TAGS: Sealants Acrylic Adhesives
The Insight Partners (TIP) anticipates that the The Insight Partners, USD 17,468.1 million 2027, medical adhesives and sealants market is expected to reach USD 17,468.1 million in 2027 from USD 9,867.9 million in 2019. The market is estimated to grow at a CAGR of 7.5% from 2020 to 2027.
Related Read: Adhesives for Medical Devices
Minimal Invasive Procedures Boosts Market Growth
Drug delivery systems are medical devices used to inject drugs or chemicals into the body. Some of the drug delivery systems available in the market include transmucosal, oral, pulmonary, injectable, topical, nasal, implantable, and ocular, among others.
Drug delivery systems are primarily used for the controlled or targeted delivery of various therapeutic agents to treat various diseases or improve patient health. The global medical adhesives and sealants market is driven by factors such as the increasing number of medical implantation/transplantation procedures being carried out and the rising adoption of minimal invasive procedures.
However, complications related to medical adhesives and sealants hamper the market growth. Additionally, future trends owing to increasing development in medical adhesive and sealant technologies are expected to propel the market during the forecast period.
Increasing Number of Medical Implant/Transplant Procedures
Medical adhesives and sealants (MAaS) are used as an aid to prevent blood loss during different surgical procedures such as cardiovascular surgeries, organ implants, and orthopedic procedures. The MAaS facilitates natural wound healing, prevents air and liquid leakages during and after surgical procedures and other applications. The adhesives and sealants are used as alternatives to surgical sutures and staples. Medical practitioners are increasingly adopting different types of such products, which, in turn, is projecting the demand for medical adhesives and sealants.
For instance, organ transplant is among the surgical producers that involve large incisions on the human body. Post-surgical wounds are sealed with the help of surgical sutures and staples; the wound needs to be healed fast to avoid post-operation complications such as wound infection, bleeding, and others.
The adhesives and sealants can help in preventing such complications. As per the Health Resources and Services Administration, a division of the US government, about 39,718 organ transplant procedures were performed in 2019. It was further stated that it was a new record high for the past seventh successive years.
Furthermore, restorative dentistry procedures include dental implants, especially among the geriatric population across the globe; however, a growing number of younger people are now opting for dental implantation procedures instead of bridges. Thus, such associated factors are expected to lead the market in the upcoming years.
Versatility & Quality Performance Boosts Synthetic Segment
Based on product, the medical adhesive and sealants market is segmented into synthetic and natural. The synthetic segment is further sub-segmented acrylic, silicone, cyanoacrylate, polyethylene glycol, and others. In 2019, the synthetic segment accounted for a larger market share of the market.
The growth of the synthetic segment is attributed to versatility and high-quality performance by the synthetic adhesives over natural adhesives. Moreover, these adhesives can be modified as per the need and have better adhesion properties than natural adhesives. These factors are projected to continue to drive the growth of the market for this segment during the forecast period.
Based on application, the companion animal diagnostics market is segmented into dental, internal, and external. The dental segment held the largest share of the market in 2019, and the internal segment is estimated to register the highest CAGR during the forecast period.
The product launch and approval strategies are commonly adopted by companies to expand their global footprint and product portfolio to meet the growing consumer demand. The medical adhesives and sealants market players adopt the strategy of collaborations to enlarge the customer base worldwide, which also permits them to maintain their brand name globally.
Source: The Insight Partners