|Status : Published||Published On : Nov, 2022||Report Code : VRCH2015||Industry : Chemicals & Materials||Available Format :||Page : 120|
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.
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.
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.
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.
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.
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.
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