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Valued at $8,714.9 million in 2019, the global medical adhesives market is projected to witness a CAGR of 2.3% during the forecast period (2020–2030). Growing population, improving per capita income, healthcare expenditures by developing countries, and medical products and equipment manufacturing base are key growth factors driving the medical adhesives industry.
Furthermore, 2019 coronavirus pandemic has severely affected many markets globally, particularly in China, the U.S., Italy, Spain, Germany, the U.K., and other western European nations. But, the positive impact on medical adhesives market is due to the increasing demand of masks, personal protective equipment (PPE), blood and saline tubes, syringes, and several other medical products and equipment.
In 2019, natural adhesives category accounted for the largest share in this market, on the basis of resin type. This is due to its high utilization in all surgical procedures to seal and bind tissues and achieve hemostasis. Further, these adhesives are used to stop bleeding during surgery, which enables surgeons to achieve hemostasis faster and more efficiently. In addition, these adhesives are useful in various applications, including dental extraction and oral surgery, orthopedic operations, circumcision, traumatology, and several other medical applications. Considering these factors, the market demand for natural adhesives is projected to increase during the forecast period.
The water-based category, in terms of technology type, is projected to witness the fastest growth in the medical adhesives market, during the forecast period. This can majorly be attributed to its advantageous properties which include provision of quick-tackiness, good breathability, and good anchorage to cloth face stocks. Moreover, other attributes such as sustainability and high resistance to water and moisture have played a vital role in the growth of water-based category in this adhesives market. Due to such beneficial properties of water-based adhesives, the consumption of it is projected to increase at a fast pace in the coming years.
During the forecast period, the internal medical application is expected to hold largest share in the application segment. This high-volume demand can be ascribed to the application of bio-adhesives that are typically used for the internal medical application and are primarily utilized in intracorporal conditions. Such applications require direct contact to organs, tissues, and body fluids in order to reduce bleeding complications within the human body. With the rise in number of medical conditions requiring treatment of such internal organs, the consumption of medical adhesives is projected to increase from these applications during the forecast period.
During the historical period (2014–2019), North America held the largest share in the medical adhesives market, owing to the region’s high purchasing power, demand, and opportunity for innovation in the healthcare industry. Several government-funded and administrated programs, such as Medicare, Medicaid, the children’s health insurance program, and the veterans’ health administration, account for nearly 60–65% of healthcare provision and spending.
Such government programs drive the market for the medical devices and equipment syringes, needles, thermometers, PPE products, and several other medical supplies. This has also created a huge market for adhesive products that are used to bond or joint any two things in the healthcare premises, which further propel the growth of adhesives market in medical industry in this region.
Furthermore, U.S. has a dominant presence in the North American market owing to high per capita income, high technological advancements in healthcare industry, and government support and initiatives toward free or insured healthcare policies.
Major factors responsible driving the market growth in the region include high population base, low-, medium-, and high-tech medical product manufacturing base in various countries, increasing health expenditure, and government initiatives. China and India account for over 25% of global population. Low- and medium-tech medical product manufacturing base in China, and high-tech medical product and equipment manufacturing base in Japan and South Korea are driving the region’s value chain of healthcare industry, which boosts the growth of the medical adhesives market.
Furthermore, improved access to healthcare facilities, increased government and private investments, and government initiatives that promote medical insurance are driving the healthcare industry in this region. In addition, in countries such as China and India, there is a high-volume consumption of PPE products, syringes, needles, medical tubes, surgical tapes, and several other medical products. This in turn creates a demand for medical adhesives to a great extent. Considering such factors, the market is projected to witness a fast paced growth in the coming years.
|Base Year (2019) Market Size||$8,714.9 million|
|Forecast Period (2020-2030) CAGR||2.3%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategic Developments, Product Benchmarking, and Company Profiling|
|Market Size by Segments||Resin, Technology, Application, Geography|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, Turkey|
|Market Players||H.B. Fuller Company, Henkel AG & Co. KGaA, Arkema Group, Avery Dennison Corporation, Master Bond Inc., Ashland Global Holdings Inc., The Dow Chemical Company, 3M Company, Baxter International Inc., Cryolife Inc.|
|Secondary Sources and References (Partial List)||Adhesives and Sealants Council, Asian Healthcare Foundation, Association of the European Adhesives and Sealant Industry, China National Adhesives Industry Association, European Adhesive Tape Association, European Association for the Self-Adhesive Tape Industry|
Growing consumption of bio-adhesives for internal medical treatment, wound healing, and implants in medical industry is identified as a current trend in the medical adhesives market. Bio-adhesives are glue formed synthetically from biological monomers, such as sugars or a synthetic material, designed to adhere to biological tissues. Traditionally, doctors use stitches for wound closure, which are more painful while removing the threads and also leave the dark marks on the skin. In order to avoid disadvantages of stitches, the medical industry has introduced skin adhesives, which provide a secure, topical skin closure system to add protection and strength when closing surgical incisions.
In recent years, economies of China, India, and Brazil have improved significantly, and owing to this, GDP of these countries were ranked 2nd, 5th, and 8th, respectively, globally, in 2019. This has led to the increase in the spending habits of citizens, in terms of health, food, and several other activities. With the increased spending in the healthcare sector in these countries, the demand for medical devices and equipment, medicines, pharmaceuticals, PPE kits have witnessed a rise. Owing to these factors, contribution of healthcare in GDPs of these countries is expected to increase over the coming years, thereby promoting growth of the market.
Increase in demand for medical disposable products, devices, and equipment is attributed to the growing number of patients who undergo surgery or long-term chronic care therapy, drug delivery, and several other medical applications. Emphasis on infection prevention and safety measures by hospitals and outpatient facilities has fueled the utilization of medical devices.
In addition, increasing focus of government and health institutes on the public health and related hospital-acquired infections propels the adoption and usage of disposable medical devices in the healthcare space. The upgrading and enforcement of infection prevention standards, coupled with an expanding volume of hospital, surgical, and outpatient procedures, promotes overall growth in the disposable product market. The high consumption of these products is expected to fuel the consumption of these adhesives over the coming years.
The medical adhesives market is partially consolidated in nature with presence of market players such as Henkel AG & Co. KGaA, 3M Company, Arkema S.A., H.B. Fuller, Baxter International Inc., The Dow Chemical Company, Avery Dennison Corporation, Master Bond Inc., and Ashland Global Specialty Chemicals Inc., and Cryolife Inc.
In recent years, players in the industry have launched a number of new and advanced products, in order to stay ahead of their competitors. For instance:
Medical Adhesives Market Size Breakdown by Segment
The medical adhesives market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Resin
Based on Technology
Based on Application