by Incorporated Medical Elastomers find extensive applications in the healthcare industry, right from catheters, implants, medical devices, medical tubing and balloons among others. Their high biocompatibility makes them suitable for use in medical devices that come in direct contact with the human body.
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.
Market key trends:
Increased healthcare expenditure backed by rising prevalence of chronic diseases across major economies has been a key growth driver for the medical elastomers market. Healthcare spending worldwide has increased substantially over the past few years. For instance, global healthcare spending increased by 9.8% annually from 2010 to 2018, according to the Organization for Economic Cooperation and Development (OECD) data. Rising medical costs have boosted demand for innovative and advanced medical technologies incorporating elastomeric materials. This in turn is expected to propel growth of the medical elastomers market over the forecast period.
SWOT Analysis
Strength: Medical elastomers have excellent biocompatibility and flexibility that make them suitable for various medical devices. Their flexibility allows fabrication of complex parts with high precision.
Weakness: Higher costs associated with medical-grade elastomers. Developing allergies and sensitivity to certain elastomers over prolonged usage.
Opportunity: Growing demand for minimally invasive surgeries and single-use medical devices is spurring innovations with elastomers. Increasing incidence of lifestyle diseases also presents growth opportunities.
Threats: Stringent regulations surrounding approval of new elastomers. Threat from substitutes like innovative 3D printing of flexible medical parts.
Key Takeaways
The Global Medical Elastomers Market Size is expected to witness high growth. 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.
The North America region currently dominates the global market due to increased spending on healthcare and presence of major players. Asia Pacific is expected to grow at a fast pace with developing economies enhancing healthcare infrastructure.
Key players related content comprises 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. The key players focus on developing innovative and biocompatible elastomers to expand application in medical devices. Partnerships with medical device manufacturers help gain dominance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
