The Europe medical device adhesive market is expected to reach US$ 2,937.41 million by 2027 from US$ 1,723.16 million in 2019. The market is expected to grow at a CAGR of 7.0% during 2020–2027.
Increasing usage of medical device adhesive and technological advancements in medical device adhesive are driving 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 the adhesives that 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 as well as lowering 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.
The minimal invasive procedures are the preferred methods that are being adopted over the traditional open surgery methods, such as endoscopy surgeries, endoscopic diagnostic procedures, and robotic-assisted surgeries. The endoscopic surgical process is widely followed for heart, lungs, stomach, and kidney related operations. The post-procedure wounds are sealed with surgical sutures, surgical staplers, sealants, or relevant adhesive tapes. However, due to technological advancements in wound closure methods, medical device adhesives are among the preferred products.
For instance, an inguinal hernia is among the most common disorder observed among men and women, with surgical procedure being the only possible treatment. The primary type of operational procedures is open surgery and laparoscopy. According to OECD, there have been about 106,682 laparoscopic repairs recorded for inguinal hernia in Germany in 2017. The wound/cut sealing operations for these procedures usually involve medical sealants; thereby, offering a significant opportunity for market players during the forecast period.
The European economy is severely affected due to the exponential growth of COVID-19 cases in the region. Various companies have undergone severe losses in the last quarter of 2019 and have negatively impacted the year 2020. Thus, the European companies are partnering with others to come up with solutions to deal with the pandemic. For instance, Permabond’s production facilities in Milan, are allowed to remain fully operational under the life-sustaining business due to its adhesives for medical devices and ventilators at this time, but also due to the many other essential industries that rely on the continuation of supply of its adhesives for their production and operations. The impact of the COVID-19 pandemic on the regional medical device adhesive market is moderate.
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 as evident use of acrylic solutions in wide range of applications such as dental, assembly of medical devices and equipment. Furthermore, medical grade acrylic is also 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 Europe medical device adhesive market report include World Health Organization (WHO), World Health Federation, NHS Dental statistics, European Cardiovascular Disease Statistics and others.