|Status : Published||Published On : Nov, 2021||Report Code : VRCH2015||Industry : Chemicals & Materials||Available Format :||Page : 120|
The global medical elastomers market was valued at USD 6.6 billion in 2020 and is expected to reach USD 10.8 billion by 2027, growing at a CAGR of 7.2% during 2021-2027. The global medical elastomers market is growing at a good rate with the increasing demand of 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, thermoplastic elastomers category captures a larger market share in 2019 and is also expected to register the 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 elastomers alloys possess excellent barrier properties which are adequate for applications which 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 of elastomers in the medical industry, growing awareness of high-quality healthcare facilities, and increasing demand of medical devices incorporating elastomers. Advancements in the thermoplastic elastomers processing industry are among the main factor driving market growth. The manufacturers are developing selected grades to fulfill the requirements for medical compliance and also complying with the standards set by 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, 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 in investing in the market. All these factors are posing as a major challenge in the 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 are rapidly growing, primarily due to growing population, which is increasing the demand of 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 need 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 the 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 of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research