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The increasing use of medical adhesives for internal and external surgeries has been driving the industry's growth in the historical period. Another significant industry driver is the increasing penetration of transdermal patches. The transdermal patch is used to deliver the drug directly to the bloodstream through the skin. This is a more effective method of drug delivery than a high ingestion dosage, which is then eliminated from the body by the liver. Recent advances in medical adhesives are resulting in a broader range of applications for medical joining and bonding, such as medical device assembly, bonding human tissue, wound care, and drug-delivery systems, which will drive market growth. In addition, an increasing number of laparoscopic surgeries and non-invasive surgery is boosting the usage of adhesives for wound closure.
Moreover, the rapidly increasing geriatric population and rising prevalence of chronic diseases such as cardiovascular diseases among elderly individuals are factors driving the rapid utilisation of medical adhesives in internal surgeries. Rising demand for medical protective wear during the COVID-19 pandemic, and subsequent tracing, testing, treatment, and vaccination activities, are expected to drive the future demand for medical adhesives. The rising popularity of tissue adhesives in the healthcare sector is expected to bolster market growth during the forecast period. In addition, the rising prevalence of oral health problems such as cavities, gum disease, and tooth decay is expected to increase the utilisation of medical adhesives in dental applications.
New product development is a significant strategy used by the medical adhesive companies, which has been bolstering the industry's growth and is likely to continue adding to the growth of the industry in the coming years. For example, in April 2017, Baxter International (NYSE: BAX), the world leader in surgical adhesive manufacturing, unveiled new designs to improve the company's FLOSEAL and TISSEEL hemostatic products. Such developments are likely to augment the market growth in the forecast period.
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The major players in the global medical adhesives market are Baxter International Inc., Henkel AG & Co. KGaA, The Dow Chemical Company, The 3M Company, and Chemence Medical, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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