Rising Aging Population Aiding Surgical Glue Market

The increasing healthcare expenditure, surging geriatric population, and escalating popularity of plastic surgeries are some of the factors driving the growth of the surgical glue market. In 2017, the market generated a revenue of $3,810.5 million, and it is predicted to attain a size of $6,936.5 million by 2023, progressing at a CAGR of 10.6% during 2018–2023 (forecast period). Surgical glue refers to a synthetic or biological material used after traumatic injuries and surgeries to prevent liquid or air leakage in wounds.

Based on type, the surgical glue market is classified into fibrin sealant, collagen-based compound, cyanoacrylate, hydrogel, and glutaraldehyde. Out of these, in 2017, the fibrin sealant classification held the largest revenue share of more than 45.0% in the market, and it is expected to continue leading it during the forecast period. This dominance is ascribed to the rising adoption of fibrin sealant and related products for a variety of applications and its natural origin; it is extracted from animal or human blood cells, thus is more compatible with humans.

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On the basis of end user, the surgical glue market is broadly categorized into hospitals and clinics. Of these, in 2017, the hospital category dominated the market with a revenue contribution of more than 80.0%, and it is anticipated to maintain its lead during the forecast period. This is attributed to the intricate major surgeries, including pulmonary, vascular, and cardiac, which are mainly performed in hospitals, as these healthcare centers can best provide patients undergoing such procedures with the high level of care they require over several days.

In addition, the worldwide population is exhibiting an increasing life expectancy and a fall in the birth rate, resulting in a surge in the geriatric population. Aged people, due to their low immunity levels, are more prone to infections during postsurgical procedures, therefore, there are high chances of repeated surgeries, which in turn, escalate the use of surgical glue. Yet another factor leading to the growth of the surgical glue market is the rise in the number of burn cases as burn wound treatment often involves the use of surgical glue.

One of the basic requirements of every human for mental, physical, and social wellness is healthcare service. These days, people from both developed and developing countries are spending heavily on healthcare services on account of the rising health concerns and growing disposable income. As per the Centers for Disease Control and Prevention, in 2015, the overall national healthcare spending in the U.S. was $3.2 trillion and the per capita national health spending was $9,990 per person.

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Also among the procedures performed at healthcare centers are plastic surgeries for the reconstruction, restoration, alteration or modification of the human body. These surgeries are rapidly becoming popular due to the increasing disposable income, surging consumer awareness, and advancements in surgical technologies. As per the American Society for Aesthetic Plastic Surgery, in 2016, Americans spent over $16.0 billion on non-surgical and surgical cosmetic procedures. Surgical procedures accounted for 56.0% and non-surgical procedures 44.0% of the overall cosmetic procedures performed in the country that year.

Hence, surging aging population, increasing healthcare expenditure, and rising number of surgery are the factors behind the progress of the surgical glue market.

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Created on Dec 30th 2019 05:45. Viewed 320 times.

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