Medical Adhesive Market

According to Stratistics MRC, the Global Medical Adhesive Market is accounted for $9.77 billion in 2022 and is expected to reach $16.38 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Medical adhesives are the substances that are used in medical industry to seal wounds, affix any medical device such as a tape, dressing or patch to the skin and formulate components of medical devices. These are used in surgical care as substitute to suture and staples. It is also used for enamel and bone reconstruction through dental on orthopedic surgery.

The World Health Organization (WHO) report of 2014 has mentioned that nearly 422 million populations had diabetes across the world. Among these populations, the Mexico region has the highest prevalence of obesity and diabetes. The 2014 data shows that nearly 70% of adults and 33% of children had suffered from obesity. Therefore, the growing incidence of diseases in this region is predicted to boost up the silicone-based adhesives demands and increase the growth of the Market for the research period. According to Indian Brand Equity Foundation (IBEF) in 2017, India healthcare market is forecasted to reach USD 372 billion by 2022.



Market Dynamics:

Driver:

Rise in demand of single use medical products

As single-use healthcare items and single-use disposable products offer benefits over traditional stainless-steel systems they are becoming very popular. The practice of injection-molded plastic for making disposable devices that are attached with bonding, ultrasonic welding, gluing, or radio-frequency welding is bolstering the medical adhesives market growth, owing to the production of the high volume of single-use items, the rising requirements for reducing human touch. In addition, the decreasing impact of cross-contamination, minimal legal worries, lowered validating requirements for cleanliness systems, cost-effective capital investment, better mobility, and scalability, along with high hygiene assurance are the several benefits that may surge the demand for the single-use disposable medicinal products.

Restraint:

Increasing cost of healthcare facilities

The increasing cost of healthcare facilities is limiting the growth of the healthcare industry. Rising income will help consumers spend more on healthcare facilities, but not beyond their threshold limit. The cost needs to be controlled by healthcare facility providers and medical device manufacturers; however, they face problems controlling the cost as the price of raw materials is increasing. The increasing cost of raw materials of adhesives, such as collagen and fibrin, is also inhibiting the growth of the medical device market The high cost of bio-based raw materials for medical adhesive manufacturers has particularly hindered their growth in India, China, Brazil, and other emerging countries, which are cost-sensitive markets.

Opportunity:

Mounting healthcare industry in developing regions

The healthcare industry is growing in developing provinces, such as APAC, the Middle East & Africa, and South America owing to the increasing population, health awareness, and income levels. Medical device manufacturers are now setting up facilities in these provinces that are witnessing higher investments by multinational manufacturers which in turn creates ample opportunity for market growth.

Threat:

Stringent regulations

Stringent regulations for medical grade products are projected to threaten growth of the market. The Food and Drug Administration (FDA) in the U.S., the European Medicines Agency (EMA) in Europe, the China Food and Drug Administration (CFDA) in China, and other government agencies administer requirements that include testing, safety, effectiveness, manufacturing, labeling, promotion and advertising, distribution and post-market surveillance. Even after a company obtains regulatory approval to market a product, the product and the company’s manufacturing processes and quality systems are subject to continual review by the FDA and other regulatory authorities globally.

Impact of Covid-19

The on-going pandemic has not only affected the different sectors of marketing, but also it has affected the Market. During the COVID-19 pandemic period, the global market has lost all investors due to the imposing shutdown and lockdown of the various countries. Along with that, transportation and production also paused for some period of time.

The Internal Medical segment is expected to be the largest during the forecast period

The Internal Medical segment is expected to be the largest during the forecast period. Bioadhesives are generally used for internal medical applications and are mostly used in intracorporal conditions which need direct contact with tissues, organs, and body fluids. These products are mainly used for reducing bleeding complications inside the body. This can be attributed to the increasing application of bio-adhesives for internal medical purposes. Additionally, bio-adhesives are widely used in intracorporal conditions. With the rising incidence of medical conditions requiring cutting the flesh to gain access to the internal organs, the requirement for medical adhesives will escalate in these applications in the coming years.

The Acrylic segment is expected to have the highest CAGR during the forecast period

The Acrylic segment is expected to have the highest CAGR during the forecast period, It is predictable to maintain its dominance over the coming years. The usage of acrylics is evident in vivid applications ranging from dental to the assembly of medical devices and equipment. Furthermore, they are also utilized in internal as well as exterior medical applications such as skin tissue adhesives.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, owing to the continuous inclination toward the acceptance of developing technologies, and the occurrence of established pharmaceutical firms. Moreover, the extensive expenses for medical device innovation and development are further anticipated to propel the growth of the market in the region. Moreover, the high demand, purchasing power, and opportunity for innovation in the healthcare sector, government-funded and -administered programs, such as Medicaid, Medicare, the veteran’s health administration program, and the children’s health insurance program, account for around 60–65% of the total healthcare spending and provision, thus playing a vital role in the market growth in the province.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the large population in the Asia Pacific growing healthcare awareness and a higher rate of wound infections are the major growth factors for this province. A large number of diabetes patients in the region is also likely to act as contributing factor to the expansion of the market. Moreover, numerous government initiatives, the presence of low-, medium-, and high-tech medical product manufacturing facilities in several countries, and rapidly surging healthcare is spending in the region. Furthermore, improved access to healthcare facilities, increasing investments from the government and private sectors, and soaring government initiatives promoting medical insurance are also driving the growth of the healthcare industry, which is, in turn, fueling the progress of the market in the region. There is a high-volume usage of surgical tapes, syringes, medical tubes, needles, and PPE products in India and China. Large-scale consumption of these products is amplifying the demand for the market in APAC.



Key players in the market

Some of the key players profiled in the Medical Adhesive Market include Medtronics, Ethicon (Johnson & Johnson), Baxter International Inc., Henkel AG & Company, Covidien, B. Braun, Bostik Ltd., Cyberbond LLC, 3M Company, Muller Sports Medicine, Medline Industries Inc., Pinnacle Technologies, Chemence, GluStitch, GEM S.R.L., Cohera Medical, Inc., The DOW Chemical Company, Avery Dennison Corporation, H.B. Fuller and Adhezion Biomedical, LLC..

Key Developments:

In April 2019: Baxter announced the reception of the US Food & Drug Administration (FDA) approval for the faster preparation of FLOSEAL hemostatic matrix, a hemostatic product, at the 2019 Association of Perioperative Registered Nurses (AORN) global surgical conference and expo.

In April 2021: 3M announced a new addition to a new class of silicone adhesives, the 2484 3M™ Single, Coated Medical Film Tape with Hi-Tack Silicone Adhesive on Liner, which is secure and gentle to assist support device compliance by end-users. The company revealed that the new addition to the company product portfolio is to meet the growing demand for medical adhesives worldwide.

Product Covered:
• Biological Adhesives
• Chemical Adhesives

Natural Resin Types Covered:
• Fibrin
• Collagen
• Albumin
• Other Natural Resin Types

Synthetic and Semi-synthetic Resin Types Covered:
• Polyurethane
• Epoxy
• Acrylic
• Silicone
• Cyanoacrylate
• Polyethylene Glycol
• Other Synthetic and Semi-synthetic Resin Types

Technologies Covered:
• Solvent-based
• Water-based
• Solids & Hot Melt
• Other Technologies

Applications Covered:
• External Medical
• Medical device and equipment
• Dental
• Internal Medical
• Fixation Tape
• Wound Closure
• Tissue Bonding
• Bandage Tapes
• Ostomy Seals
• Drug Delivery Patches
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances