Best Practices Involving Product Innovation and Creation of Value Vital for Customer Retention, Finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Jan. 30, 2013 /PRNewswire/ — The need for reduced operating and postoperative time, as well as postoperative inflammation or infections, is causing a shift away from conventional sutures, strips, and staples toward adhesives and sealants. The medical community will make this shift faster, if sealants can be innovated as a drug delivery mechanism. Additionally, the development of applicators and new methods for applying tissue sealants will expand the scope for the sealant and adhesive application.
New analysis from Frost & Sullivan (http://www.materials.frost.com), Analysis of the North American Medical Adhesives and Sealants Market, finds that the market earned revenues of $85.2 million in 2011 and estimates this to escalate to $182.6 million in 2018 at a robust compound annual growth rate of 11.5 percent.
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Application-based products and the use of modified polymers have caused a surge in the sale of medical sealants and adhesives. Due to the rise in the number of surgical procedures, internal medicine will remain the fastest growing market segment till 2018. Cyanoacrylates and Poly Ethylene Glycol (PEG) will have the highest potential in the internal applications segment.
“While cardio surgery is expected to contribute significantly to the internal medicine sector’s revenue growth, the well-established dental adhesives and sealants segment will grow at a relatively slower pace,” commented Frost & Sullivan Senior Industry Analyst, Raghu Tantry. “Nevertheless, products such as pit and fissure sealants will grow rapidly due to the role they play in cavity prevention.”
Owing to the nature of the products, the medical sealants and adhesives market is highly regulated. This translates to high entry barriers, such as a presence of a large number of market participants, stringent regulatory issues, long product development time, and a need for a strong distribution network.
In such a competitive market, participants have to distinguish their products. However, this will be challenging because of the wide array of possible uses for sealants and adhesives across many parts of a surgical procedure. Such versatility could lead to product overlap across segments and application areas.
“Unclear demarcation among different medical sealant and adhesive products is leading to substitution within and between markets, further intensifying competition,” noted Senior Industry Analyst Raghu Tantry. “Companies should focus on launching products that can be applied for specific medical conditions, such as cardiovascular, cranial and abdominal surgeries, to stand out and thrive in this market.”
Analysis of the North American Medical Adhesives and Sealants Market is part of the Materials Growth Partnership Services program, which also includes research in the following markets: North American Medical Devices Coatings Market and Plastic Polymers in Medical Devices Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the North American Medical Adhesives and Sealants Market
Corporate Communications – North America
SOURCE Frost & Sullivan