May 27, 2024
Medical Elastomers Market

Rising Demand For Medical Devices To Boost The Growth Of Medical Elastomers Market

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 Overview:

Medical elastomers are thermoplastic elastomers that are widely used in medical devices and equipment such as balloon catheters, tubing sets, stopcocks, hubs, I.V. valves and connectors, fluid collection bags, surgical gloves, masks and face shields. They exhibit good strength, flexibility, better elastic properties and resistance to temperature extremes. Their advantages over general plastics are resistance to chemicals, liquids and solvents, flexibility over a wide temperature range and high tear strength. They provide safety, flexibility, comfort and durability required for medical devices and equipment.

Market key trends:

Increasing prevalence of chronic diseases and rising geriatric population are fueling the demand for medical devices and equipment which is driving the medical elastomers market growth. As per the UN report, the population aged 60 years and above is projected to reach 2.1 billion by 2050 from 962 million in 2017. Also, increased demand for minimally invasive surgeries, advancements in material science and new polymer formulation development for medical use are some other factors supplementing market growth. However, stringent regulatory standards for medical grade materials and high R&D costs pose a challenge. Innovation and new product development by leading players focused on specialty polymers can open new opportunities in the coming years.

Porter’s Analysis

Threat of new entrants: New entrants face high costs for establishing manufacturing plants and research and development. Stringent regulatory norms for product approval also limit the threat of new entrants.

Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of many established players offering similar or substitutable products.

Bargaining power of suppliers: Principal raw materials for medical elastomers comprise synthetic and natural rubber and various additives. Suppliers have moderate bargaining power due to availability of substitutes.

Threat of new substitutes: Advancements in biomaterial technology offer newer substitutes for medical-grade elastomers. However, strong customer loyalty and product proliferation limit the threats from substitutes.

Competitive rivalry: The global medical elastomers market witnesses high competitive rivalry owing to the presence of numerous international and domestic players.

Key Takeaways

The Global Medical Elastomers Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing demand for lightweight and flexible medical devices.

Regional analysis: North America dominates the global medical elastomers market, accounting for over 35% of the total revenue share in 2023, followed by Europe and Asia Pacific. In the Asia Pacific region, China, India, and Japan are projected to be the fastest growing markets during the forecast period due to growing medical device industry and increasing healthcare expenditure.

Key players: 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 are investing in R&D activities to develop innovative medical-grade elastomers with enhanced mechanical and physical properties. They are also focusing on strategic partnerships and acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it