COVID-19 Boosting Production of Medical Adhesives for PPE Production

The adoption of medical adhesives is increasing, owing to the surging health awareness and enhancing macroeconomic factors in developing countries, across the world. Over the years, the economic conditions of India, Brazil, and China have significantly improved, on account of the rising gross domestic product (GDP) of these countries. Economic betterment has fueled the demand for medicines, medical devices and equipment, personal protective equipment (PPE) kits, and pharmaceutical products in these nations. Producers of these medical products require adhesives to provide accurate structure and strength to these items. 

Moreover, the outbreak of COVID-19 has amplified the need for medical products like PPE kits, masks, syringes, and blood and saline tubes, which require adhesives in large quantities. The increasing requirement for such products, on account of rising impact of this pandemic will fuel the medical adhesives market at 2.3% CAGR during 2020–2030. The market was valued at $8,714.9 million in 2019 and it is projected to reach $16,367.2 million by 2030. To contain the spread of the virus, hospitals and outpatient facilities are using disposable medical products in abundant quantity.

Thus, the growing requirement for medical products and bio-adhesives have inspired market players like Henkel AG & Co. KGaA, Cryolife Inc., 3M Company, The Dow Chemical Company, Ashland Global Specialty Chemicals Inc., Avery Dennison Corporation, Arkema S.A., Master Bond Inc., Baxter International Inc., and H.B. Fuller to launch a number of new and advanced products. For instance, in November 2019, Bostik, an Arkema Group company introduced a new range of engineering adhesives, namely Born2Bond. These adhesives are developed for vehicles, medical devices, electronics, and luxury packaging.

According to P&S Intelligence, North America is the largest consumer of medical adhesives in the world. This is owing to the high demand, high purchasing power, and technological advancements in the healthcare sector. Besides, the huge healthcare spending in the form of government-administered and funded programs, such as the Medicaid, the veterans’ health administration, the Medicare, and the children’s health insurance program, will boost the adoption of medical products like needles, PPE kits, syringes, and thermometers that use adhesives in large volumes.

Thus, the booming awareness regarding healthcare and the rising cases of COVID-19 will fuel the production of medical adhesives in the near future.

Source: www.psmarketresearch.com