Soaring Healthcare Expenditure Fueling Sales of Medical Adhesives

The rapid economic progress of several countries such as India, Brazil, and China is causing a sharp surge in the demand for medical adhesives. As per many reports, the gross domestic product (GDP) of India, China, and Brazil were ranked 5th, 2nd, and 8th, respectively across the globe in 2019. Because of this reason, the spending power of the inhabitants of these countries is soaring, which is, in turn, pushing up the demand for various food and health products. 

As medical adhesives are used extensively in various medical devices, the growing demand for these devices is augmenting the sales of medical adhesives. Due to these factors, the global medical adhesives market is predicted to boom in the coming years. As a result, the market value is predicted to increase from $8,714.9 million in 2019 to $16,367.2 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 2.3% between 2020 and 2030.

Based on technology, the market is divided into solvent-based, hot melt and other solids, and water-based. Out of these, the hot-melt and other solids category is predicted to register the highest growth in the market in the forthcoming years. This will be because of the several application areas of the hot melt and other types of solid adhesives such as internal medical applications, wound healing external medical applications, and dental operations.

Globally, the medical adhesives market will demonstrate lucrative growth in North America in the future, as per the estimates of the market research company, P&S Intelligence. This will be due to the rising demand for various medical devices, needles, equipment syringes, surgical sutures, thermometers, stretchers, first-aid kits, and personal protective equipment in the region. Moreover, with the boom in the population, the sales of these medical products are predicted to surge sharply in this region in the coming years.

Hence, it is safe to say that the demand for medical adhesives is predicted to shoot-up all over the world in the forthcoming years, mainly because of the rising requirement for various medical devices, on account of the increasing demand for surgeries and the rising incidence of hospital-acquired infections and chronic diseases across the world.