The Asia Pacific medical device adhesive market is expected to reach US$ 2,245.98 million by 2027 from US$ 1,201.22 million in 2019. The market is expected to grow at a CAGR of 8.2% during 2020–2027.
Increasing usage of medical device adhesive coupled with technological advancements is the key factor driving the growth of the market in the region. Additionally, rapid surge in number of minimally invasive procedures and increasing adoption of eco-friendly and biocompatible solutions are likely to fuel the growth of the medical device adhesive market during the forecast period. However, factors such as complications associated with the medical device adhesive are likely to restrain the growth of the market.
Medical device adhesive are manufactured as per the medical grades. They are mainly used for assembling medical devices. They also help to optimize assembly speeds to enable better processing, greater output, and minimize the associated costs. During recent years, along with the technological developments in medical device industry, the demand for medical device adhesive has also increased significantly.
Advancements in electronics technologies are enabling medical electronic devices to facilitate faster diagnosis and offer new drug-based therapies to improve the health condition of patients suffering from various health issues. Medical device adhesive is highly versatile and useful in the field of medical science. Most of the medical device manufacturers use pressure sensitive adhesives (PSAs) for grounding, interconnecting, and shielding applications. Some of these adhesives are made up of softer materials such as cotton; whereas, others are more elastic to support flexibility. The rising adoption of medical device adhesive in various applications is expected to support the market growth in the coming years.
In recent years, medical device adhesive has been gaining a significant preference in healthcare-related operations. The medical device adhesive is used in applications such as assemblage of medical devices, drug delivery stems, and connection of device joints and gaps. The use of medical device adhesive depends on the use of medical devices. Medical grade sealants are widely used in the pharmaceutical and biotechnology industries to prevent contamination of products and maintain pressure in isolators during the manufacturing processes. This is likely to foster the growth of the market during the forecast period.
Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19. India is reported to have 50,000 new COVID-19 cases daily and nearly a dozen states have imposed partial lockdown in high-risk areas. The outbreak has severely affected the tourism industry and caused supply chain disruptions; moreover, low-income countries face additional challenges due to the shortage of healthcare infrastructure. Restrictive measures have been put forth in South Korea, Malaysia, Singapore, the Philippines, and India to prevent disease transmission. India, China, Australia, and other developing nations are among the worst affected economies. The market players pushing to invest in medical devices development strategies and widening the overall scope of application for their offerings. The impact of the COVID19 pandemic on the regional medical device adhesive market is moderate.
In terms of resin type, the acrylic segment held the largest share of the market in 2019, and is anticipated to register the highest CAGR in the market during the forecast period. Growth of this segment is attributed to the evident use of acrylic solutions in wide range of applications such as dental, assembly of medical devices and equipment. Further, medical grade acrylic is ideal for use in interior and well as exterior medical applications that include skin tissue adhesives.
A few of the major secondary sources associated with the Asia Pacific medical device adhesive market report include the World Health Organization (WHO), Department of Global Health, Australian Institute of Health and Welfare, and Heart Foundation New Zealand, among others.