Sharp Surge Expected in Global Medical Adhesives Sales in Future

The booming economies of developing nations such as India, Brazil, and China have massively increased the disposable income of the people in these countries, which has in turn, boosted their spending power. This has also considerably spiked the healthcare spending in these countries, thereby propelling the demand for pharmaceuticals products and various medical instruments and equipment. Because of this factor, the sales of medical adhesives is increasing rapidly in these nations and this trend is predicted to continue over the next several years.

The increasing prevalence of surgeries and long-term chronic care therapies is another crucial factor responsible for the growing sales of medical adhesives throughout the world. Due to these factors, the global medical adhesives market is predicted to exhibit a huge growth in its valuation, from $8,714.9 million to $16,367.2 million from 2019 to 2030. Furthermore, the market is predicted to progress at a CAGR of 2.3% from 2020 to 2030, according to the estimates of the market research organization, P&S Intelligence.

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Besides medical equipment and devices, medical adhesives are also used in dental, internal, and external medical applications. Out of these, the usage of medical adhesives is predicted to be the maximum in the internal medical applications in the coming years. This is ascribed to the large-scale utilization of bio-adhesives in intracorporal conditions, that involve direct contact with tissues, body fluids, and organs for mitigating the complications arising from internal bleeding. In addition to this, “the increasing incidence of medical conditions requiring treatment of internal organs and tissues will generate huge demand for medical adhesives in future”.

Globally, the sales of medical adhesives was found to be the highest in North America in the last few years. This is credited to the high spending power of the people in various North American countries, rapid innovations in the healthcare industry, and the presence of numerous government programs and schemes such as Medicare, Medicaid, veterans’ health administration, and the children’s health insurance program. These healthcare programs and schemes accounted for almost 60—65% of the total healthcare spending and provision in the region in the past.

“The North American medical adhesives market is also predicted to be the most lucrative in the future years”. This is because of the escalating demand for needles, medical devices, thermometers, equipment syringes, first-aid kits, plastic tubes, surgical sutures, and stretchers in the region. In addition to this, “the ongoing COVID-19 pandemic is creating huge demand for PPE kits and thermal scanners in the region, which is in turn, fuelling the rapid growth of the market”.

Hence, the sales of medical adhesives will rise considerably across the world in the upcoming years, mainly because of the increasing healthcare spending, rising prevalence of surgeries, chronic diseases, and internal medical conditions and the increasing awareness about hygiene practices and protective medical equipment.