According to Market Research Future (MRFR), the global medical adhesives market is projected to reach USD 16.84 billion, with a CAGR of over 8.08% from 2020 to 2027 (forecast period). The study provides an extensive market overview including producers, suppliers, price points, demand, rate of growth, profit margin, production, imports, and exports as well as technological developments. The study also assesses the COVID-19 impact on the global medical adhesives market.
Medical adhesives are used in bonding materials such as plastic and metal. Medical adhesives are available in a variety of forms that are used in different materials such as textiles, nonwovens, and film. In April 2020, 3M extended the portfolio of medical adhesives for wearable medical devices. Also, in March 2018, Dow launched a new skin adhesive designed for skin-adhesive medical devices. This product provides a high degree of adhesion and manufacturing versatility. Increasing developments in the medical industry are projected to boost demand for medical adhesives, which is projected to increase demand for the global market for medical adhesives during the forecast period.
Market Dynamics
Medical adhesives market size is biocompatible; their non-irritating, non-sensitizing, and non-cytotoxic properties have expanded their application to medical devices. In addition, silicone adhesive hydrophobic properties make it suitable for use in devices that are worn during water sports, like swimming and diving. The benefits and features of silicone adhesives have increased their popularity. In addition, the demand for medical devices increases as a result of growing consumer awareness of health and wellness. The effect of modern wellness on customers in terms of fitness and a balanced lifestyle drives the market for wearable medical devices. The strong binding properties of medical adhesives and glass substrates serve as an excellent barrier to oxygen and moisture permeation. These factors have bolstered the growth of the global market for medical adhesives.
Growing prevalence of chronic diseases, such as diabetes and cardiovascular disorders, has increased the use of wearable smart medical devices, as wearable devices provide information on blood pressure, breathing patterns, and blood glucose levels. As per the World Health Organization (WHO), about 422 million people worldwide had diabetes in 2014. Mexico has the highest prevalence of diabetes and obesity, with around 33% of children and 70% of adults suffering from obesity in 2014. As a result, the rising prevalence of diseases is expected to propel the market for silicone-based adhesives for the manufacture of wearable devices and promote the growth of the global market for medical adhesives during the forecast period.
Market Segmentation
The global market for medical adhesives has been segmented based on resin and application.
Based on resin, the global market for medical adhesives has been segmented into synthetic & semi-synthetic and natural. Synthetic & semi-synthetic based resin is the leading segment of the global medical adhesive market.
Based on the application, the global market for medical adhesives has been segmented into implant, tissue bonding, wound closure, medical device & equipment, dental, tapes, and others. The medical device & equipment segment is the fastest-growing application segment of the global medical adhesives market.
Regional Analysis
The global market for medical adhesives has been segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
North America's medical adhesive market has a market share of more than 25% and is expected to dominate the market in the coming years. The presence of established pharmaceutical companies and substantial investment in innovation and medical devices' development is expected to accelerate the demand for medical adhesives in the region.
The market in Europe is growing significantly, an increase in the number of chronic diseases in the region due to the high age population is anticipated to increase the use of medical devices. The area has seen a high level of medical spending in recent years and is projected to grow in the coming years, fueling the market growth.
The Asian Pacific market for 3m medical adhesives is expected to grow due to an increasing population, increasing the need for better medical facilities, thus favoring the demand for medical adhesives during the assessment period.
The Middle East & Africa and Latin America region are estimated to show healthy growth due to an increase in chronic diseases.
Key Players
Some of the leading participants in the global medical adhesives market Johnson & Johnson (US), H.B. Fuller (US), Ashland Inc. (US), 3M (US), Arkema Group (France), Chemence (UK), Henkel AG & Company, Dow (US), Cohera Medical, Inc. (US), and Avery Dennison Corporation (US). Prominent players are expanding medical adhesive production capacity to meet the rising demand from the medical industry.
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