Increasing Need for Surgeries Driving Sales of Surgical Glue

With the surging disposable income of people and the rising health concerns, people from both developed and developing economies are spending heavily on healthcare services. As per the Centers for Disease Control and Prevention (CDC), in the U.S., the total national healthcare expenditure was $3.2 trillion in 2015 and the per capita national healthcare expenditure stood at $9,990. Furthermore, according to the reports published by the U.K. Office for National Statistics (ONS), the total healthcare expenditure in the U.K. was $282.8 billion in 2015.

From the above-mentioned data, it is clear that the healthcare expenditure of many countries is surging sharply, primarily because of the growing disposable income of people, soaring medical awareness among people, and rapid advancements in surgical facilities. Owing to this reason, patients diagnosed with different chronic ailments are opting for surgeries, which is, in turn, fueling the expansion of the surgical glue market. Besides this factor, the mushrooming population of geriatric people is also propelling the demand for surgical glue across the world.

Because of the aforementioned factors, the revenue of the surgical glue market is expected to surge from $3,810.5 million in 2017 to $6,936.5 million by 2023. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 10.6% from 2018 to 2023 (forecast period). Cyanoacrylate, glutaraldehyde glue, collagen-based compound, hydrogel, and fibrin sealant are the most widely used types of surgical glue across the globe. Amongst these, the demand for fibrin sealant was found to be the highest during the last few years. 

This was because of the huge requirement for fibrin sealant and various related products in a plethora of applications and its natural characteristics, that is, it is produced from animal or human blood cells, which make it highly compatible with the human body. Geographically, the demand for surgical glue is predicted to be the highest in North America in the coming years. This is credited to the surging investments being made in research and development (R&D) activities aimed at developing medical adhesives and their numerous applications in various surgeries performed in the regional countries. 

Thus, the demand for surgical glue is certain to skyrocket in the upcoming years, primarily because of the surging number of surgeries, growing prevalence of chronic diseases, mushrooming population of geriatric people, and soaring healthcare expenditure of several countries around the world. 

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