Surgical sealants and adhesives global market opportunities and strategies to 2031 from Altus Market Research provides the strategists; marketers and senior management with the critical information they need to assess the global surgical sealants and adhesives market as it emerges from the COVID 19 shut down.
The global surgical sealants and adhesives market reached a value of nearly $2,208.6 million in 2021, having increased at a compound annual growth rate (CAGR) of 5.3% since 2016. The market is expected to grow from $2,208.6 million in 2021 to $3,288.8 million in 2026 at a rate of 8.3%. The market is then expected to grow at a CAGR of 10.9% from 2026 and reach $5,520.8 million in 2031.
Growth in the historic period in the surgical sealants and adhesives market resulted from rising prevalence of chronic diseases, increasing concerns to reduce surgical wounds, rising demand for minimally invasive techniques, increased healthcare expenditure, and rise in prevalence of cardiovascular disorders. The market was restrained by availability of alternative methods, and high costs of sealants. Going forward, increase in geriatric population, growing prevalence of accidents, growing cosmetic surgeries, and launch of advanced surgical sealants. Factors that could hinder the growth of the market in the future include shortage of skilled professionals and coronavirus pandemic.
The surgical sealants and adhesives market is segmented by product into biological sealants, synthetic sealants, and semi-synthetic sealants. The biological sealants segment was the largest segment of the surgical sealants and adhesives market segmented by product, accounting for 59.0% of the total in 2021. Going forward, the synthetic sealants segment is expected to be the fastest growing segment in the surgical sealants and adhesives market segmented by product, at a CAGR of 9.2% during 2021-2026.
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The surgical sealants and adhesives market is also segmented by indication into tissue sealing, tissue engineering, and hemostasis. The tissue sealing segment was the largest segment of the surgical sealants and adhesives market segmented by indication, accounting for 59.6% of the total in 2021. Going forward, tissue engineering segment is expected to be the fastest growing segment in the surgical sealants and adhesives market segmented by indication, at a CAGR of 9.9% during 2021-2026.
The surgical sealants and adhesives market is also segmented by end use into hospital, clinics, and others end uses. The hospital segment was the largest segment of the surgical sealants and adhesives market segmented by end-use, accounting for 68.7% of the total in 2021. Going forward, hospital segment is expected to be the fastest growing segment in the surgical sealants and adhesives market segmented by end-use, at a CAGR of 8.4% during 2021-2026.
North America was the largest region in the surgical sealants and adhesives market, accounting for 35.9% of the total in 2021. It was followed by the Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the surgical sealants and adhesives market will be Middle East and Asia Pacific where growth will be at CAGRs of 10.0% and 9.5% respectively during 2021-2026. These will be followed by South America and Western Europe, where the markets are expected to register CAGRs of 8.5% and 8.5% respectively during 2021-2026.
The global surgical sealants and adhesives market is concentrated characterized by the presence of surgical sealants and adhesives providers. The top ten competitors in the market made up to 39.51% of the total market in 2020. Major players in the market include Baxter International Inc, Johnson & Johnson (Ethicon, Inc.), B.Braun Melsungen AG, CSL Ltd., and Becton Dickinson & Company (C.R. Bard Inc.).
The top opportunities in the surgical sealants and adhesives market segmented by product will arise in biological sealants segment, which will gain $582.9 million of global annual sales by 2026. The top opportunities in the surgical sealants and adhesives market segmented by indication will arise in tissue sealing segment, which will gain $606.2 million of global annual sales by 2026. The top opportunities in the surgical sealants and adhesives market segmented by end-use will arise in hospital segment, which will gain $757.0 million of global annual sales by 2026. The surgical sealants and adhesives market size will gain the most in the USA at $286.9 million.
Market-trend-based strategies for the surgical sealants and adhesives include focus on developing bio-based sealants to increase the usage of renewable raw material, consider investing in strategic acquisitions to increase market shares and expand their product portfolio offerings, invest in innovative products to provide better and enhanced products to consumers, and invest in nano-enabled adhesives and sealants in surgical procedures, as they have unique and superior properties such as high surface area and nanoscale size.
Player-adopted strategies in the surgical sealants and adhesives market includes focus on expansion of its advanced surgery portfolio through strategic acquisitions and focus on diversifying the company’s product line through strategic acquisitions.
To take advantage of the opportunities, Altus Market Research recommends the surgical sealants and adhesives companies to focus on technological developments, focus on Nano-enabled materials, establish operations in emerging markets, provide competitively priced offerings in low-income countries, offer value-based pricing, participate in trade shows and events, focus on building long-term relationships with end-users, target surgeons, targeting the healthcare establishments for older populations.
