Thursday 12 March 2015

Medical Adhesives and Sealants Market is Anticipated to Reach USD 11.75 Billion by 2020

Chemical_Materials
Medical Adhesives and Sealants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
According to a new market report published by Transparency Market Research “Medical Adhesives and Sealants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,” the global medical adhesives and sealants market was valued at USD 6.39 billion in 2013 and is expected to reach USD 11.75 billion by 2020, growing at a CAGR of 9.2% over the forecast period from 2014 to 2020. The global medical adhesives and sealants market volume was 1,244.7 kilo tons in 2013.
The market is estimated to grow at a fast pace owing to the rising adoption of medical adhesives and sealants aided by their beneficial characteristics such as ease of use, time efficiency and aesthetics. Increasing number of medical ailments associated with the rising ageing population across the world is expected to be major driver for the medical procedures, which require medical adhesives and sealants, in the years to come. 
Medical adhesives and sealants can be classified based on product types into following segments – acrylic, silicone, cyanoacrylate, polyethylene glycol, other synthetic (Polyisobutylene, polyurethane, epoxy) collagen, fibrin, albumin and other natural (Lysine, cellulose, amino acid derivatives). Acrylic products were the dominant segment with over 30% of the global demand in 2013. Collagen products were the second largest segment and expected to grow at a high CAGR of about 9% between 2014 and 2020. Polyethylene glycol and cyanoacrylate product were the fastest growing segments due to recent successes in development of formulations suitable for internal medical applications.
Key applications for medical adhesives and sealants include internal, external and dental applications. Internal applications include surgical tissue sealing, hemostats, blood clotting and implant mounting among others. Internal applications accounted for the largest share of almost half of the total market in 2013. External applications include wound care, suture, medical tapes, and contact medical devices such as syringe, electrodes, catheters, etc. Dental applications are expected to witness limited gains over the forecast period owing to rising awareness related to preventive oral care through regular brushing and flossing.
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The global medical adhesives and sealants market was dominated by North America in 2013 due to access to advanced technologies and awareness about benefits of medical adhesives and sealants among users. The market is expected to witness robust growth in Asia Pacific due to growing medical tourism and rising awareness. Europe was the second largest market for medical adhesives and sealants with a market share of about 30% in terms of volume demand.
Baxter International, Denstply Limited, 3M Company, CryoLife Inc., Henkel AG and Johnson and Johnson are some of the leading medical adhesives and sealants suppliers across the world. The top four players accounted for more than 49% of the market in terms of revenue.
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