The global medical adhesive market is expected to grow at a CAGR of more than 8.5% over the forecast period. This growth is mainly attributed to the rising consumer health awareness and growing demand for medical services & equipment, restorative, dental fabrication among others. Moreover, the increasing population coupled with technological advancements is also likely to boost the market growth over the coming years.
However, stringent regulations associated with medical grade product and lack of reimbursement policies with regards to application of synthetic medical adhesives is projected to affect the profitability of market.
Medical Adhesive Market: Type Insights
On the basis of type, the medical adhesive market is segmented into natural and synthetic & semi-synthetic resins. While the market for natural resin is further segmented into Collagen and Fibrin among others, the synthetic & semi-synthetic resins are segmented into Acrylic Adhesive, Polyurethane, Cyanoacrylate, Epoxy and Silicone.
The market for synthetic & semi-synthetic resins is expected to occupy the highest share owing to rising application of acrylic, polyurethane and adhesive resins. The rising application of acrylic resins on account of factors such as high strength, resistance against shocks and impact among others is expected to fuel the market growth. Moreover, owing to its superior peel & sheer nature the acrylic resins are projected to be increasingly used for bandages and other medical products.
The polyurethane segment is also anticipated to grow significantly over the forecast period owing to inherent factors such as high chemical, impact resistance and flexibility among others.
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Medical Adhesive Market: Application Insights
Medical Adhesive is widely used in dental, medical devices & equipment, internal medical and external medical applications among others. The device & equipment segment is anticipated to dominate the market over the forecast period owing to rising application of adhesives for surgical tools and assembling of devices and equipment.
The medical services segment is anticipated to occupy the highest share over the years on account of increasing application of adhesives in dental, implant, wound closure, apparatus, pressure sensitive, and tissue bonding.
Medical Adhesive Market: Regional Insights
Europe and North America are expected to emerge as key revenue generating regions. This can be associated to increasing manufacturing activities in these regions. The market in Asia Pacific, particularly Japan is also likely to showcase immense growth potential over the forecast period owing to increasing government support towards medical device segment and commodity hospital supplies
Medical Adhesive Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to medical adhesives over the coming years. Some leading consumers of this market are CVS Health, Johnson & Johnson, Cardinal Health Inc., Medtronic Inc. and Fresenius Medical Care AG & Co. KGAA.
Medical Adhesive Market Share & Competitor Analysis
The global market for this product is expected to be significantly large due to the presence of numerous manufacturers. The key players include GluStitch Inc. (Canada), Bostik Ltd. (France), Henkel AG & Company (Germany), Chemence Ltd. (U.K.), Cyberbond LLC (The U.S.), Covidien Ltd. (Ireland), CryoLife, Inc. (The U.S.), Gem S.r.l (Italy), Adhezion Biomedical (The U.S.), Biocoral, Inc. (France), 3M Company (U.S.), Baxter International Inc. (U.S.) and B. Braun Melsungen AG (Germany) .
In December 2017, Nemaura Medical Inc., a medical technology company launched its new product, sugarBEAT, a wireless disposable adhesive skin-patch which is connected to a transmitter. The product can be used by diabetic patients as a non-invasive and needle-free glucose reading system.
In December 2017, Chemence Medical, Inc., a manufacturer and distributor of adhesive-based medical devices, announced to launch Exofin Fusion, a new skin closure system for medium to large wounds.
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