The global surgical sealants and adhesives market is estimated to grow at a CAGR of 9.6% from 2016 to 2021 to reach USD 2.96 Billion by 2021.
Improving healthcare systems in emerging markets
The healthcare system in emerging countries such as China, Korea, Brazil, Russia, India, and UAE is improving, with increasing government investments, rising demand for better healthcare from the large patient population, and increasing focus of global players on these emerging markets. Rising awareness about surgical sealants & adhesives and improving healthcare infrastructure in emerging markets are expected to provide significant growth opportunities to players operating in this market.
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Governments in emerging Latin America and Asia-Pacific countries are encouraging private investments in the healthcare sector and actively involved in developing public-private partnerships to improve access to healthcare services. For instance, in China, the private hospitals sector is expected to maintain double-digit growth over the coming years owing to regulatory changes, increasing market demand, and growing capital investments. The number of private hospitals in China has increased from 5,403 in 2008 to 11,737 in 2014; this growth is estimated to continue at 16% per annum for the next 4 to 5 years. Public and private equity firms and venture capitalists are increasingly investing in countries such as India, China, and Japan. As per China’s healthcare reform 2020 (May 2015), the government has planned three key reforms: infrastructure development, reduction of costs, and new investment in the healthcare sector. The Brazil government has also taken an initiative to improve and modernize healthcare institutions and systems. In 2013, the federal government introduced the Mais Médicos (more doctors) program with the aim of hiring local and foreign doctors in the country. In addition to this, in 2011, the government of Russia invested USD 15.1 billion for 2011 to 2014 in a healthcare reform intended to improve public access to medical services, raise the salaries of medical personnel, provide patients with medicines and food, and provide advanced diagnostic equipment.
A number of players in the global healthcare industry are focusing on capturing a greater share in emerging markets. With the growing market potential in the APAC region, many leading players in the surgical sealants and adhesives market are making significant investments in emerging APAC countries. For instance, in August 2014, Covidien plc invested in a new innovation center in Brazil. Similarly, in January 2014, the company opened its first education and training center in India, named The Covidien Center of Innovation India (CCI India).
The Singapore government improved its healthcare policies in 2013, to benefit the older population, low-income families, and people who avail outpatient treatments. The Pioneer Generation Package launched by the government provides complete healthcare coverage to the older population; the age slab kept for the Community Health Assist Scheme (CHAS) designed for low-income families was scrapped to subsidize outpatient medical treatments for all family members, including children. Additionally, the development of UAE’s medical tourism hub is expected to create various opportunities for healthcare providers in the Middle East. In the Asian region, along with increasing government investments, regulatory policies are more adaptive and business-friendly due to less stringent regulations and data requirements. Moreover, the increasing competition in mature markets is further driving manufacturers to focus on the emerging markets to ensure stable revenue growth in the coming years.
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