Hence, the demand for medical adhesives is increasing because of the growing awareness regarding health, macroeconomic growth, and adoption of disposable medical products.
