Improving healthcare infrastructure will boost the surgical glue market, forecast to touch US$ 4.1 Bn by 2025 at a CAGR of 10%
Noida, Uttar Pradesh, India, March 18 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Improving healthcare infrastructure and increasing healthcare spending will probably accelerate the growth of the surgical glue market in the forecast period of 2020-2025. On the other hand, the growing healthcare sector and rising applications from emerging economies will further boost various opportunities that will lead to the surgical glue market’s growth during the forecast period.
Unfavorable reimbursement policies and increasing excise tax will likely hamper the surgical glue market’s growth during the forecast period. Such developments are estimated to lead the Global Surgical Glue Market’s success and pegged at a CAGR of around 10% throughout the forecast period 2020-2025.
Factors contributing to this market’s growth are the rising demand for surgical services and increasing concerns to reduce surgical wounds. Globally, the number of surgeries being undertaken has increased significantly. According to WHO estimations, approximately 235 million major surgical procedures are undertaken worldwide every year. Surgical procedures are usually accompanied by the risk of wound infection, excessive bleeding, or tissue damage. Besides, patients who have diabetes need to be extra cautious as chances of complications during and post-surgery are significantly higher in their case.
As the volume of surgeries increases, extensive R&D activities focused on the widening applications of surgical sealants and adhesives are also rising. Traditional alternatives to surgical sealants are sutures and staples, which are expected to be replaced by surgical sealants and adhesives, owing to their better wound closure capabilities, with minimal blood loss. The bonds facilitate less painful operations and do not need removal. Currently, sealants are facing limited market growth owing to their high costs. Besides, strict regulatory approvals are creating substantial challenges in market growth.
Synthetic and Semi-Synthetic Segment is Estimated to Witness Significant Growth Rate During the Forecast Period
The rise in the number of surgical procedures performed is expected to drive the growth of the market. The patients usually prefer synthetic and Semi-Synthetic glue due to its cost-effectiveness and better adhesion compared to others.
According to the Association for Safe International Road Travel (ASIRT), around 1.35 million people die each year in road accidents, and an additional 20-30 million get disabled or injured. Moreover, according to the International Agency for Research on Cancer (IARC), by 2040, it is estimated that new cancer cases will grow to 27.5 million. Besides, the global cancer burden is anticipated to increase by 70% in the next 20 years. Therefore, the rising cases of accidents and the high prevalence rate of cancer are expected to increase surgical procedures in the coming years, which ultimately drives the segment’s growth in the near future.
Segmentation Overview of the Global Surgical Glue Market
The surgical glue market is segmented based on Type, Indication, and Application. These major market segments are further categorized into various sub-segments to study the market in detail.
By Type Outlook
Natural or Biological (Fibrin, Collagen Based, Gelatin Based)
Synthetic and Semi Synthetic (Cyanoacrylates, Polymeric Hydrogels, Urethane Based Adhesives)
By Indication Outlook (Hemostasis, Tissue Sealing)
By Application Outlook (Central Nervous System, Cardiovascular, General surgery, Orthopedic, Pulmonary, Urology, Ophthalmology, Others)
Key Players Insights
Baxter International, Inc., CryoLife, Inc., C.R. Bard, Inc., Medtronic PLC, B. Braun Melsungen AG, Cohera Medical, Inc., Ethicon, Inc. [J&J], Mallinckrodt plc, Cardinal Health, and Integra LifeSciences Holdings Corporation., among others, are the main surgical glue companies included during the research study.
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