The South & Central America medical device adhesive market is expected to reach US$ 928.97 million by 2027 from US$ 563.50 million in 2019. The market is expected to grow at a CAGR of 6.5% 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.
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.
COVID-19 pandemic has become the most significant challenge in the region. This challenge will be especially frightening for the South & Central America region as it will lead to reducing imports due to disruptions in global trade, which further increases the shortages of medical supplies and other goods, resulting in a considerable price increase. The South & Central American countries have registered a growth in the number of COVID cases in the last few days, with the Brazil registering 6.29 million cases and Argentina indicating 1.41 million confirmed cases. However, the medical device adhesive market in this pandemic is on increasing due to the increased demand for respiratory treatments due to the outbreak of COVID-19. The countries mainly focused on the treatment of COVID-19 patients and hence looking for better treatment options. 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 South & Central America medical device adhesive market report include World Health Organization (WHO), Department of Global Health, Brazilian National Cancer Institute, World Bank and others.