In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
April 2019 – 3M decided to expand its adhesive business for wearable medical devices.
Medical adhesives are an important part of the healthcare industry. These are an integral component of a diverse range of medical products that include taps, dressings, electrodes, ostomy supplies, and patches. They can also help facilitate skin protection and healing and also allow non-invasive monitoring.
Any medical adhesive is defined as a product that is used to attach an external component (tape, dressing, electrode, patch, ostomy pouch, or dressing) to the skin. In some cases, there are selected tapes, dressings, and devices that can function as a medical adhesive.
With development happening globally, there is a lot of progress in the medical field including advancements in medical adhesive technologies. People are more aware about the kind of treatment options that are available in the market. Rising population means that more people will require access to better healthcare. This leads to various countries investing in research and development in the medical field. Such factors are going to directly influence the global medical adhesive market. The market size for global medical adhesives market is very significant and is expected to grow at a moderate CAGR over the forecast period, i.e. 2021-2028.
The global medical adhesive market is segmented based on application into internal application, external application, dental, and medical equipment. Out of these, the largest market share will be observed by internal medical application. With the introduction of new technology and effective innovations in surgical applications, there has been developments for environmentally friendly medical adhesives which are also biodegradable in nature, which in turn is anticipated to drive the growth of the internal medical application segment in the global medical adhesive market.
According to the statistics by the Centers for Disease Control and Prevention (CDC), 87.6% of people in the US have a usual place to go for seeking medical care. CLICK TO DOWNLOAD SAMPLE REPORT
There is a growing number of people who require healthcare assistance. With infrastructure development, more and more healthcare-centric areas are coming up. Many new inventions and technologies are coming up that can make practicing medicine a lot easier and comfortable. The increase in the number of mobile clinics and first aid treatment centers has led to an increase in the use of medical adhesives, which in turn is anticipated to drive the growth of the global medical adhesive market over the forecast period.
With globalization, more and more advanced technologies are available to everyone. These can play a significant role in the global medical adhesive market. Apart from that, with improvements in technology, adhesives are becoming more and more compatible and adaptable with surgical procedures that propelled the growth of this market.
According to the statistics by the World Bank, back in the year 1990, the global population was recorded at 5.28 billion. The same was recorded at 7.59 billion in 2018, which is a drastic increase by 2.31 billion during these years.
The global population has been growing year by year along with the global medical adhesive market. Information about health is easily available at our fingertips especially with the development of the internet. With the rise in population, growth in income level, and people becoming more aware of healthcare especially in the developing regions, there will be a significant growth in the global medical adhesive market and industry.
As technology becomes more and more compact, there is a direct influence on the healthcare industry. With the increasing number of minimally invasive surgeries and owing to the high growth in the medical implant market, there has been a progressive use of medical adhesives for closure of the wounds. This directly contributes to the growth of the global medical adhesive market.
Different countries have their own unique policies when it comes to healthcare products and services. A medical product could be highly expensive in one place and be extremely affordable in another. Usually, this is decided by the kind of restrictions and regulations that are set over such products. Improperly set regulations associated with medical-grade products can hamper the growth of the global medical adhesive market.
Quality raw materials are required in order to produce a quality product. It might not be necessary that all the raw materials required can be found in one region. Most of the times, raw materials are traded from one place to another. Trade relations, diplomatic relations and politics can often play an important role in deciding the price of raw materials. This is a factor that can severely impact the global medical adhesive market and industry.
Disasters can be highly unpredictable in nature. Covid-19 is one such example that brought the world to a standstill. This directly impacted the trade between countries. Usually, when trade is affected, it leads to fluctuating prices and unavailability of materials. This is a significant restraint impacting the global medical adhesive market.
Our in-depth analysis of the global medical adhesive market includes the following segments:
On the basis of regional analysis, the global medical adhesive market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America has recently seen an increase in the number of patients who have significant knowledge about the healthcare industry. Understanding wound infection and common diseases have become a part of first-aid training. Apart from this, rapidly increasing geriatric population is being observed in the region. The geriatric population has a higher risk of developing chronic illnesses and thus requiring medical assistance. Such factors make North America one of the potential regions for medical adhesives among all other regions.
Europe has a technologically advanced healthcare industry. Therefore, the European market has witnessed excellent product innovations along with new product developments. Among Europeans, cardiovascular disease is responsible for a significant number of deaths. Uncontrollable bleeding during cardiovascular surgery is a major cause of mortality. The use of traditional methods like staples and sutures to seal wounds can cause further damage. In this case, medical adhesives play an important role in healing and repair without much risk. This is a significant factor that leads to the large consumption of the product across the European medical adhesive market.
The global medical adhesive market is further classified on the basis of region as follows: