The medical elastomers industry provides a broad range of materials used in various medical devices and applications. Elastomers are high performance polymers that exhibit rubber-like qualities of flexibility, elasticity, and resilience. Some key uses of medical elastomers include production of catheters, guidewires, balloons, implants, disposables, and other devices that require elasticity and flexibility. Advances in polymer science have led to development of novel biocompatible elastomers suitable for long-term implantation in the human body. The global medical elastomers market is driven by growing demand for minimally invasive surgical procedures and single-use medical devices. The market is also supported by rising healthcare expenditure and an aging population in developed economies.
The global Medical Elastomers Market is estimated to be valued at US$ 8223.86 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.
One of the key drivers for the medical elastomers market is the increasing demand for minimally invasive surgeries. Elastomers play a critical role in manufacturing catheters, guidewires, balloons and other essential devices used in minimally invasive procedures. Their elastic and flexible properties allow proper navigation through the human body. Moreover, advancements in polymer science have led to development of novel biocompatible elastomers with improved fatigue resistance suitable for long term implantation. This is expected to further support market growth over the forecast period. Additionally, factors such as growing aging population susceptible to chronic diseases, rising healthcare spending, and increasing focus on single-use medical devices will also contribute to market opportunities.
However, stringent regulatory norms and longer product approval timelines remain a challenge. Nevertheless, factors such as expansion of healthcare infrastructure in emerging nations and ongoing R&D towards innovative elastomer formulations are expected to create new avenues for the medical elastomers market over the forecast period.
The medical elastomers market is segmented into thermoset elastomers and thermoplastic elastomers. The thermoset elastomers segment is dominating the market with over 60% share owing to its properties ideal for medical applications such as biocompatibility, low cost, etc. Within thermoset elastomers, silicone elastomers segment holds the largest share due to its greater heat and chemical resistance making it suitable for applications involving prolonged exposure to body fluids and tissues.
Political: Governments worldwide are increasingly focusing on improving healthcare infrastructure which is driving investment and development in the medical devices market positively impacting the demand for medical elastomers.
Economic: Rising disposable incomes in developing countries is increasing access to healthcare and contributing to higher spending on medical devices and equipment utilizing medical elastomers.
Social: Growing geriatric population worldwide suffering from chronic conditions is driving the need for innovative medical technologies incorporating advanced materials like medical elastomers.
Technological: Developments in polymer science is aiding design of customized elastomers with enhanced properties like biocompatibility and durability through modifications at molecular level expanding application areas.
The Global Medical Elastomers Market Growth is expected to witness high growth over the forecast period supported by increasing investments in healthcare infrastructure globally and rapidly growing medical devices industry. The global Medical Elastomers Market is estimated to be valued at US$ 8223.86 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030.
Regional analysis comprises
North America holds the major share currently primarily due to extensive healthcare infrastructure and presence of large medical devices players. However, Asia Pacific region is emerging as the fastest growing market for medical elastomers led by China and India supported by rapidly growing medical devices industry and local manufacturing. The government initiatives to improve access to healthcare for vast population offers lucrative growth opportunities.
Key players operating in the (incorporate given market name) 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it