New York, NY (PRWEB) June 12, 2014
Technological advancements in the Medical Adhesives and Sealants Manufacturing industry have manifested in many new products that provide alternatives to traditional methods of hemostasis and sealing wounds via sutures. These products have significant therapeutic value and aesthetic appeal, which has led to widespread use by physicians over the past five years. Consequently, IBISWorld expects industry revenue to increase at an annualized rate of 9.5% to $1.7 billion over the five years to 2014. Revenue is anticipated to grow 8.0% in 2014.
The high-strength medical adhesives segment has been one of the main drivers of growth for this industry, with IBISWorld estimates, derived from MedMarket Diligence, indicating that revenue from this product segment has grown at an annualized rate of 18.9% over the five years to 2014. According to IBISWorld Industry Analyst Zeeshan Haider, “High-strength medical adhesives benefit from being strong, relatively easy to use, biocompatible and resorbable.” They are also usable in cases where traditional sutures appear to be too bulky, which can lead to complications like intimal hyperplasia. High-strength adhesives' use in various kind of reconstructive and plastic surgeries has also led to growth in revenue generated from this product segment.
A period of accelerating revenue growth has also coincided with increasing competition and intense merger and acquisition activity. New startups have entered this domain of medical goods manufacturing, many of which are also being acquired by larger companies to benefit from new products launched in the market or currently in the pipeline. Consequently, the number of companies in this industry has increased at an annualized rate 5.3% to 276, increasing the industry's demand for labor, which is anticipated to grow at an annualized rate of 5.2% to 4,746 people over the five years to 2014.
This industry is expected to maintain its growth pattern over the next five years as further technological advancements in the medical adhesives segment continue to increase their applicability to new surgical procedures and give them greater market penetration in the medical equipment sphere. However, “the rate of growth in the number of enterprises is expected to slow down as market share concentration increases, translating into greater competition in an already competitive industry,” says Haider. Over the five years to 2019, IBISWorld expects industry revenue to increase.
For more information, visit IBISWorld’s Medical Adhesives & Sealants Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
Operators in the Medical Adhesives & Sealants Manufacturing in the US industry Operators in this industry manufacture adhesives and sealants used for sealing surgical wounds and blood vessels. Industry products also have applications in dental reconstruction and surgery, ligament fixation and joint reconstruction. Industry operators also produce adhesives and sealants used in bonding medical equipment. However, industrial adhesives used in construction and other related activities are not included in this industry (see IBISWorld report 32552).
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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