Growth Drivers
The factors that are driving the growth of the global surgical glue market include cost-effectiveness involved with surgical procedures and extensive advantages from fast post-operative recovery. Additionally, there are innumerable accessibility and availability of these devices across the globe, which is one the major reason that is pertaining towards the growth of surgical glue market. It has been observed that the citizens of both developed, as well as developing countries, are extensively spending on healthcare services due to the increasing disposable income of the residents of those countries and increasing issues regarding health.
According to a recent study published by Centers for Disease Control and Prevention (CDC) it has been established that the total expenditure on healthcare services in the U.S. has projected towards a total of $3.9 trillion. Moreover, according to a report furnished by the U.K. Office for National Statistics (ONS), U.K.’s total healthcare expenditure accounted for approximately $300 billion in the recent past.
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Geographic Overview
Geographically, North America is the largest revenue contributor in the global surgical glue market due to the increasing demand of these glues in the region specifically the glue that is tissue friendly. According to a recent report by TMC Innovation Institute, it states that in the U.S approximately 30 million accidents occur on an annual basis along with around 40 million surgeries in 2017 that requires some sort of closure for the injury.
Competitive Insight
Some of the major players operating in the global surgical glue market include B. Braun Melsungen AG, Baxter International Inc., Advanced Medical Solutions Group PLC, C. R. Bard Inc., Cardinal Health Inc., CryoLife Inc., Integra LifeSciences Holdings Corporation, Cohera Medical Inc., Takeda Pharmaceutical Company Limited., and Johnson & Johnson, Medtronic PLC.
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