Medical elastomers are versatile polymeric materials with elastic properties that are tailor-made for applications across healthcare domains. These materials exhibit excellent biocompatibility and mechanical performance while being formable into complex shapes through various processing techniques. Medical devices and components manufactured using medical elastomers play a vital role in modern therapies. From catheters and tubes to disposable gloves and stopcocks, these polymeric formulations are enabling advancements that improve quality of life. As use of minimally invasive techniques increases in line with demand for greater comfort and speedier recovery times, reliance on high-performance elastomers for short-term implantable and single-use devices has surged.
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 key trends:
Advances in polymer chemistry have led to development of novel medical elastomer formulations with customized properties like enhanced strength, durability and flexibility. As a result, these materials are increasingly substituting conventional rubbers in applications involving long-term implantation. Additionally, ongoing R&D for mimicking properties of human tissues through bio-based elastomers and hydrogels is further widening the scope of these polymers. Continued focus on modernizing healthcare infrastructure along with rising lifestyle disease burden globally will further augment the market opportunities over the coming years.
Threat of new entrants: Low capital requirement but already presence of established players pose challenge.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but specifications requirements give advantage to existing players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials are commodity products available from numerous sources.
Threat of new substitutes: Threat of substitution is moderate as alternative materials like silicone, plastic, TPU etc. are used in specific applications based on properties.
Competitive rivalry: Intense competition due to large number of global and local participants. Industry players differentiate based on product performance, quality and compliance.
The Global Medical Elastomers Market Demand is expected to witness high growth. 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.
Regional analysis: North America represents the largest market for medical elastomers owing to early technology adoption and strong presence of key players in the region. Asia Pacific is expected to witness fastest growth due to expanding healthcare infrastructure and rising medical spending in countries like China and India.
Key players: Key players operating in the Medical Elastomers Market include 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it