TAGS: Hot-melt Adhesives Sealants Waterborne Adhesives Solvent borne Adhesives
According to Markets and Markets report, the medical adhesives market size is projected to grow from USD 7.6 billion in 2019 to USD 10.6 billion by 2024, at a CAGR of 6.8 percent during the forecast period. Rise in population, income level, and health awareness in developing regions; high growth in the medical implants market; and increasing number of minimally invasive surgeries are encouraging the use of adhesives for wound closure.
Largest Share: Fibrin Sealant
Fibrin sealant is a biological adhesive that can be used in almost all surgical procedures to seal and bind tissues and achieve hemostasis. Fibrin sealant can be used to stop bleeding during surgery, which enables surgeons to achieve hemostasis faster and more efficiently than without the sealant.
These adhesives find usages in various applications such as dental extraction and oral surgery, orthopedic operations, circumcision, traumatology, cardiac surgery, thoracic surgery, vascular surgery, oncologic surgery, plastic surgery, neurosurgery, and ophthalmologic surgery.
Fastest Growing Segment: Hot Melt Adhesives
Medical adhesives use various curing technologies such as water-based, solvent-based, and solids and hot melts. Hot melt is the fastest-growing class of adhesive technologies for medical applications.
Hot melt-based adhesives can be defined as 100 percent solid adhesives based on thermoplastic polymers, which are heated and applied in the molten state and set to form a bond on cooling and solidification. Their unique selling point is their extremely fast rate of bond formation, which can lead to high production rates.
APAC is Expected to Witness Highest Growth
The APAC medical adhesives market is segmented into China, Japan, India, South Korea, and the Rest of APAC. The APAC region is a lucrative market for medical adhesives. The market in the region is projected to witness the highest growth in the next five years.
The region is expected to offer significant opportunities for medical device manufacturers as well as the medical adhesives manufacturers in the next five years. Many medical device manufacturers are setting up or expanding their manufacturing bases in this region to take advantage of the low manufacturing cost.
Source: Markets and Markets