The awareness about healthcare is improving in developing countries, as are the macroeconomic factors here. In addition, the demand for disposable medical equipment, devices, and products is rising. Both these factors are predicted to propel the medical adhesives market to $16,367.2 million by 2030 from $8,714.9 million in 2019, at a 2.3% CAGR between 2020 and 2030. Such adhesives can be used in medical devices, as well as on and inside the human body.
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Cyanoacrylate, acrylic, silicone, natural, rubber, polyurethane (PU), epoxy, and others are the various divisions within the resin segment. Among these, the natural category held the largest value share in 2019, as natural-resin-based adhesives are widely used during surgeries to achieve hemostasis, by binding and sealing tissues. The usage of such adhesives is rising in orthopedic, dental extraction and oral surgery, circumcision, traumatology, thoracic, cardiac, oncologic, vascular, neurological, plastics, and ophthalmologic applications.
The rising demand for bio-adhesives in the healthcare sector is the most-prominent medical adhesives market trend. Due to their low toxicity to humans, bio-adhesives are gradually replacing surgical sutures, which can cause considerable post-operative pain and scars. Bio-skin adhesives are a safe topical closure system, which protect the nearby tissues while the surgical incisions are being closed. Such adhesives eliminate the requirement for needles and follow-up visits and result in faster wound healing due to their quick bonding with the tissue.
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In 2019, the highest revenue to the medical adhesives market was contributed by North America, as it enjoys a high purchasing power, and the potential for innovations in the medical sector is also vast here. Further, almost 65% of people’s healthcare spending in the continent is taken care of by government insurance and reimbursement programs. During the forecast period, Asia-Pacific (APAC) is set to be the fastest-growing market, owing to the rising medical device production and healthcare spending, government funding, and improving access to healthcare.
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