The rapid economic progress of developing nations such as India, Brazil, and China over the last few years has caused a sharp surge in the disposable income of people. As a result, the inhabitants of these countries are now able to spend more on food and healthcare. Furthermore, because of the rapid economic growth, the governments of these countries have increased their healthcare spending. This has, in turn, boosted the demand for medical devices, medicines, PPE kits, and pharmaceuticals.
The ballooning sales of medical equipment is pushing up the demand for medical adhesives, especially in the developing nations. Besides the growing healthcare spending, the increasing number of surgeries and the growing requirement for long-term chronic care therapies, on account of the rising incidence of chronic diseases, are also fueling the sales of medical instruments. Moreover, the rising focus of hospitals and various outpatient facilities on preventing the spread of infections is propelling the demand for medical tools.
With the mushrooming sales of medical instruments, the demand for medical adhesives will grow substantially in the coming years. This is because medical adhesives are heavily used in these instruments for joining different parts and components. According to the estimates of the market research firm, P&S Intelligence, the valuation of the medical adhesives market would rise from $8,714.9 million to $16,367.2 million from 2019 to 2030. Furthermore, the market will progress at a CAGR of 2.3% between 2020 and 2030.
Globally, the North American medical adhesives market is predicted to be very prosperous in the coming years, mainly because of the rapidly growing demand for medical devices, thermometers, first-aid kits, surgical sutures, stretchers, equipment syringes, plastic tubes, needles, and PPE products in the region. The demand for these devices would shoot-up because of the rising incidence of chronic diseases, soaring geriatric population, and the surging population levels in the regional countries.
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