San Francisco, 10 September 2018: According to a report by Grand View Research, Inc., global medical adhesives market is estimated to value USD 17.02 billion by 2025 growing at a CAGR of 9.5 % during the forecast period (from 2018 to 2025). Rising demand for medical devices and equipment in hospitals and other healthcare centers are anticipated to propel the demand for medical adhesives. Medical adhesives offer a wide range of applications due to continuous technological advancements and production of unique devices in healthcare sector. Increasing adoption of disposable medical devices as a result of enhanced processing procedures and technology are also likely to fuel market development in the forthcoming years. Increasing use of medical devices such as implants, drug delivery systems, and catheters owing to growing geriatric population base and improvements in medical practices can have a positive impact on the market demand. High demand for medical adhesives among manufacturers of dental devices would also stimulate market growth during the forecast period.
The medical adhesives market is segregated on the basis of resin type, technology, application, and region. Based on resin type, the market is categorized into epoxy, polyurethane, acrylic adhesive, cyanoacrylate, silicone, and others. Acrylic adhesives are available in different forms such as paste, tape, and liquid form. These type of medical adhesives are used in applications that require sheer & peel strength, high tensile strength, and shock & impact resistance. On the basis of technology, the market is classified as hot melt, solvent-based, water-based, and others. Water-based medical adhesives are used in multiple end-use applications. Such adhesives can improve moisture resistance of medical devices as compared to other adhesives. On the basis of application, the market is segregated into medical device & equipment, internal medical application, external medical application, dental, and others.
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In 2016, dental segment dominated the global medical adhesives market and accounted for the maximum market share. It is projected to expand further at a CAGR of 9.9 % from 2018 to 2025. On the basis of geographies the market is divided into Europe, North America, Asia Pacific, Middle East & Africa (MEA), and Central & South America. Together, the North America, Europe, and Asia Pacific regions account for 70 % of the global share, in terms of manufacturing and consumption of medical devices. This growth is attributed to the following factors. In North America, the US medical devices manufacturing industry is likely to be competitive in nature and is characterized by regular innovations in terms of novel designs and products. Major Japanese firms are deeply focusing on the development of medical imaging instruments along with commodity hospital supplies.
Moreover, supportive government healthcare regulations in Japan are also anticipated to impel the market growth in the region. Developed nations in Europe region, such as United Kingdom, have made it mandatory for the drug developers to offer medicines including aspirin, paracetamol, and contraceptives in Child-Resistant Packaging (CRP). In addition, stringent regulations and technological developments in the pharmaceutical, manufacturing, and research sectors across the globe are anticipated to fuel the medical adhesive market growth in the years to come. In Asia Pacific, the market is expected to exhibit a growth rate of 9.9 % from 2018 to 2025. Increasing number of manufacturing companies shifting to this region is the major influence growth of market.
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Some of the leading companies in the medical adhesives market are The DOW Chemical Company; 3M Company; Bostik Ltd.; H.B. Fuller; and Ashland Inc. To cater to rising demand, most companies invest heavily in R&D to develop better products. For instance, Cohera Medical recently announced allowance on its patent application titled SILANE-CONTAINING MOISTURE-CURABLE TISSUE SEALANT from the US Patent and Trade Mark Office (USPTO). The patent is regarding 100% synthetic sealant called Sylys Surgical Sealant for several surgical applications. This sealant is highly elastic and can offer good bonding strength to internal tissues. It can be easily prepared and applied in the operation theatre and is biocompatible for internal human use. According to the company, this patent will expand its product portfolio and solidify its leadership position in the field of internal surgical adhesives and sealants.
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