The globe is estimated to boost the market for medical services. Benefits such as ease of use, time efficiency, aesthetics and non-invasiveness have been major drivers for rising adoption of medical adhesives and sealants.
Albany, NY -- (SBWIRE) -- 11/01/2016 -- Medical adhesives and sealants are chemical formulations that are safe for use in bonding applications during medical procedures. The use of adhesives and sealants in medical applications is relatively new except in joint implants and dentures.
Increasing aging population across the globe is estimated to boost the market for medical services. Benefits such as ease of use, time efficiency, aesthetics and non-invasiveness have been major drivers for rising adoption of medical adhesives and sealants. However, stringent regulations associated with medical grade products coupled with lack of proper reimbursement policies for medical services are projected to hamper market growth during the forecast period.
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In order to reduce their reliance on synthetic (petroleum-derived) medical adhesives and sealants, major industry participants have been shifting their focus towards developing bio-based medical adhesives and sealants over the past few years. Bio-based medical adhesives and sealants based on plasma and protein-derived materials such as collagen, fibrin and albumin offer better biocompatibility for internal applications and are easily absorbed and assimilated in the body
North America continued to dominate the global medical adhesives and sealants market, accounting for over 35% share of the market in 2013. Asia Pacific was the fastest growing market for medical adhesives and sealants, constituting more than a quarter of market share in 2013. The market in the region is likely to grow at a CAGR of approximately 9% between 2014 and 2020. Europe held the second largest share of the market volume in 2013, while RoW occupied the smallest share of the total volume in the same year.
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Acrylic products emerged as the largest product segment, accounting for over 30% of the global medical adhesives and sealants consumed in 2013. Polyethylene glycol and cyanoacrylate are expected to be the fastest growing products, expanding at double digit CAGR between 2014 and 2020, due to development of formulations usable for internal applications. Bio-based medical adhesives and sealants including fibrin, albumin and collagen are set to witness rapid growth during the forecast period owing to their superior biocompatibility, and easy absorption and assimilation within the body. Collagen is the most used natural medical adhesive and sealant due to good bond strength, elasticity and biocompatibility. Collagen is a protein constituent in the animal connective tissue and has good adhesive properties. Fibrin is derived from plasma and lacks the bond strength and elasticity of collagen. However, fibrin shows good performance for blood clotting and hemostat applications. Silicone products are also expected to show promising gains as they are not derived from petroleum feedstock hence independent of crude oil price fluctuations. Additionally silicone products are stable and have excellent binding properties at extreme temperatures high or low.
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Internal applications constituted about half of the global market demand in 2013 and dominated the market in the same year. Internal applications are likely to be the fastest growing market for medical adhesives and sealants, expanding at a CAGR of over 8% between 2014 and 2020. Dental applications are estimated to witness limited growth due to increased awareness about preventive oral care among general population. External applications are expected to witness increasing gains on account of improving penetration of consumer products such as medical tapes and wound care solutions offered by market players.