Medical Device Adhesive Market

Medical Device Adhesive Market Size (2023 to 2028)

The size of the global medical device adhesive market is forecasted to value USD 3.93 billion by 2028 from USD 2.77 billion in 2023, growing at a CAGR of 7.2% during the forecast period.

Medical device adhesives are single-use medical devices intended to be disposed of after usage. Needles, syringes, catheters, tube sets, masks, polycarbonate devices, and pacemakers are environmentally friendly. Medical device adhesives are commonly utilized as an alternative to staples and sutures in surgical procedures. Only healthcare experts should use medical device adhesives since they are conversant with the nuances. They might cause discomfort and disease if not utilized appropriately.

MARKET DRIVERS:

The growing number of people suffering from various health disorders and increasing focus on improving treatment procedures by using appropriate devices for the medical sector application propelling the global medical device adhesive market growth.

Doctors or physicians highly recommend this technique over traditional wound closure techniques. The surge in spending on healthcare and the increasing number of new entry-level players in the market further propel the growth rate of the global medical device adhesive market.

The latest advancements in the market are expected to drive market growth.

Recently, there has been rapid advancement in the market for more revenue by various companies. For instance, Panacol – USA has realized that stronger adhesives with reduced standard deviation are now required due to improvements in extruded tubing alternatives. Recently, a brand-new line of adhesives was created and was specially made to meet the company's demands for modern, minimally invasive device assembly. Orange fluorescing MID adhesives have constant curing cycles for tighter production control, and they are highly visible during visual examination leading to more demand. Adhesives that can be employed in optical applications, such as medical equipment that utilize cameras, fiber optics, or lasers, are in higher demand right now. Therefore, products like High-strength epoxy called Flashbond UV-6502CL are intended for optoelectronics assembly. Low cure shrinkage and great clarity are two characteristics of the low viscosity, light curable adhesive promoting its selling point. Therefore, the multiple new product launches support the market growth.

The growing prevalence of eco-friendly and biocompatibility devices in every aspect sets up growth opportunities for the market. Furthermore, rising awareness over the benefits of using disposable devices and the demand for minimally invasive and non-invasive surgical procedures for various diseases is prompting the market's growth rate. In addition, increasing priority to have a high success rate for the applications performed is leveraging the demand of the medical device adhesive market. Also, the emergence of advanced technology in the medical sector is solely to surge the growth rate of this market.

Advantages associated with medical device adhesives and growing awareness fuel the market’s growth rate.

Medical adhesives are biocompatible, and their qualities of not being sensitive, irritating, or cytotoxic have expanded their use in medical equipment. Furthermore, the hydrophobic characteristics of silicone adhesive make it excellent for water sportswear such as swimming and diving. As a result, silicone adhesives have become increasingly popular because of their properties and advantages. Medical device adhesives are utilized in medical device construction, drug delivery stems, and device joint and gap connections. In addition, medical device adhesives are combined with medical equipment, further promoting their need in the healthcare sector and driving market growth. 

MARKET RESTRAINTS:

However, the need for more skilled labor in manufacturing the latest design products with advanced technology is quietly impeding the market's growth. Lack of standardization may also negatively impact the development of the medical device adhesive market. Frequent changes in the availability of raw materials still need to be made easier for the market.

Impact of COVID-19 on the global medical device adhesive market:

The Global pandemic COVID-19 has immediately impacted the world economy across all industries. The COVID-19 pandemic has affected economies and initiatives in various countries due to lockdowns, travel bans, and business shutdowns, disrupting the global supply chains, manufacturing processes, delivery schedules, and chemicals and materials sales. COVID-19 has yet to impact raw material supplies for adhesives and sealants significantly, except for transportation delays caused by travel restrictions and specific driver shortage difficulties. Although the situation is volatile, raw resources such as binders and resins have been fine. Due to the pandemic and significant declines in oil prices, industries using adhesives and sealants have encountered varying demand levels. The medical device adhesive market had a negative impact on the market due to the lockdown restrictions across the globe. However, after the unlock of the lockdown, it has gained momentum and is most likely to register a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global Medical Device Adhesive Market has been segmented and sub-segmented into the following categories.

Medical Device Adhesive Market - By Resin Type:

• Light Curing
  • Light Curing Acrylics
  • Light Curing Cyanoacrylates
  • Light Curing Silicones
• Cyanoacrylates
• Acrylic
• Epoxy
• Silicone
• Polyurethane

Based on resin type, the cyanoacrylate market segment contributes a significant share of the worldwide market in 2022. It is likely to register the highest CAGR over the forecast period due to the benefits associated with the medical adhesives made of cyanoacrylates, such as instant fixation for enhancing cosmetic appearance and superior performance. In addition, the emergence of cyanoacrylate products developed by the major key players in the market due to the continually increasing demand among the people is further expected to support this segment.  

However, the acrylic and silicone segments are also expected to have significant growth in the market due to the wide applications of acrylics in both internal and external medicine, its usage in dental types of equipment, and even equipment assembly. The silicone structures are highly durable and functional as an adhesive supporting the segment's growth. 

Medical Device Adhesive Market - By Application:

• Needles & Syringes
• Catheters
• Tube Sets
• Masks
• Polycarbonate Devices
• Pacemaker & Other Equipment

During the forecast period, the needles and syringes segment is expected to play a leading role in the global medical device adhesive market. However, the pacemaker and other equipment segments are estimated to showcase a healthy CAGR during the coming years.

Medical Device Adhesive Market - By Region:

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Rest of EU
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia & New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• Middle East
• Africa

Regionally, North America witnessed the largest share of the global market in 2022, with the rising economy being well-developed and developing countries. Also, the growing focus on developing new products with the latest technology in favor of the end-users is magnifying the market's growth. In addition, the advanced medical infrastructure, equipment, and facilities in developed nations like the U.S. and Canada are expected to help the region's growth. Furthermore, the presence of key market players, new product launches in the region, growing awareness regarding the need for better healthcare systems, and rising disposable incomes are more factors supporting regional growth for the market. 

The Asia Pacific occupied the second-largest share of the worldwide market in 2022 and is expected to grow at a promising CAGR during the forecast period owing to the growing geriatric population and increasing demand for chemistry-based adhesives. In addition, the rise in the awareness of utilizing medical device adhesives with specifications and complex structures is outshining the market’s growth rate. Furthermore, the rising awareness regarding preventive care and the development of products in countries such as China, India, Japan, and South Korea are supporting the expansion of the market in the region. Additionally, supportive government policies and insurance schemes, along with rising income levels, support the market in the region. 

Europe is predicted to grow at the highest CAGR in the coming years. Increasing incidences of chronic diseases are broadening the market's growth rate in this region.

KEY MARKET PLAYERS:

A few major companies operating in the global medical device adhesive market are Epoxy Technology Inc., Dymax Corporation, Henkel AG & Company, H.B. Fuller, Permabond Engineering Adhesives Ltd., Novachem Corporation Ltd, Honle Group, Masterbond Inc., & Incure Inc.

RECENT MARKET HAPPENINGS:

• In December 2022, Patients, carers, and medical professionals received updated information from the U.S. Food and Drug Administration (FDA) on two recent problems with specific modified Philips Respironics (Philips) Trilogy 100 and Trilogy 200 ventilators. In June 2021, Philips recalled the Trilogy 100 and Trilogy 200 ventilators due to problems with the disintegration of the polyester-based polyurethane (PE-PUR) sound abatement foam.
• In January 2023, Hisco, a Houston, Texas-based provider of specialty distribution services to the aerospace, electronics assembly, e-mobility, medical device manufacturing, and other industrial markets, announced the acquisition of Houston-based Alliance Graphics and Printing. Alliance Graphics and Printing specialize in print and labeling solutions.
• In April 2022, a medical device attachment tape that can be used to keep medical equipment fastened to a patient's skin for up to 21 days was released by 3M. The 3M Medical Tape 4576 from Maplewood, Minnesota-based 3M is flexible, conformable, and has "great adherence to the skin," making it perfect for devices that must be worn continuously for an extended period inside and outside of healthcare institutions.
• In November 2022, the 2022 Medica Trade show was held on Nov. 14–17 in Düsseldorf, Germany. Avery Dennison Medical, a provider of pressure-sensitive materials for medical applications, presented a variety of wound care, medical wearables, personal care, and connected healthcare solutions. 
• Baxter International Inc. recently formed a strategic collaboration with Mayo Clinic. The primary objective of this collaboration is to develop better treatment devices and enhance business operations.
• Henkel Corporation entered into a strategic partnership with PolyOne Corporation in 2016. This collaboration focuses on developing novel methods and materials for medical devices that offer high resistance to hospital disinfectants. With the help of this collaboration, both companies are developing solutions to escalate manufacturing procedures, reduce development time, and enhance performance.
• Ethicon, Inc. entered a strategic partnership with Touch surgery Inc. in 2016. This collaboration will expand the customer base for Ethicon by implementing simulated surgical training on the practical usage of Ethicon products through a mobile application for medical professionals worldwide.