Medical Adhesives Market

Medical adhesives market size was valued at USD 8.8 billion in 2021 and is projected to reach USD 12.3 billion by 2026, growing at a cagr 7.0% from 2021 to 2026. The key factor driving the growth of the market includes the high growth in the medical implants market. The surgical sector, by application in APAC region is expecting a boom in the forecasted period and will lead to an increase in the demand for medical adhesive.

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COVID-19 Impact on the Global Medical Adhesives Market

According to recent updates by the IMF (International Monetary Fund), there will be a recession as bad as the global economic crisis of 2008 or worse in 2020. The IMF has warned of a total output loss of USD 9 trillion of the world economy between 2020 and 2021. The extent of the economic damage still depends on how the virus spreads in Europe, the US, and other major economies.

• According to economists, the Chinese economy is likely to be hit further by reduced global demand for its products due to the effect of the outbreak on economies around the world. As the pandemic escalates, the growth rate will fall sharply against the backdrop of volatile markets and growing credit stress.
• Initial data from China suggests that its economy has been hit far harder than projected, although a tentative stabilization has begun. In Europe and the US, increasing restrictions on travel & transportation and prolonged lockdown will lead to a demand collapse that is expected to recover a little in the second quarter before significant recovery begins later in the year.
• Central banks have swung into action and are undertaking some combinations of sharply reduced policy rates, resumed assets purchase, and liquidity injections. Fiscal authorities have generally lagged but begun to loosen their purse strings. It is expected that larger and more targeted spending to the most affected groups is forthcoming.
• Restrictions on movement in Europe and the US are putting a severe dent on economic activity. India and Southeast Asian countries are also facing major disruption in their economies.

Medical Adhesives Market Dynamics

Drivers: Increase in demand of single use medical products.

Single-use disposable medical products offer several advantages over traditional stainless-steel systems. Disposable-device assembly depends primarily on injection-molded plastic, assembled by bonding, gluing, ultrasonic welding or radio-frequency welding. The high production volume of single-use devices calls for an automated assembly in clean rooms to minimize human contact. The advantages include decreased risk of cross-contamination, fewer regulatory concerns, reduced validation requirement for cleaning systems, lower capital investment, higher flexibility in portability and scalability, and increased assurance of sterility. According to Dow Corning (manufacturer of disposable silicone tubing), one of the leading companies in the single-use disposable products market, the market is projected to grow at a rate of 17-20% in the next few years.

Restraints: Rising cost of healthcare facilities

The rising cost of healthcare facilities is restraining 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 to some extent. 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.

Opportunities: Growing healthcare industry in developing regions.

The healthcare industry is growing in developing regions, such as APAC, the Middle East & Africa, and South America due to the increasing population, health awareness, and income levels. Medical device manufacturers are now setting up facilities in these regions that are witnessing higher investments by multinational manufacturers.

Challenges: Stringent regulations and lengthy approval process

Different medical devices have distinct approval processes under different regulatory bodies. Thus, the time period required for approval varies. On average, the FDA takes more than five months to approve a medical device. Medical devices are tested for design verification, ensuring they meet the specifications. Regulatory bodies must approve medical devices for use; however, they do not approve adhesives separately. Major adhesive manufacturers test their own adhesives and also maintain a Master File with the FDA, which shows all the proprietary ingredients and processes involved in the manufacturing of a particular product.

Adhesive manufacturers are dependent on their licensee for the approval of their products. Changes in regulations can affect their business. FDA regulations are likely to become more complicated and expensive in the future, posing further challenges for manufacturers.

Surgery application segment accounted for the largest share of the Medical adhesive market in 2020.

Surgery application segment is the largest market of application of medical adhesives. There are various major issues created by the sutures like traumatic punctures to surrounding tissue from needle, which is especially detrimental for vital organs such as liver or lung, where stopping leaks of blood and air by suturing is difficult. The incorrect positioning or tightness might lead to the development of fibrous scar tissue caused by epidermal ingrowth along the suture track. In many situations, sutures are time-consuming for long or multiple lacerations, hence, the adhesives play a great role. The key benefit of applying an adhesive layer with stitches on a wound closure is that the adhesive overlays the entire wound as a whole. This coverage acts as a preventive measure from secondary bleeding, thus reducing the risk of infection during the healing process. Gluing the skin is a quick method that saves surgery time, along with being low-cost. This method has aesthetic benefits as it does not involve stitch removal.

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APAC is the fastest-growing Medical adhesive market.

APAC is projected to be the fastest-growing market during the forecast period. The region comprises countries with different levels of economic development. The growth in the region is mainly attributed to the use of Medical adhesive in various application areas such as dental, surgery, medical devices and equipment and others.

Key Market Players

Ethicon (US), 3M (US), B. Braun Melsungen AG (Switzerland), Baxter International (US) and Henkel (Germany) are the major players in the Medical adhesive market.

Baxter International, through its subsidiaries, provides a wide portfolio of vital healthcare products, including acute and chronic dialysis therapies, infusion systems and devices, parenteral nutrition therapies, inhaled aesthetics, generic injectable pharmaceuticals, and surgical hemostats & sealant products. The company has a global footprint and the critical nature of the products and services of the company play an important role in expanding access to healthcare in emerging and developed countries. It manufactures products in 20 countries and sells them in more than 200 countries.

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Scope of the Report

This research report categorizes the Medical adhesives market based on Technology, Natural Resin, Synthetic and Semi-Synthetic Resin, Application, and Region.

By Technology:

• Water based
• Solvent based
• Solids and Hot melts
• Others

By Natural resin:

• Collagen
• Fibrin
• Others

By Synthetic and Semi-Synthetic resin:

• Cyanoacrylate
• Epoxy
• Acrylic
• Polyurethane
• Silicone
• Others

By Application:

• Dental
• Surgery
• Medical devices and equipment
• Others

By Region:

• APAC
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In July 2021, Baxter International has announced the acquisition of PerClot Polysachharide Hemostatic System from CryoLife, Inc. for upto USD 60.8 million.
• 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.

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