Medical elastomers are synthetic polymers and rubbers used to manufacture medical devices and components. The increasing demand for medical devices such as medical tubes and gloves owing to their elasticity, strength, durability and ease of manufacturing is driving the growth of the medical elastomers market. Medical elastomers are ideally suited for applications requiring tight seals and flexible tubing for drug delivery systems as they provide excellent biocompatibility and minimal particulate contamination.
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:
One of the key trends driving the medical elastomers market is the increased usage of medical elastomers in medical devices. Medical elastomers find wide application in the manufacturing of medical devices such as surgical gloves, blood collection sets, stopcocks, ventilator components, needle shields and connectors owing to their excellent elastic properties. As per estimates, the global medical device industry is expected to grow at a CAGR of 4.6% during 2023-2030. This rising demand for medical devices is accentuating the growth of the medical elastomers market. With growing healthcare infrastructure and rising healthcare expenditure worldwide, the demand for medical devices is projected to increase significantly during the forecast period, thereby propelling the medical elastomers market.
Segment Analysis
Thermoplastic elastomers (TPEs) segment led the global medical elastomers market and accounted for the largest revenue share in 2023. The segment will continue its dominance during the forecast period due to increasing use of TPEs in various medical applications such as medical tubing, catheters, gloves, and membranes. This is because TPEs offer excellent flexibility, elasticity, biocompatibility and can be easily sterilized making them suitable for medical devices.
Key Takeaways
The Global Medical Elastomers Market Demand 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: North America held the largest share of the global medical elastomers market in 2023. This dominant position is attributed to increased healthcare spending and presence of major players in countries like the US. However, Asia Pacific is expected to witness the fastest growth during the forecast period, owing to rising healthcare expenditure, increasing demand for medical devices and growing focus of international players on tapping untapped opportunities in emerging economies.
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. Major players are focusing on partnerships, acquisitions and expansions to consolidate their presence. For instance, in 2022, Celanese Corporation acquired Next Polymers Ltd. to strengthen its position in India.
Explore more information on this topic, Please visit-
