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Medical Device Adhesive Market Competitive Landscape Analysis And Forecast To 2023

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Medical Device Adhesive Market Competitive Landscape Analysis And Forecast To 2023

January 09
20:02 2020
Browse 115 market data tables and 64 figures spread through 238 pages and in-depth TOC on “Medical Device Adhesive Market”
Medical Device Adhesive Market by Resin Type (Light Curing, Cyanoacrylates, Acrylic, Epoxy, Silicone, & Polyurethane), Application (Needles, Catheters, Tube Sets, Masks, Polycarbonate Devices, Pacemaker)

The global medical device adhesive market is projected to reach USD 3.20 billion by 2021, at a CAGR of 6.6% from 2016 to 2021. The market is mainly driven by the increase in the global population with a rise in income level, high growth of the implantable and wearable device market, expansion activities of medical device manufacturers, and high prevalence of chronic diseases.

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New product launch is the key strategy adopted by the major companies to cater to the changing medical device requirements as well as increase the market share in the medical device adhesive market. The market players adopted this organic growth strategy to increase their product portfolio and expand their global presence between 2013 and 2016. The companies focus on entering new markets by launching technologically advanced and innovative medical device adhesive for different technology systems. Some of the leading medical device adhesive manufacturers are Henkel AG & Co. (Germany), Dymax Corporation (U.S.), Permabond Engineering Adhesives Inc. (U.K.), H.B. Fuller Company (U.S.), Honle Group (Germany), and Masterbond Inc. (U.S.). These companies have adopted various organic and inorganic growth strategies to improve their product portfolio and increase their global market shares.

Companies have also been focusing on other strategies such as joint ventures, partnerships and agreements, and mergers & acquisitions during the last four years. These strategies together accounted for a share of 20% of all the strategic developments from 2013 to 2016.

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North America was the most active region in terms of organic and inorganic strategic initiatives from 2013 to 2016. New product launches were the preferred strategy in this region. In March 2015 Dymax launched a new LED curable, fast curing adhesive, which is ideal for tight-tolerance needle-bonding applications. This new adhesive is blue in color for easy verification of placement when it is at an uncured state. As this adhesive initiates the curing process with sufficient exposure to UV light, it becomes colorless, indicating that adhesive is fully cured and the bond site secure. Similarly, in August 2015, Masterbond formulated adhesive for medical device applications for high-performance bonding, sealing, and coating. This system meets both United States Pharmacopeia (USP) biocompatibility and International Standards (ISO) cytotoxicity standards and resists a variety of sterilization techniques such as gamma radiation, EtO, and some types of liquid sterilants. The flexible system can also resist extremely severe thermal cycling as well as thermal and mechanical shock.

Dymax Corporation and Company and Honle Group are the most active players in the global medical device adhesive market. They accounted for the largest share of all the developmental activities undertaken in the medical device adhesive market between 2013 and 2016. As a part of its organic strategy, Dymax focuses on expanding its medical device adhesive portfolio by investing in new product launches, specifically, in North America.

Another company that has established a strong foothold in the medical device adhesive market is Panacol, a subsidiary of Honle Group (Germany). The company is focused on both, organic and inorganic growth strategies such as expansions, mergers & acquisitions, and partnerships. For instance, in 2015 Panacol signed an agreement with SKC Co. to open a joint venture in South Korea. Moreover, in 2015, the company (Panacol) took over the majority of Tangent Industries Inc. (Torrington, U.S.) which is an expert in developing Light-Curable UV Adhesives, Acrylates, and Epoxies that are used as adhesives, coatings, sealants, gaskets, and masks.

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