The medical adhesives market is projected to attain a value of $16,367.2 million by 2030, increasing from $8,714.9 million in 2019, progressing at a 2.3% CAGR during the forecast period (2020–2030), according to a report by P&S Intelligence. The market is registering growth due to the increasing healthcare expenditure by emerging countries, enhancing per capita income, rapidly growing population, and rising products and equipment manufacturing base. On the basis of technology, the market is divided into hot melt & other solids, solvent-based, and water-based. 

 

Among all these, the water-based division is projected to register the fastest growth during the forecast period, because of the beneficial properties of these medical adhesives, such as good breathability, provision of quick-tackiness, and good anchorage to cloth face stocks. In addition to this, factors such as high resistance to moisture and water and sustainability are projected to result in the high adoption of these medical adhesives in the years to come. 

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Geographically, the medical adhesives market was dominated by North America during the historical period (2014–2019), on account of the high purchasing power, increasing product demand, and opportunity for advancement in the healthcare industry. Within the region, the U.S. held the major share of the market, due to technological advancements, increasing government support regarding free or insured healthcare policies, and increased per capita income. The Asia-Pacific region is projected to grow at the fastest pace during the forecast period. 

 

The increasing demand for bio-adhesives in the medical sector is a key trend being witnessed in the medical adhesives market. The consumption of bio-adhesives is majorly growing for internal medical treatment, implants, and wound healing in the healthcare industry. Bio-adhesives are glue that are formed from biological monomers synthetically and are designed for adhering to biological tissues. Skin adhesives are majorly being used in the healthcare industry to replace stiches that are conventionally used for closing wounds. 

 

Hence, the market is growing due to the rising adoption of disposable medical products and increasing consumption of bio-adhesives.  

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.

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.