Medical Adhesives Market: Introduction
- Medical adhesives are chemical formulations that are used in adhering or bonding two different types of surfaces in medical procedures. Medical adhesives have been widely used in joint replacement therapies and a number of dental applications. However, they are now finding new applications in various medical procedures.
- Adhesives and tissue sealing agents are emerging as a vital alternative to sealing staples and sutures. Some of these products are being employed as general hemostatic agents to control bleeding in the surgical field. Advancements in surgical sealants and glues over the years have led to development of procedure-specific products, particularly in situations wherein staples and sutures are difficult to employ. Surgical sealants are made of synthetic (polyethylene glycol) or naturally occurring materials (collagen) and are commonly used with staples or sutures to help completely seal internal and external incisions after surgery.
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Key Drivers and Restraints of Global Medical Adhesives Market
- Population in developed countries such as the U.S., Germany, and Japan is aging at a rapid pace. According to the U.S. Census Board, people above 65 years would account to 20% of the total population by 2030. According to the United Nations University (UNU), one million people reach 60 years of age every month globally. Furthermore, the percentage of global population above the age of 65 years is poised to increase from 7% in 2000 to 16% in 2050. People in Japan have an average life expectancy of 83 years. About 21% of the country’s total population is aged above 65 (according to the U.S. Census Bureau).
- Aging leads to tooth decay, tooth erosion, tooth tissue softening, and denture-related problems. These contribute significantly to growth of the dental adhesives and sealants market. Additionally, aging results in higher susceptibility to bone related injuries, weakening of joints, bleeding disorders, and other cardiovascular problems. Most of these issues are resolved through surgery, which requires usage of medical adhesives and sealants. Rise in incidence of these problems related to aging is anticipated to drive the demand for medical adhesives in the next few years.
Prosthetics Segment to Lead Global Market
- The global medical adhesives market can be segmented based on product type and application
- Based on product type, the global medical adhesives market can be divided into synthetic adhesives and natural adhesives. The synthetic adhesives can be further sub-segmented into acrylic, silicone, cyanoacrylate, polyethylene glycol, and others. The natural medical adhesives include collagen, fibrin, albumin, and others.
- In terms of application, the global medical adhesives market can be classified into internal, external, and dental. Internal applications include tissue sealing, blood clotting, implant bonding, and tissue grafts. External applications comprise wound care, medical tapes, and contact devices such as syringes and catheters.
North America to Lead Global Medical adhesives Market
- The global medical adhesives market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is the most densely populated region and comprises fastest growing economies: India and China. Increase in prevalence of lifestyle diseases such as diabetes and higher road accident rates have demanded better wound closure products. This rise in demand is supported by rapidly developing health care industry in these countries. Permissive regulatory policies and favorable foreign trade policies would contribute to the growth of the medical adhesives market in Asia Pacific.
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Key Players Operating in Global Medical Adhesives Market
Leading players in the global medical adhesives market are:
- 3M Company
- Braun Melsungen AG
- Johnson & Johnson
- Baxter International Inc.
- Medtronic plc
Global Medical adhesives Market: Research Scope
Global Medical adhesives Market, by Product Type
- Polyethylene Glycol
Global Medical adhesives Market, by Application
Global Medical adhesives Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.