Medical Elastomers Market

Industry Overview

The global medical elastomers market was valued at USD 6.6 billion in 2022 and is expected to reach USD 10.8 billion by 2030, growing at a CAGR of 7.2% during 2023-2030. The global medical elastomers market is growing at a good rate with the increasing demand for medical devices across the globe. This can also be attributed to its use in a wide range of applications, including medical tubes, medical bags, patch adhesives, orthopedic gels, and others.

Elastomers used in the medical industry are known as medical elastomers. They are used in applications where higher flexibility or elasticity is required. Medical grade elastomers are used to optimize the function of life sciences applications.

Market Segmentation

Insight by Type

On the basis of type, the market is bifurcated into thermoset and thermoplastic. Among the two types, the thermoplastic elastomers category captures a larger market share in 2019 and is also expected to register higher growth during the forecast period. Thermoplastic elastomers have been used in many application areas owing to their high degree of purity, low level of extractable compounds, cost-effectiveness, and recycling ability. They are also increasingly replacing latex and polyvinyl chloride (PVC) materials, as in some cases they can cause allergic reactions.

Furthermore, thermoplastic elastomer alloys possess excellent barrier properties which are adequate for applications that require impermeable wrapping in medical applications including IV-infusion bags. All these factors are contributing to the medical elastomers market growth.

Industry Dynamics

Growth Drivers

The major factors driving the global medical elastomers market are the advancements in the thermoplastic elastomers processing industry, increasing demand for elastomers in the medical industry, growing awareness of high-quality healthcare facilities, and increasing demand for medical devices incorporating elastomers. Advancements in the thermoplastic elastomers processing industry are among the main factors driving market growth. The manufacturers are developing selected grades to fulfill the requirements for medical compliance and also comply with the standards set by the Food and Drug Administration (FDA), European Standards (EU), and other regulatory bodies.

Challenges

Significant investment for product development is the major challenge identified in the medical elastomers market. Also, considering the sensitivity of the industry, various precautions, and extra care needs to be taken while developing new products, making it a time-consuming process. Investors have to wait for a very long time in order to get the returns on their investments, which pull them back from investing in the market. All these factors are posing a major challenge to market growth.

Geographic Overview

Asia-Pacific is expected to lead the medical elastomers market in the coming years, due to the expanding medical industry in the region. The medical industry in countries such as China and India is rapidly growing, primarily due to the growing population, which is increasing the demand for medical devices, equipment, and others in the region. According to export.gov, in 2016, the Chinese medical device industry registered a growth of 20.1% as compared to 2015. The growth was majorly fueled by the hospital procurements to meet the needs of the growing population.

Competitive Insight

Key players in the medical elastomers industry are focusing on developing more advanced elastomers and are investing significantly in the market to attain the same.
Some of the key players operating in the medical elastomers market are BASF SE, DowDuPoint Inc., Solvay SA, Royal DSM, Eastman Chemical Company, Celanese Corporation, PolyOne Corporation, Trelleborg AB, Kuraray Co., Ltd., RTP Company, and Foster Corporation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.

Source: VynZ Research

Source: VynZ Research

1.    Research Overview 

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Type 
                1.2.2.    By Application
                1.2.3.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Research Methodology
                1.5.1.    Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.    Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Type 
                5.1.1.    Thermoplastic
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030
                5.1.2.    Thermoset
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
        5.2.    By Application
                5.2.1.    Medical Tubes 
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.    Catheters
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.2.3.    Syringes
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030
                5.2.4.    Gloves
                        5.2.4.1. Market Definition
                        5.2.4.2. Market Estimation and Forecast to 2030
                5.2.5.    Medical Bags
                        5.2.5.1. Market Definition
                        5.2.5.2. Market Estimation and Forecast to 2030
                5.2.6.    Implants
                        5.2.6.1. Market Definition
                        5.2.6.2. Market Estimation and Forecast to 2030

6.    North America Market Estimate and Forecast

        6.1.    By Type 
        6.2.    By Application
        6.3.    By Country
                6.3.1.    U.S. Market Estimate and Forecast
                6.3.2.    Canada Market Estimate and Forecast
                6.3.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

        7.1.    By Type 
        7.2.    By Application
        7.3.    By Country
                7.3.1.    Germany Market Estimate and Forecast
                7.3.2.    France Market Estimate and Forecast
                7.3.3.    U.K. Market Estimate and Forecast
                7.3.4.    Italy Market Estimate and Forecast
                7.3.5.    Spain Market Estimate and Forecast
                7.3.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

        8.1.    By Type 
        8.2.    By Application
        8.3.    By Country 
                8.3.1.    China Market Estimate and Forecast
                8.3.2.    Japan Market Estimate and Forecast
                8.3.3.    India Market Estimate and Forecast
                8.3.4.    South Korea Market Estimate and Forecast
                8.3.5.    Singapore Market Estimate and Forecast
                8.3.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

        9.1.    By Type 
        9.2.    By Application
        9.3.    By Country
                9.3.1.    Brazil Market Estimate and Forecast
                9.3.2.    Saudi Arabia Market Estimate and Forecast
                9.3.3.    South Africa Market Estimate and Forecast
                9.3.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.    BASF SE
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    DowDuPoint Inc.
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Solvay SA
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Royal DSM
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Eastman Chemical Company
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Celanese Corporation
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Polyone Corporation
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Trelleborg AB
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    Kuraray Co., Ltd.
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.    RTP Company
                10.10.1. Snapshot
                10.10.2. Overview
                10.10.3. Offerings
                10.10.4. Financial Insight
                10.10.5. Recent Developments
        10.11.    Foster Corporation
                10.11.1. Snapshot
                10.11.2. Overview
                10.11.3. Offerings
                10.11.4. Financial Insight
                10.11.5. Recent Developments

11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to availability of information in secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Medical Elastomers Market Size, by Type, 2018 – 2022 (USD Billion)
Table 5 Global Medical Elastomers Market Size, by Type,2023 – 2030  (USD Billion)
Table 6 Global Medical Elastomers Market Size, by Application, 2018 – 2022 (USD Billion)
Table 7 Global Medical Elastomers Market Size, by Application,2023 – 2030  (USD Billion)
Table 8 Global Medical Elastomers Market Size, by Region, 2018 – 2022 (USD Billion)
Table 9 Global Medical Elastomers Market Size, by Region,2023 – 2030  (USD Billion)
Table 10 North America Medical Elastomers Market Size, by Type, 2018 – 2022 (USD Billion)
Table 11 North America Medical Elastomers Market Size, by Type,2023 – 2030  (USD Billion)
Table 12 North America Medical Elastomers Market Size, by Application, 2018 – 2022 (USD Billion)
Table 13 North America Medical Elastomers Market Size, by Application,2023 – 2030  (USD Billion)
Table 14 North America Medical Elastomers Market Size, by Country, 2018 – 2022 (USD Billion)
Table 15 North America Medical Elastomers Market Size, by Country,2023 – 2030  (USD Billion)
Table 16 Europe Medical Elastomers Market Size, by Type, 2018 – 2022 (USD Billion)
Table 17 Europe Medical Elastomers Market Size, by Type,2023 – 2030  (USD Billion)
Table 18 Europe Medical Elastomers Market Size, by Application, 2018 – 2022 (USD Billion)
Table 19 Europe Medical Elastomers Market Size, by Application,2023 – 2030  (USD Billion)
Table 20 Europe Medical Elastomers Market Size, by Country, 2018 – 2022 (USD Billion)
Table 21 Europe Medical Elastomers Market Size, by Country,2023 – 2030  (USD Billion)
Table 22 Asia-Pacific Medical Elastomers Market Size, by Type, 2018 – 2022 (USD Billion)
Table 23 Asia-Pacific Medical Elastomers Market Size, by Type,2023 – 2030  (USD Billion)
Table 24 Asia-Pacific Medical Elastomers Market Size, by Application, 2018 – 2022 (USD Billion)
Table 25 Asia-Pacific Medical Elastomers Market Size, by Application,2023 – 2030  (USD Billion)
Table 26 Asia-Pacific Medical Elastomers Market Size, by Country, 2018 – 2022 (USD Billion)
Table 27 Asia-Pacific Medical Elastomers Market Size, by Country,2023 – 2030  (USD Billion)
Table 28 RoW Medical Elastomers Market Size, by Type, 2018 – 2022 (USD Billion)
Table 29 RoW Medical Elastomers Market Size, by Type,2023 – 2030  (USD Billion)
Table 30 RoW Medical Elastomers Market Size, by Application, 2018 – 2022 (USD Billion)
Table 31 RoW Medical Elastomers Market Size, by Application,2023 – 2030  (USD Billion)
Table 32 RoW Medical Elastomers Market Size, by Country, 2018 – 2022 (USD Billion)
Table 33 RoW Medical Elastomers Market Size, by Country,2023 – 2030  (USD Billion)
Table 34 Snapshot – BASF SE
Table 35 Snapshot – DowDuPoint Inc.
Table 36 Snapshot – Solvay SA
Table 37 Snapshot – Royal DSM
Table 38 Snapshot – Eastman Chemical Company
Table 39 Snapshot – Celanese Corporation
Table 40 Snapshot – Polyone Corporation
Table 41 Snapshot – Trelleborg AB
Table 42 Snapshot – Kuraray Co., Ltd.
Table 43 Snapshot – RTP Company
Table 44 Snapshot – Foster Corporation

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Medical Elastomers Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Medical Elastomers Market Highlight
Figure 12 Global Medical Elastomers Market Size, by Type, 2018 – 2030  (USD Billion)
Figure 13 Global Medical Elastomers Market Size, by Application, 2018 – 2030  (USD Billion)
Figure 14 Global Medical Elastomers Market Size, by Region, 2018 – 2030  (USD Billion)
Figure 15 North America Medical Elastomers Market Highlight
Figure 16 North America Medical Elastomers Market Size, by Type, 2018 – 2030  (USD Billion)
Figure 17 North America Medical Elastomers Market Size, by Application, 2018 – 2030  (USD Billion)
Figure 18 North America Medical Elastomers Market Size, by Country, 2018 – 2030  (USD Billion)
Figure 19 Europe Medical Elastomers Market Highlight
Figure 20 Europe Medical Elastomers Market Size, by Type, 2018 – 2030  (USD Billion)
Figure 21 Europe Medical Elastomers Market Size, by Application, 2018 – 2030  (USD Billion)
Figure 22 Europe Medical Elastomers Market Size, by Country, 2018 – 2030  (USD Billion)
Figure 23 Asia-Pacific Medical Elastomers Market Highlight
Figure 24 Asia-Pacific Medical Elastomers Market Size, by Type, 2018 – 2030  (USD Billion)
Figure 25 Asia-Pacific Medical Elastomers Market Size, by Application, 2018 – 2030  (USD Billion)
Figure 26 Asia-Pacific Medical Elastomers Market Size, by Country, 2018 – 2030  (USD Billion)
Figure 27 RoW Medical Elastomers Market Highlight
Figure 28 RoW Medical Elastomers Market Size, by Type, 2018 – 2030  (USD Billion)
Figure 29 RoW Medical Elastomers Market Size, by Application, 2018 – 2030  (USD Billion)
Figure 30 RoW Medical Elastomers Market Size, by Country, 2018 – 2030  (USD Billion)