Medical Adhesives Market Trends

Growth Drivers

• Increasing Number of Clinics and Treatment Centers: 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. 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 market over the forecast period.
   
• New Technological Developments Raising Product Quality and Making it More Accessible: With globalization, more and more advanced technologies are available to everyone. These can play a significant role in the global medical adhesives 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.
   
• Rising Population Creating More Demand for Healthcare: 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 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 market and industry.
   
• A Convenient Alternative for Wound Closures: 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 market.

Restraints

• Improper Regulations: 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 market.
   
• Fluctuating Prices: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 market and industry.
   
• Trade Barriers Caused by the COVID-19 Pandemic:
  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 adhesives market.