Medical Elastomers Market

Medical Elastomers Market Size (2023-2028):

The medical elastomers market is predicted to grow from US $ 5.84 billion in 2022 to US $ 7.57 billion by 2028, with a CAGR of 7.8% over the foreseen period 2023-2028

Market expansion is attributed to the escalating call for medical devices around the world. Increased awareness from governments to provide high-quality healthcare infrastructure is predicted to drive calls for medical devices, which will drive the expansion of the medical elastomer market worldwide. Additionally, technological advancements in the thermoplastic elastomer processing industry have made these elastomers an ideal choice for manufacturing medical devices, leading to a growing call for thermoplastic medical elastomers in medical devices. Elastomers employed in the medical industry are called medical elastomers. They are employed in applications where greater flexibility or elasticity is required. Medical grade elastomers are employed to optimize the function of life science applications.

The worldwide market for medical elastomers is primarily driven by advances in thermoplastic elastomer (TPE) processing technology, escalating calls for medical products incorporating elastomers, increased government support, and growing awareness among people about better health facilities. Major market players such as BASF SE, and Kuraray Co. Ltd. Additionally, medical device manufacturers are highly using eco-friendly alternative elastomers in place of polyvinyl chloride (PVC) to provide flexibility in their products.

Medical Elastomers Market Drivers:

The main factors driving the worldwide medical elastomers market are advances in the thermoplastic elastomer processing industry, the escalating call for elastomers in the medical industry, the growing awareness of high-quality healthcare facilities, and the growing call for medical devices incorporating elastomers. Advances in the thermoplastic elastomer processing industry are among the top market expansion drivers. Manufacturers develop selected grades to meet medical compliance requirements and meet standards set by the Food and Drug Administration (FDA), European standards (EU), and other regulatory bodies. Healthcare facilities worldwide are improving due to increased government initiatives, growing medical awareness and health issues among people, and increased disposable income of people. This, in turn, translates into enormous spending on research and development of medical products that are more compatible and less harmful to the human body. Therefore, medical elastomers replace harmful latex and PVC in various healthcare industry products, such as catheters, syringes, tubes, implants, and gloves. Overall, these factors are contributing to the expansion of the medical elastomers market.

Medical Elastomers Market Restraints:

A major investment in product development is the main challenge identified in the medical elastomer market. Also, given the industry's sensitivity, several precautions must be taken, special care must be taken when developing new products, making it a time-consuming process.

Opportunities in the Medical Elastomers Market:

The increased call for these elastomers in emerging economies is predicted to continue to provide many expansion opportunities for players in the medical elastomers market. These materials show great elasticity and resistance. The US medical device industry is by far one of the most advanced industries in the country. The growing geriatric population and the growing need for medical facilities to treat chronic diseases have supported the expansion of the sector.

Challenges in the Medical Elastomers Market:

Investors have to wait a long time to return on their investments, which prompts them to invest in the market. All these factors pose a great challenge in the expansion of the market.

MEDICAL ELASTOMERS MARKET REPORT COVERAGE:

Medical Elastomers Market Segmentation:

Medical Elastomers Market - By Type:

• Thermoplastic
• thermoset elastomers

The thermoplastic elastomers segment accounted for a larger share of the medical elastomers market in 2021. This segment is also predicted to grow at a higher CAGR than the thermosets segment during the foreseen period.

Medical Elastomers Market - By Application:

• Medical tubes
• Catheters
• Syringes
• Gloves
• Medical bags
• Implants
• Others

The medical tube segment accounted for the largest market share in 2021. The escalating use of medical tubes in disease diagnosis and treatment is also predicted to drive the medical elastomer market. The implant applications segment is predicted to grow at the highest CAGR during the foreseen period due to escalating calls for orthopedic and prosthetic implants.

Medical Elastomers Market - By Region:

 The Medical Elastomers Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East & Africa 

The APAC region is predicted to dominate the medical elastomers market during the foreseen period. The expansion of APAC's medical elastomers market is attributed to the growing population in the region and increased healthcare spending in several countries, including India, Indonesia, and China. In addition, increased investment from the public and private sectors to improve health infrastructure in the countries is also predicted to generate a call for medical devices, which will drive the expansion of the medical elastomers market in the region. The medical elastomers market is experiencing significant expansion in China, India, Indonesia, and Saudi Arabia due to the escalating consumption of medical devices in these countries. Expansion of the medical sector with the improvement in the infrastructure is likely to bolster the growth rate of the market.

The medical industry in countries like China and India is growing rapidly, mainly due to population expansion, which is escalating the call for medical devices, and equipment. According to export.gov, in 2016, China's medical device industry grew by 20.1% compared to 2015. This expansion was mainly due to hospital purchases to meet the needs of a growing population. The Asia-Pacific region is predicted to dominate the medical elastomer market during the foreseen period. The expansion of APAC's medical elastomers market is attributed to the growing population in the region and increased healthcare spending in several countries, including India, Indonesia, and China. In addition, increased investment from the public and private sectors to improve health infrastructure in the countries is also predicted to generate a call for medical devices, which will drive the expansion of the region's medical elastomers market. North America is positioned second in leading the highest shares of the market by owing increasing per capita income in developed countries like the US and Canada. 

Impact of Covid-19 on the Medical Elastomers Market:

COVID-19 has impacted all sectors in both positive and negative ways. Some companies faced losses, whereas some of them gained profits. The medical elastomers market has the highest shares during the pandemic. The World Health Organization (WHO) estimates that 89 million medical masks, 76 million examination gloves, and 1.6 million glasses will be needed to respond to Covid-19 each month during the pandemic. So this indicates the need for the industry to rise to the challenge of ensuring a coronavirus-free. The market shares to continue the same flow in the forecast period. 

Medical Elastomers Market Key Players:

The major players covered in the medical elastomers market report are 

1. Trelleborg AB

2. Kuraray Co., Ltd.

3. Teknor Apex

4. Momentive Performance Materials Inc.

5. Celanese Corporation

6. Polyone Corporation

7. KRATON CORPORATION

8. RAUMEDIC AG

9. HEXPOL AB

10. Foster Corporation

11. RTP Company

12. The Hygenic Corporation

13. Biomerics

14. DSM

15. BASF SE

16. Dow

17. DuPont