(MENAFN- P&S Intelligence) “…global spending on health continually rose between 2000 and 2018 and reached US$ 8.3 trillion or 10% of global GDP.”, says the 2020 Global Spending on Health report of the World Health Organization (WHO). This reflects a constant increase in the volume of medical diagnoses, examinations, and surgeries. The key reason behind the booming healthcare spending is the rising population, which automatically means more people suffering from various diseases and injuries.

According to P&S Intelligence, this factor will likely take the medical adhesives market value to $16,367.2 million by 2030 from $8,714.9 million in 2019, at a 2.3% CAGR between 2020 and 2030 (forecast period). When anyone thinks of hospitals, they think of doctors, drugs, and cutting-edge equipment, such as ventilators and electrocardiogram (ECG/EKG) systems. What people do not realize is that adhesives also play an important role in medical care, with many of the processes being practically impossible without them.

In the coming years, the demand for such materials will burgeon in Asia-Pacific (APAC) because of the rising population of regional countries. This is leading to the increasing number of patients, which is propelling the construction of medical centers and procurement of associated supplies. Moreover, governments of regional countries are taking initiatives to advance their healthcare infrastructure, which is, in turn, resulting in the increasing consumption of various types of medical adhesives.

As a result, future opportunities for medical adhesives market players are expected to be rather vast and lucrative in the region. Already, developing countries, many of which are in APAC, account for the majority of the deaths from chronic respiratory diseases, road accidents, and severe infections, says the WHO. The reason is that these countries often lack medical resources, which is why efforts are being taken to remedy this. Thus, with the burgeoning population driving the demand for medical facilities, the demand for the associated adhesives will also rise.

Hence, with adhesives remaining crucial to a large number of medical procedures, their consumption will keep increasing.