The global medical device adhesives market is expected to reach US$ 11,759.07 million in 2027 from US$ 6,642.85 million in 2019. The market is estimated to grow with a CAGR of 7.5% from 2020-2027.
Driving factors include increasing usage of medical device adhesives and technological advancements in medical device adhesives. However, complications associated with these solutions are likely to hamper the growth of the market to a certain extent.
Medical Device Adhesives are ideal for array medical applications. These solutions range from a scope of Q-tip to an X-ray machine. The medical device adhesives are commonly used for bonding of plastics and metals. Some of the medical device adhesives require passing of biocompatibility testing for structural bonding of equipment. Some of the materials majorly used in formulation of these adhesives include cyanoacrylates, anaerobics, UV-curable and others.
Continuous R&D studies are ongoing worldwide to gain a better understanding on creating high-end medical solutions for incorporating a wide range of medical devices in practical usage. Companies are investing in the development of innovative instruments to secure good return on investment (ROI). Additionally, the product approval by regulatory authorities confirms reliability and credibility of the new age medical device sealants and adhesives.
Recently, various market players have launched high-end and top quality medical device adhesives in the market. For instance, in February 2019, 3M expanded its adhesive product line with the launch of new portfolio for wearable medical devices. 3M added 3M Extended Wear Medical Transfer Adhesive, 4075 in addition to its existing advanced adhesives for medical devices. In May 2019, Lohmann Technologies Medical Division introduced the DuploMED SUR 624000 surgical tape that was designed, developed, and tested for skin fixation applications. Further, in February 2019, DowDuPont launched a new soft skin adhesive for wearable medical devices at the Wearable Technologies Conference, 2019. Recently, in July 2020, Qosina partnered with H.B. Fuller, a medical adhesive manufacturer and introduced an off-the-shelf UV-curable cyanoacrylate adhesive for bonding medical device assemblies. These adhesives feature low bloom and low odor qualities with varying degrees of sheer, viscosity, and fixture time. The consistent launch of innovative products is expected to augment the growth of medical device adhesives market during the forecast years.
Based on resin type, the medical device adhesives market was segmented into acrylic, silicone, cyanoacrylates, polyurethane, light curing, and epoxy. In 2019, the acrylic segment accounted for the highest share in the market and is likely to retain its dominant share owing to the factors such as evident use of acrylic solutions in wide range of applications such as dental, assembly of medical devices and equipment. Furthermore, medical grade acrylic is also ideal for use in interior and well as exterior medical applications that include skin tissue adhesives.
COVID-19 virus outbreak was first observed in December 2019 in Wuhan (China), and it has spread to ~100 countries across the world, with the World Health Organization (WHO) stating it as a global emergency. The global impacts of COVID-19 are being felt across several markets. Although the healthcare sector had witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its transmission mode. North America has been witnessing a growing number of COVID-19 cases since its outbreak.
The Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), European Union (EU), Organization for Economic Co-operation and Development, National Cancer Institute, European Commission (EC), and National Health Service (NHS) are a few of the prime secondary sources referred to while preparing this report.