Industry News, Adhesives & Sealants
Link: Increased Need is Growing the Surgical Adhesives and Sealants Market | ASI
By: Markets and Markets
The global surgical adhesives and sealants market is estimated to reach $2.64 billion by 2020, growing at a compound annual growth rate (CAGR) of 9.2% during the forecast period (2015 to 2020), according to a new market research report from MarketsandMarkets.
The surgical adhesives and sealants market witnessed healthy growth during the last decade, reportedly due to the increasing surgical applications of surgical sealants and adhesives, growing need to manage blood loss, greater uptake of technologically advanced products, rising aging population, and increasing regulatory approvals. However, the high cost and huge amount of clinical data required to launch new products are restraining the market’s growth.
The surgical adhesives and sealants market is broadly split into two product segments: natural and biological, and synthetic and semisynthetic sealants and adhesives. The natural (or biological) sealants and adhesives accounted for the largest share of approximately 60% of the global market in 2014. The large share of this segment is mainly attributed to the repetitive use of fibrin sealants and gelatin-based adhesives in various surgical procedures. In addition, the wide use and application of fibrin sealants, owing to their better biocompatibility and natural clotting mechanism, is further propelling the growth of this segment.
On the basis of applications, the surgical adhesives and sealants market is segmented into central nervous system, cardiovascular, general surgery, orthopedic, pulmonary, urology, cosmetic, ophthalmology, and others. The central nervous system application segment accounted for the largest share (approximately 20%) of the market in 2014. However, cosmetic surgery is expected to grow at the highest CAGR of 10.2%, followed by orthopedic surgery during the forecast period of 2015-2020. The increasing number of cosmetic procedures across the globe and increasing surgeries for burn treatment are some of the factors supporting the growth of the surgical adhesives and sealants market for cosmetic surgery applications.
North America represented the largest regional market in 2014, followed by Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region is expected to be the fastest-growing market during the forecast period, primarily due to the rise in health awareness, improving healthcare infrastructure, growth of aging population and resultant increase in the prevalence of chronic diseases, and increase in number of surgeries.
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