Medical Adhesives Therapeutics Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Medical Adhesives Therapeutics Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.
Blog Article
The global medical adhesives therapeutics market is anticipated to grow at a significant CAGR of 30.1% during the forecast period. Medical adhesives therapeutics are used in medicine to stick medical devices, dress, and patching of skin, in fabricating components of medical devices, and seal wounds. Tapes, electrodes, dressings, and patches are the most common type of medical adhesives used in medical applications. It is majorly used in surgical applications in place of staples and sutures. It is also used in bone and enamel reconstruction during orthopedic and dental surgery. Increasing medical and non-medical applications of medical adhesives are driving the growth of the market.
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The increasing geriatric population and increasing demand for medical adhesives in surgical procedures are estimated to be one of the major factors that are augmenting the growth of the market. Additionally, surging demand for medical adhesives for automotive and electronics applications, miniaturization of the medical devices, government regulations for minimizing the carbon footprints, and rising demand for medical adhesives in packaging and labeling application are also estimated to be one of the major factors that are driving the growth of the market across the globe.
However, the volatile price of petroleum-based medical adhesives, along with the lack of reimbursement policies for the use of synthetic-grade products are estimated to be the major factors that are hampering the growth of the medical adhesives market. Besides these restraints, continuous innovation in medical adhesives and increasing demand from emerging economies such as India, China, and Brazil are developing numerous expansion opportunities for the growth of the market.
The North American Region is Anticipated to hold the Prominent Share in the Global Medical Adhesives Therapeutics Market
The growing incidence of pressure ulcers (PU) due to the aging population is one of the major factors propelling market growth in the region. Moreover, the increased per capita healthcare expenditure and the presence of major market players are driving the market in the region. Europe is another significant region in the global medical adhesives market due to the increasing number of surgical procedures that utilize medical adhesives. Further, the increasing prevalence of osteoporosis is also contributing to the market growth in the region, owing to the increased risk associated with various types of fractures which increases the demand for adhesives in medical tapes and bandages to support fractured bones.
by Product (Natural Resins and Synthetic & Semi-Synthetic Resins), and
by Application (Dental, Tissue Bonding, Wound Closure, Medical Device and Equipment, and Others)
Market Players Outlook
The major companies serving the global medical adhesives therapeutics market include 3M Co., Ashland Global Holdings Inc., and B. Braun Melsungen AG, among others. The companies are focusing on product innovations, expansions, mergers and acquisitions, and finding a new market in their core competency to expand individual market share. For instance, in In July 2021, Baxter International acquired of PerClot Polysachharide Hemostatic System from CryoLife, Inc. for up to $60.8 million to expand its medical adhesives product portfolio.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global medical adhesives therapeutics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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