Medical elastomers are synthetic polymers that have elastic properties similar to natural rubber and are commonly used in medical devices and equipment. They are used to produce items like catheters, surgical gloves, implantable devices, blood containers and orthopedic devices. Medical elastomers offer properties like flexibility, elasticity and resistance to chemicals & radiation which makes them suitable for a variety of medical applications.
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 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand of elastomers in medical devices is the primary driver fueling growth of the medical elastomers market. The expanding medical device industry globally has increased procurement of elastomers for production of various devices. According to estimates, the global medical device industry was valued at nearly US$ 425 Bn in 2019 and is projected to witness a CAGR of 4.6% during 2020-2027.Growing prevalence of chronic diseases is another key factor augmenting market growth. Chronic diseases require long-term care which involves diagnostic tests and surgeries. This has boosted production of devices like catheters, medical tubing, and components which employ large amounts of medical elastomers. Furthermore, ongoing research & development of elastomers with enhanced properties suitable for innovative medical applications acts as an opportunities for market players over the forecast period.
SWOT Analysis
Strength: Medical elastomers have high compatibility with tissues and fluids in the human body, making them suitable for medical applications requiring flexibility and durability. Their elastic properties allow for minimal particle shedding and provide comfort for patients. Manufacturers are continuously investing in R&D to develop medical elastomers with improved mechanical properties.
Weakness: The production process of medical elastomers can be complex and requires stringent quality controls, driving up costs. Raw material price volatility also affects the overall costs. Certain compounds may have limited resistance to chemicals and heat over long durations of exposure inside the body.
Opportunity: Rising healthcare expenditure and increasing global disease burden are fueling the demand for various medical devices that use elastomers. The growing geriatric population prone to chronic conditions widens the market scope. Regulations supporting localized production of medical goods in certain countries presents new revenue avenues.
Threats: Stringent medical device regulations across regions necessitate extensive clinical testing before products can be commercialized. This poses delays and financial hurdles for players. Substitution threat exists from alternative biomaterials with better biocompatibility and mechanical profiles.
Key Takeaways
The Global Medical Elastomers Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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 4.9% over the forecast period 2023 to 2030.
Regional analysis shows that North America currently dominates the market, attributed to continuous investments in R&D and presence of key players. Europe and Asia Pacific are rapidly emerging markets with growing medical infrastructure and demand for healthcare services.
Key players operating in the Medical Elastomers market are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, and Numerix. AB-Cube is a prominent manufacturer focusing on silicone and thermoplastic polyurethane compounds for surgical devices, implants, tubing, etc. AssurX provides medical device software for compliant product design, development, and maintenance.
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