The ongoing novel coronavirus (COVID-19) pandemic is having a positive effect on the demand for medical adhesives, as the spending on the procurement of various healthcare-associated equipment has surged rapidly around the world since its outbreak. To combat the epidemic, the government of numerous nations has augmented its expenditure on healthcare, so that treatment can be provided to the quickly increasing number of patients. Due to the rising requirement for PPE, masks, syringes, and blood and saline tubes, the consumption of medical adhesives, during their manufacturing as well as usage, is surging.
NEW YORK, June 16, 2020 (GLOBE NEWSWIRE) -- Several developing countries are witnessing robust growth in their economy, with the gross domestic product (GDP) of China, India, and Brazil ranking 2nd, 5th, and 8th, respectively, across the globe in 2019. Moreover, the health awareness in these nations is also rising, thereby resulting in an increasing spending on healthcare. As per the World Bank, the healthcare industry contributed 5%, 5.2%, and 3.5% of the total revenue to the GDP of Brazil, China, and India, respectively, in 2017.
This factor is predicted to drive the global medical adhesives market at a CAGR of 2.3% between 2020 and 2030, resulting in a considerable increase in the industry size, to $16,367.2 million by 2030, from $8,714.9 million in 2019. This is because the rising spending on healthcare is leading to the increasing procurement of medical devices and equipment, pharmaceuticals, personal protective equipment (PPE), and other industry-related products. As a result, the consumption of medical adhesives for internal medical treatment, medical equipment production, and external medical treatment is surging.
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Medical Adhesives Market Segmentation Analysis
The natural category, under segmentation by resin, is expected to grow the fastest in the industry in the coming years, as natural adhesives are used in almost every surgical procedure to achieve hemostasis, by binding and sealing the injured tissue. Some of the most prominent application areas of natural medical adhesives are orthopedic operations, dental extraction and oral surgery, traumatology, circumcision, cardiothoracic and vascular surgery, plastic surgery, oncologic surgery, ophthalmologic surgery, and neurosurgery, wherein they are used to control the bleeding.
In 2019, the holt melt & other solids division, on the basis of technology, held the largest revenue share in the market. This is attributed to the wide usage of reactive, holt-melt, and other kinds of solid adhesives for dental operations, internal medical applications, and wound healing purposes, because such adhesives easily bond with rough as well as smooth surfaces.
The internal medical classification, based on application, is predicted to witness the fastest growth in the medical adhesives market, at a value CAGR of 2.4%, during the forecast period, owing to the increasing usage of such products in intracorporal conditions, where they have to come in direct contact with organs, bodily fluids, and tissues, in order to stop the bleeding. Although minute amounts of adhesives are used in internal-medical applications, they are quite expensive, which would lead to their rapid market advance, in terms of value.
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Presently, North America is the largest market for such products, owing to its advanced and productive healthcare sector. For instance, the U.S. healthcare sector contributed 17.1% to the country’s GDP in 2017, with a per capita expenditure of $10,246.1, one of the highest of any country. Moreover, government-funded schemes, such as Medicaid, Medicare, and Children’s Health Insurance Program, as well as the Veterans’ Health Administration, are driving the demand for needles, syringes, surgical sutures, thermometers, stretchers, first-aid kits, PPE products, and plastic tubes, all of which use or contain some sort of a medical adhesive.
In the forecast period, the most notable advance in the industry will be seen in Asia-Pacific (APAC), on account of the booming population, large number of medical device manufacturing plants, rising number of government initiatives to provide the masses with quality healthcare, and increasing health awareness in the region.
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Market Players Expanding their Production Capacity to Meet Increasing Medical Adhesive Demand
One of the most pursued strategic developments by market players, in order to boost their profits, has been the expansion of their production plants or setting up of new ones, so they can provide a larger amount of medical adhesives than before.
For instance, in February 2020, a new adhesive production facility was opened by Henkel AG & Co. KGaA in Kurkumbh, Maharashtra, India. The $54 million facility is expected to help the company cater to the rising demand for sealants, adhesives, and surface treatment products in the nation.
The key global medical adhesives market players include 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., and Cryolife Inc.
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