The medical elastomers market comprises of polymers that demonstrate elastic or rubber-like properties. Medical-grade elastomers are predominantly used to manufacture medical devices, disposables, medical packaging, and other medical components that require flexible and elastic properties. Common medical elastomers include silicones, thermoplastic polyurethanes, styrene block copolymers, polyisoprene, and others. Key properties driving their demand across the medical industry include biocompatibility, flexibility, tear resistance, durability, and oxidative stability.
The global medical elastomers market size is estimated to be valued at US$ 9473.89 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period of 2024 to 2031 The growing volume of surgical procedures and rising cases of lifestyle diseases are expected to fuel the demand for surgical and therapeutic medical devices that use medical elastomers as a key raw material. Medical devices manufactured using elastomers including orthopedic implants, cardiovascular implants, surgical equipment, diagnostic equipment require flexible and stretchable materials that can conform to body contours.
Key Takeaways
Key players operating in the medical elastomers are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, Numerix. These key players are focusing on new product launches, partnerships, and expansion strategies to strengthen their market position.
The medical elastomers market offers significant growth opportunities owing to the rising requirement for advanced healthcare infrastructure and medical devices in emerging economies. The growing medical tourism industries in Asia Pacific and Latin American countries present lucrative business prospects.
On the global front, major medical elastomers manufacturers are engaging in mergers and acquisitions and joint ventures with local players to augment their international footprint. Regional and international regulatory approvals help established players to smoothly launch their product portfolios globally.
Market Drivers
Growing geriatric population- Expanding aging demographics susceptible to medical ailments will augment the need for surgical and therapeutic devices that use medical elastomers. As per the UN reports, the global population aged over 60 will nearly double to more than 2 billion between 2019 and 2050.
Market Restrain
Stringent Regulatory Process- Medical-grade elastomers require compliance with stringent international regulatory standards set by authorities like ISO and US FDA regarding biocompatibility, manufacturing procedures, and quality protocols. This increases development costs and compliance burden.
Segment Analysis
The medical elastomers market analysis is dominated by thermoplastic elastomers sub segment. Thermoplastic elastomers have advantages over other sub segments as they can be processed like thermoplastics for injection moulding, extrusion etc but have elastomeric properties similar to rubber vulcanizates. This provides flexibility in processing as well as end use performance.
Global Analysis
North America region dominates the global medical elastomers market currently. This is due to presence of major medical device manufacturers in countries like US. Presence of advanced healthcare infrastructure and rising healthcare expenditure also supports market growth. Asia Pacific region is expected to witness fastest growth during forecast period. This is due to rising healthcare standards, growing medical tourism industry and rising investment by global players to tap potential in countries like China and India.
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