The global medical elastomers market was valued at USD 6.6 billion in 2019 and is expected to reach USD 10.0 billion by 2025, growing at a CAGR of 7.2% during 2020-2025. The availability of multiple types of elastomers in the medical elastomers market makes it a very competitive market, where manufacturers need to constantly invest in the market in order to attain a competitive edge by expanding their product portfolio, new product development, and others. Also, survival of new entrants is tough, as it is capital intensive market and also highly regulated.
Medical tubes category held the largest share in the medical elastomers market in 2019
On the basis of application, the medical elastomers market is categorized into medical tubes, catheters, syringes, gloves, medical bags, implants, and others. Of all these, medical tubes segment held the largest share in the market in 2019, as it allows softening without plasticizers and helps in the PVC free production of medical tubes. The demand of medical tubes is increasing in the diagnosis and treatment of disease, resulting in the increase of medical elastomers market growth.
However, the implants application is projected to grow at the highest CAGR in the coming years, which is attributed to the increasing demand for prosthetic implants and orthopedic implants.
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.
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.
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The report provides the market value for the base year 2019 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global medical elastomers market on the basis of type, application, and region.
Global Medical Elastomers Market Coverage
Type Insight and Forecast 2015 – 2025
Application Insight and Forecast 2015 – 2025
Medical Elastomers Market by Region
Rest of the World (RoW)