The North America medical device adhesive market is expected to reach US$ 5,222.20 million by 2027 from US$ 2,884.04 million in 2019. The market is expected to grow at a CAGR of 7.8% 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.
Medical adhesives and sealants are among the largely utilized consumables in the healthcare-related services. The adhesives are used in medical tapes, transdermal patches, medical devices assembling, and other applications. The key players in the market offer an excellent range of medical tapes as per the clinical applications. Further, in recent years there have been conduction of various international and national studies that address the toxicological evaluation of medical devices. Expedition of biocompatibility of medical devices has emerged as a mandatory parameter for manufacturers of medical device and their accessory solutions. The major manufacturing device companies such as INCURE, INC. and others are now focused on the development of biocompatible and eco-friendly solutions in the recent years, owing to the advantages offered by these solutions and their role in preventing environment damage. Thus, introduction of biocompatible medical adhesives is likely to be a prevalent market trend in the coming years.
North America has been witnessing a growing number of COVID-19 cases since its outbreak. To deal with the situation, the market players focus their business operations on increasing the production capacities of medical device adhesive. Moreover, many pharmaceutical companies have been forced or encouraged to temporarily close operations. For instance, employees of Epoxy Technology, Inc., have rallied to continue production of adhesives and epoxies used on the frontlines of treating COVID-19 patients. Medical device manufacturers facing extraordinary challenges to rapid delivery in the emergency medical supplies with increased supply and demand from COVID19. As a result, the companies are turning to non-traditional methods to manufacture and the increased supply and demand. The impact of the COVID19 pandemic on the regional medical device adhesive market is high.
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 North America medical device adhesive market report include World Health Organization (WHO), Food and Drug Administration (FDA) and others.