The Medical Elastomers Market is estimated to be valued at US$ 8223.86 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical elastomers are polymers used in a wide range of medical devices and equipment. They are bio-compatible, flexible and durable materials used for applications such as catheters, medical tubing, medical balloons, implant components, wound care products, and prosthetics. Some key properties of medical elastomers include flexibility, elasticity, durability and stability under steam sterilization. Common types of medical elastomers include silicone, latex, thermoplastic polyurethane and styrene block copolymers.
Market Dynamics:
Growing demand for minimally invasive surgical procedures is expected to drive the medical elastomers market growth. Minimally invasive surgeries require flexible medical devices and components made from elastomeric materials such as catheters, balloons, tubing and stents. Increasing prevalence of lifestyle diseases such as cardiovascular diseases is also fueling the demand for medical elastomers. According to a report by WHO, cardiovascular diseases are the leading global cause of death. Moreover, rising elderly population prone to chronic diseases and rapid development of healthcare infrastructure in emerging countries provide promising growth opportunities for medical elastomers during the forecast period. However, stringent regulatory landscape pertaining to approval of medical-grade polymers and fluctuating prices of raw materials may challenge the market growth.
Segment Analysis
The Global Medical Elastomers Market Size is dominated by thermoplastic elastomers (TPE) subsegment which constitutes over 40% market share due to their widespread usage in medical devices like catheters, hoses, tubes, tubings and others. TPE provides properties of both plastics and rubbers and have advantages like recyclability, durable, flexible and biocompatible which makes them ideal for medical devices.
PEST Analysis
Political: Stringent regulations regarding use of medical grade raw materials and testing of end products ensure safety of patients.
Economic: Rising healthcare expenditure across developing nations is aiding market growth. Aging population and chronic diseases are other demand drivers.
Social: Increasing cases of lifestyle diseases, accidents and trauma are increasing demand for medical devices and equipment containing elastomers.
Technological: Development of innovative polymers with enhanced durability, biocompatibility and resistance to pathogens is helping market players develop advanced medical products.
Key Takeaways
The global Medical Elastomers market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of chronic diseases and demand for advanced durable medical devices.
The market was valued at US$ 8223.86 Mn in 2023 and is anticipated to reach over US$ 14,000 Mn by 2030 with North America emerging as the fastest growing regional market due to rising medical spending and presence of major players in the region.
Regional analysis
North America is expected to account for over 35% share of overall medical elastomers market by 2030. This is attributed to expanding healthcare infrastructure, presence of leading medical device manufactures and increasing research activities in the region.
Key players operating in the medical elastomers market are Avient, Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Hexpol AB, Foster Corporation, Tekni-Plex, Dow, Celanese Corporation, Biomerics, BASF, Arkema Group, ExxonMobil Corporation, Eastman Chemical Company, DuPont de Nemours Inc., and Sumitomo Rubber Industries Ltd., among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
