Increasing prevalence of diseases, rising demand for better treatment, increasing investment in biotechnology and pharmaceutical industries for research and development, and availability of funds drive the growth of the market. Moreover, increasing government support for research & development, changing lifestyle, and rapidly developing technology are expected to fuel the market growth during the forecast period. However, the high cost of the treatment may slow the market growth during the period 2017-2023.
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The Global Bio Adhesive Market is expected to grow at a CAGR of 6.9% during the forecast period 2017-2023.
Some of key the players in the market are Bio Adhesive Market Alliance Inc.(U.S), Camurus (Sweden), Henkel Corporation (U.S), Ashland Inc. (U.S.), 3M Company (U.S.), Adhesives Research (U.S.), Yparex B.V. (the Netherlands), EcoSynthetix Inc. (Canada), and Adhbio (Spain).
Prevalence of dental and ophthalmic diseases is increasing, which is boosting the demand for Bio Adhesive Market in the global market. According to a report published by World Health Organization (WHO), in 2017, a number of population with vision impairment could triple due to aging population growth, and it is projected that by 2050 around 115 million people are likely to get blind. The report suggests that around 19 million children below age 15 years are vision impaired, including 12 million children who have a vision impairment due to refractive error and 1.4 million have irreversible blindness.
There are two major types of bio adhesive: plant-based and animal-based. Bio adhesives have been investigated as potential drug delivery systems for oral administration. There is various medicine where Bio Adhesive Market is used such as nasal spray ear drops, eye drops, ointment, hydrogel, nanosphere suspension, insufflation, and microsphere tablet.
The global Bio Adhesive Market is segmented into material, application, types, and end user. On the basis of the material, it is segmented into the natural polymer and synthetic polymers.
On the basis of the application, it is segmented into drug delivery, tissue repair, tissue substitute, packaging, personal care, and others. On the basis of types, it is segmented into plant based and animal based. On the basis of the end user, it is segmented into hospitals, dental clinics, and others.
Europe dominates the global Bio Adhesive Market owing to the large presence of manufacturers and increasing government support for research & development. Moreover, increasing demand for Bio Adhesive Market globally leads the manufacturer to increase the export of these products and capture the highest market share of the global market.
The Americas hold the second largest share of the global Bio Adhesive Market as result of increasing focus of various government agencies on the treatment of rare diseases such as ophthalmic and dental. Moreover, the growing public awareness about Bio Adhesive Market likely to boost the Americas market.
The Asia Pacific is the fastest growing Bio Adhesive Market across the globe. Rapidly developing the economy, increasing healthcare expenditure, and the government’s initiatives for research & development are projected to drive the market of this region over the forecast period.
The Middle East and Africa hold the least share of the global market due to limited availability of medical facilities.
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