MEDICAL ELASTOMERS MARKET ANALYSIS

Market Size and Trends

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.

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.