Medical Adhesives Market Overview:
According to the U.S. National Library of Medicine and National Institute of Health, human skin wounds are major threat to public health. Every year, chronic wounds result in a financial loss of about $25 billion with around 6.5 million patients in United States of America alone. Wound closure is performed by using medical adhesives that are made by using natural or synthetic materials which not only helps in closing of a wound but also prevents infections from spreading. The market is segmented on the basis of formulating technology into water, solid and hot melt, and solvent based as medical adhesive requirement varies according to wound type. In 2018, revenue of medical adhesive market accounted $9.59 billion globally, the market is anticipated to expand at a CAGR of 8.34% during the forecast period of 2019-2025.
There are several different methods of closing a wound once the surgery is performed on a person. Closing a wound is necessary as an open wound is an unbound invitation for a majority of bacteria and viruses that can cause harmful infections in the entire body. Closure of wounds is now majorly performed with the use of medical adhesives as they do not require additional strength for healing as compared to sutures and staples. There are many different applications of medical adhesives including medical adhesive tape, skin adhesive, medical adhesive spray, medical adhesive glue, and medical skin glue. Medical adhesives are of two different types- natural resin type which can be divided into collagen, fibrin, and albumin, and synthetic and semi-synthetic type which can be divided into Acrylic, Cyanoacrylate, Epoxy, Silicone, and Poly Ethylene Glycol. Collagen is the most prominently used medical adhesive material and this application segment is evaluated to grow with a CAGR of 7% during the forecast period of 2019-2025. Since North America houses Hollywood and a plethora of social media influencers and celebrities, medical adhesives are being increasingly applied in cosmetic surgeries which are being solicited for improvement of aesthetic appearance. This is the reason why North America held the maximum demand share in the global medical adhesives market with a regional share of 44% in the year 2018.
Medical Adhesives Market Growth Drivers:
Rising Incidences of Road Accidents
According to the World Health Organization’s statistics on road traffic crashes, approximately 1.35 million accident deaths are recorded every year. More than half of these occur in countries which are categorized under low and middle income economies. A relentless number of surgeries take place because of these road accidents which has provided impetus to the medical devices market as these wounds need to be closed to prevent spreading of deadly infections.
Medical Adhesives Market Challenges:
A prominent challenge faced by the medical adhesives market is varying skin types which has limited key market players from creating a universal device. An ethical way to combat this challenge is to create a dedicated research and development team that creates customized products for all skin types in order to attract more consumers.
Medical Adhesives Market Key Players Perspective:
There has been a considerable development in the growth of medical adhesives market with key market players such as Henkel AG & Company, B. Braun Melsungen AG, 3M Company, CryoLife, Inc., Chemence Ltd., Cyberbond LLC, Ethicon Inc., Covidien Ltd., GluStitch Inc., Adhezion Biomedical, Cohera Medical, Inc., Baxter International Inc., Gem S.r.l, Meyer-Haake Gmbh, and Biocoral, Inc., and others.
Germany based Henkel AG & Company released a press release in September 2018 stating about their efforts to innovate and create flexible LED cure adhesives for medical devices in the healthcare industry.
* Aquatic Organisms’ Adhesion
According to recent research by National Center for Biotechnology Information, underwater adhesion can be improved by following aquatic animals’ natural adhesion systems. This has majorly been inspired by aquatic animals such as mussels, and endoparasitic worms, where the aquatic animals’ natural adhesion systems is used in medical adhesives by improving the polymer technology.
* Customised Band-Aids
In order to make medical products more appealing to customers, key market players have been using medical adhesives in creation of customized first aid or band aids that follow a particular theme. Recently, popular medical aid companies released band-aids that featured ‘Frozen’ and ‘Star Wars’ characters in them. This generates a high demand for medical adhesives as without them band-aids are ineffective.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Medical Adhesives Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Medical Adhesives Market, and their specific applications in different areas.
The medical adhesives market can be segmented on the basis of natural resin type, synthetic and semi synthetic type, and formulating technology. Based on natural resin type, the market can be divided into collagen, fibrin, and albumin. By synthetic and semi synthetic type, the market can be segmented into Acrylic, Cyanoacrylate, Epoxy, Silicone, Poly Ethylene Glycol. And by formulating technology, the market can be divided into water, solid and hot melt, and solvent based.
The Medical Adhesives Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia