Feb 26,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Adhesives market.
It was estimated prior to this unanticipated outbreak that the Medical Adhesives market was expected to grow at a CAGR of 7.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Medical adhesives are employed to bond products, such as dialysis filters, syringes, blood bags, and tube connections. Further, they are also used to seal and bind tissues and achieve hemostasis. Medical Adhesives can be categorized based on resin type into natural resin and synthetic and semi-synthetic resin. On the basis of application type, they can be categorized into dental, internal surgery, external surgery, medical device & equipment, and others. By technology type, they can be classified as water-based, solvent-based, and solids & hot-melt-based.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the resin type, the market is segmented as natural resin and synthetic and semi-synthetic resins. Natural resins are expected to remain the major segment of the market during the forecast period. Natural resin is further segmented into fibrin, collagen, and others. Synthetic and semi-synthetic resins are further classified as acrylic, silicone, cyanoacrylate, epoxy, polyurethane, and others.
Based on the technology type, the medical adhesives market is segmented as water-based, solvent-based, and solids & hot-melt based. Solids & hot-melts based medical adhesives are expected to witness the highest growth during the forecast period. These adhesives are entirely based on thermoplastic polymers, which are heated and applied in the molten state and set to form a bond on cooling and solidification.
In terms of regions, Asia-Pacific is expected to witness the fastest growth during the forecast period. Significant economic growth in the region, growing disposable income of consumers, low-cost labor, and huge consumer base are the major factors driving the growth of the market. Europe and North America are also expected to offer significant growth opportunities during the forecast period.
Some of the major suppliers of medical adhesives are-