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 polymers with elastic properties used in manufacturing medical devices and equipment. They offer advantages like biocompatibility, flexibility, resistance to chemicals and stress cracking. Medical elastomers find wide applications in devices like catheters, balloons, disposable gloves, medical tapes, breathing circuits etc.
Market key trends:
Thermoplastic elastomers segment dominates the medical elastomers market owing to their advantages over other elastomers. They can be processed using conventional thermoplastic techniques like injection molding and extrusion. They combine properties of both thermoplastics and elastomers by delivering flexibility, resistance to chemicals and stress cracking with ease of processing like thermoplastics. Growing demand for minimally invasive surgeries is driving the use of medical devices requiring materials like thermoplastic elastomers providing flexibility. Increasing prevalence of lifestyle diseases and rising healthcare expenditure are also fueling the demand for medical elastomers in various applications.
Segment Analysis
The global Global Medical Elastomers Market Size is segmented into type, application, and region. Based on type, the thermoset elastomers segment dominated the market in 2022 owing to its superior properties like great hardness, high heat and chemical resistance, and sterilizability. Thermoset elastomers are extensively used to manufacture medical devices like catheters, drug delivery systems, orthopedic implants, sealants, tubing, and others.
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 demand for elastomeric compounds in medical equipment and devices.
Regional analysis
North America dominated the global medical elastomers market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to increased healthcare spending, presence of key market players, and growing medical device industry in the region. Asia Pacific is expected to be the fastest-growing market for medical elastomers during the forecast period, due to rising geriatric population, improving healthcare infrastructure, and growing medical tourism in countries like India, China, and Japan.
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. Key players are focusing on expanding their production capacities and geographic reach to strengthen their market position.
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The global Thermoplastic Elastomers Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the thermoplastic elastomers market include DuPont, BASF SE, Covestro AG, LCY Group, Kraton Corporation, Muller Kunststoffe, Zeon, Arkema, Asahi Kasei Corporation, The Dow Chemical Company.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Thermoplastic Elastomers Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/thermoplastic-elastomers-market/download-sampleMarket DynamicsIncreasing use of thermoplastic elastomer in automotive, wire and cable, footwear, automotive, and construction industries and the growing electronic and construction industries are the primitive drivers for the growth of the thermoplastic market.
Moreover, acquisitions and new product launches are expected to provide lucrative opportunities for key market players and drive the market growth of thermoplastic elastomers.
Owing to superior chemical and physical properties to thermoset plastics, thermoplastic elastomers are more preferred.
