Medical Elastomers Is Estimated To Witness High Growth Owing To Increasing Usage In Medical Devices
Medical elastomers are polymers that are elastic in nature and find wide applications in various medical devices and equipment. They are used in components of disposables like syringe plungers, stopcocks, face masks and respirators. Medical elastomers are also used in medical tubing and connectors for fluid and gas transmission.
The global medical elastomers market is estimated to be valued at US$ 8223.86 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing usage of medical elastomers in medical devices is one of the key drivers of this market. The demand for minimally invasive surgeries and operation theaters has increased substantially over the years. This has contributed to the rising demand for medical elastomers in components of wearable medical devices, surgical gloves, implants and other medical equipment. Moreover, growing geriatric population who are more prone to injuries and chronic diseases also fuels the growth of this market. Population aging is poised to become one of the most significant social transformations of the twenty-first century.
The increasing demand for minimally invasive surgeries is further driving the medical elastomers market growth. Medical elastomers are used in components of various diagnostic and surgical devices that are inserted into the body through small incisions rather than traditional "open" surgeries. Minimally invasive procedures are more effective than open surgeries as they require shorter recovery time, have less pain and risk of infection.
SWOT Analysis
Strength: Medical elastomers exhibit excellent biocompatibility and bio stability properties, making them suitable for various medical applications. They are elastic in nature and can return to their original shape after stretching or compressing forces are removed. Their flexibility allows for comfort during medical procedures.
Weakness: The production of some medical elastomers requires complex manufacturing processes which increases costs. Certain elastomers are non-biodegradable and may require disposal as biohazardous waste. Raw material price volatility can impact overall costs.
Opportunity: Growth in aging population and rising healthcare expenditures are driving demand for various medical devices. Expanding applications in drug delivery systems, implants, surgical tools, and prosthetics offer significant opportunities. Adoption of lightweight and customized medical elastomers through 3D printing is growing.
Threats: Stringent regulatory approvals for new medical elastomers may delay market entry. Increased preference for generics and bundled payments are putting pricing pressure on major players. Developing alternative biomaterials for certain applications also poses a competitive challenge.
Key Takeaways
The Global Medical Elastomers Market Size is expected to witness high growth driven by increasing demand for various medical devices. The market size for 2023 is projected to reach US$ 8223.86 Mn registering a CAGR of 7.6% during the forecast period of 2023 to 2030.
Regional analysis
North America currently dominates the global market and is expected to maintain its position over the forecast period owing to rising healthcare spending and presence of major players in the region. Asia Pacific is estimated to exhibit the fastest growth rate supported by expanding medical infrastructure, growing middle class population and their rising disposable incomes in countries like China and India.
Key players
Key players operating in the medical elastomers market are Avient, Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Hexpol AB, Foster Corporation, Tekni-Plex, Dow, Celanese Corporation, Biomerics, BASF, Arkema Group, ExxonMobil Corporation, Eastman Chemical Company, DuPont de Nemours Inc., and Sumitomo Rubber Industries Ltd., among others.
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