MEDICAL ELASTOMERS MARKET ANALYSIS
Global medical elastomers market is estimated to be valued at USD 8.67 Bn in 2024 and is expected to reach USD 14.71 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.
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Rise in ageing population globally increasing demand for medical devices and implants which require high quality medical elastomers. Elastomers play a crucial role in the production of medical devices as they provide flexibility, resilience, and durability. The rapid adoption of minimally invasive surgeries which utilize many disposables containing medical elastomers is further driving its demand. Growth in healthcare expenditure in emerging countries also supports the market growth. However, strict regulations around the use of elastomers in healthcare applications and high raw material cost may restraint the market growth. Key players are focused on developing innovative bio-based elastomers to obtain regulatory approvals and cater growing demand.
Increasing Demand for Medical Grade Elastomers
Increasing demand for medical grade elastomers is expected to augment growth of the global medical elastomers market during the forecast period. For instance, in October 2021, DuPont, company that engaged primarily in biotechnology and the manufacture of chemicals and pharmaceuticals, inaugurated its new medical elastomers mixers at Healthcare Industries Materials Site (HIMS) in Michigan, U.S. The capacity expansion will expand medical-grade elastomer manufacturing capabilities, enable sustainable growth in Liveo medical elastomers serving specialty medical devices along the value chain, and support the strong growth of in-house production of Liveo pharmaceutical tubing, and of medical devices and topical blends.
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Rise in Demand for Safe and Halogen-Free Polymers
Rise in demand for safe and halogen-free polymers is expected to boost growth of the global medical elastomers market over the forecast period. For instance, in April 2021, Royal DSM, a life sciences and materials sciences company, announced the launch of new portfolio of engineering materials designed to help global medical device manufacturers improve the quality of care for patients worldwide. The new portfolio of medical grades is developed by engineering materials business to address increasing customer demand for advanced material solutions.
Key Takeaways from Analyst
The rising elderly population globally who are more prone to diseases will drive the demand for medical devices where elastomers are widely used. Furthermore, the increasing healthcare spending especially in developing nations as their economies grow will also contribute to the market expansion.
Strict regulations surrounding the biocompatibility and toxicity testing of medical grade elastomers may hamper the market growth to some extent. Ensuring elastomers meet the requisite biocompatibility standards before use in medical devices is crucial.
The Asia Pacific region excluding Japan is anticipated to be the fastest growing market for medical elastomers due to rapidly developing healthcare infrastructure and growing medical tourism across countries like India and Thailand. North America will continue to dominate the global market owing to the availability of advanced medical technologies and procedures in the region.
Market Challenges: High Cost of Silicone
High cost of silicone is expected to hinder growth of the global medical elastomers market. For instance, Wacker Silicones announced that silicones were going to see increased prices ‘on average by 30% or more.’ Both in 2021 and 2022, prices of products in its portfolio increased. Wacker increased global prices for silicones between 10% and 20% in April 2021.
Market Opportunities: Favorable Government Initiatives
Favorable government initiatives to provide high-quality healthcare facilities are expected to provide significant growth opportunities for players in the global medical elastomers market. For instance, in 2021, the Ministry of Health and Family Welfare (MoHFW), Government of India announced various plans to improve healthcare facilities in the country. The government also planned to invest USD 6,418 Mn in healthcare sector in the coming future.
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Insights, By Type: Thermoplastic Elastomers Dominate Due to Versatility
Type segment is sub-segmented into thermoplastic elastomer and thermoset elastomer. The thermoplastic elastomer sub-segment is estimated to hold 55.3% of the market share in 2024, due to their versatility compared to thermoset elastomers. Thermoplastic elastomers can be reshaped and reformed repeatedly through the application of heat, allowing for convenient processing and moldability during product manufacturing. This makes them highly suitable for producing intricate medical device components through various molding techniques. Their thermal properties also provide advantages over thermosets. Thermoplastics do not require curing so manufacturing is simpler and quicker. This reduces production costs and leads times. Additionally, the lack of curing means any defects can be easily remolded rather than having to discard an entire batch. Their reusability lessens material waste. Thermoplastic elastomers also offer flexibility in formulation. By adjusting resin and additive components, their physical qualities can be modified to suit an even wider array of medical applications. Overall, the diverse processing advantages and versatile performance of thermoplastic elastomers have made them the leading choice for the medical elastomers type segment.
Insights, By Application: Medical Tubes Experience Strong Demand
Application segment is sub-segmented into medical tubes, catheters, syringes, non-woven and films, gloves, medical bags, implants, and others. The medical tubes sub-segment is estimated to hold 29.4% of the market share in 2024, due to strong demand from several prominent medical sectors. Tubes see widespread usage in critical care and vascular applications such as cardiovascular and gastroenterology devices. As populations age and lifestyle diseases increase, more procedures that rely on tubing are performed each year. Catheter-based treatments in particular have become more prevalent for vascular issues like blocked arteries. Meanwhile, endoscopy utilizes extensive tubing in configuration to advance scopes. Both areas experience consistent procedure volume growth. Tubing is also integral to respiratory care devices that are highly utilized in emergent settings and ICUs. Rising rates of chronic lung diseases propel this area as well.
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North America is the dominant region in the global medical elastomers market and is estimated to hold 37.6% of the market share in 2024 The presence of leading medical device manufacturers along with a highly developed healthcare infrastructure has propelled the demand for medical elastomers. Major players like Dow, DuPont and BASF have their roots in the U.S. and have been partnering with top medical equipment producers for decades to provide customized elastomer solutions. Stringent regulations regarding the usage of implant-grade materials and emphasis on innovation has pushed these players to continuously invest in R&D. As a result, the region accounts for the largest number of patents and new product approvals. Furthermore, North America is least dependent on imports, which insulates it from volatility in raw material costs. With growing healthcare expenditures and demand for minimally invasive surgeries, the consumption of medical devices and elastomers is expected to rise steadily.
Asia Pacific region is projected to be the fastest-growing market during the forecast period. Countries like China, India, Japan, and South Korea present massive opportunities owing to their large population bases and improving access to healthcare facilities. The presence of international elastomer companies coupled with supportive government policies encouraging local manufacturing has catalyzed investments in this sector. Overall, with expanding healthcare infrastructure and medical treatments landscape, the enormous Asia Pacific region is expected to surpass other global markets in the long run on the back of its tremendous growth potential. This will redefine the global medical elastomers industry dynamics in the coming decade.
Medical Elastomers Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 8.67 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 7.8% | 2031 Value Projection: | US$ 14.71 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Avient, Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Biomerics, DuPont de Nemours Inc., Sumitomo Rubber Industries Ltd., Eastman Chemical Company, Hexpol AB, and Arkema Group |
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| Restraints & Challenges: |
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*Definition: Elastomer materials offer a variety of valuable physical and performance properties that are especially desirable in medical applications. Medical elastomers find increasing use in medical products, offering biocompatibility, design flexibility, durability, and favorable performance and cost ratios. They are often used in fluid pathways, blood pressure tubing, wound drainage and Penrose tubing, and even drug delivery systems. Medical elastomers are extensively of two types such as thermoset elastomers and thermoplastic elastomers.
Medical Elastomers Market Report Snapshots
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