Growth Drivers
Restraints
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.
Growth Drivers
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 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.
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
7.3% |
Base Year Market Size (2024) |
USD 9.59 billion |
Forecast Year Market Size (2037) |
USD 23.97 billion |
Regional Scope |
|
Author Credits: Radhika Pawar
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