The medical adhesives market is projected to attain a value of $16,367.2 million by 2030, increasing from $8,714.9 million in 2019, progressing at a 2.3% CAGR during 2020–2030, according to a report by P&S Intelligence. The market is registering growth due to the increasing healthcare expenditure by emerging countries, enhancing per capita income, rapidly growing population, and rising products and equipment manufacturing base. On the basis of technology, the market is divided into hot melt & other solids, solvent-based, and water-based.
Among all these, the water-based division is projected to register the fastest growth during the forecast period, because of the beneficial properties of these medical adhesives, such as good breathability, provision of quick-tackiness, and good anchorage to cloth face stocks. In addition to this, factors such as high resistance to moisture and water and sustainability are projected to result in the high adoption of these medical adhesives in the years to come.
When resin is taken into consideration, the medical adhesives market is categorized into natural, polyurethane, epoxy, silicone, rubber, cyanoacrylate, and acrylic, out of which, the natural category held the major share of the market in 2019. These adhesives are being used widely in all surgical procedures for binding and sealing tissues and for achieving hemostasis. These adhesives are utilized in a number of applications, such as oral surgery and dental extraction, circumcision, orthopedic operations, and traumatology, owing to which, their demand is further predicted to rise in the coming years.
Geographically, the medical adhesives market was dominated by North America during the historical period (2014–2019), on account of the high purchasing power, increasing product demand, and opportunity for advancement in the healthcare industry. Within the region, the U.S. held the major share of the market, due to technological advancements, increasing government support regarding free or insured healthcare policies, and increased per capita income. The Asia-Pacific region is projected to grow at the fastest pace during the forecast period.
The increasing demand for bio-adhesives in the medical sector is a key trend being witnessed in the medical adhesives market. The consumption of bio-adhesives is majorly growing for internal medical treatment, implants, and wound healing in the healthcare industry. Bio-adhesives are glue that are formed from biological monomers synthetically and are designed for adhering to biological tissues. Skin adhesives are majorly being used in the healthcare industry to replace stiches that are conventionally used for closing wounds.
A major driving factor of the medical adhesive market is the increasing demand for disposable medical devices, products, and equipment. As the number of patients undergoing surgical procedures, long-term chronic care therapy, and drug delivery is rising, the need for disposable medical products has been growing as well. The emphasis on safety measures and prevention of infection has been increasing in hospitals, which is why the demand for disposable medical products is rising in the healthcare sector.
Hence, the market is growing due to the rising adoption of disposable medical products and increasing consumption of bio-adhesives.