Medical Elastomers Market: Global Industry Analysis and Forecast (2023-2029)

Medical Elastomers Market is anticipated to reach US$ 10.55 Bn by 2029 from US$ 6.27 Bn in 2022 at a CAGR of 7.7 % during a forecast period.

Thermoset elastomers are common, although thermoplastic elastomers are also available. During curing, or vulcanizing, the lengthy polymer chains crosslink. Temperature impacts can also be seen in a polymer's displayed elasticity. Elastomers that have cooled to a glassy or crystalline phase have fewer mobile chains and, as a result, less elasticity than those that have been modified at temperatures above the polymer's glass transition temperature. Recent trends in the medical field have opened the path for breakthroughs in polymer technology. For applications that demand flexibility or rubber-like elasticity, medical device makers increasingly turn to thermoplastic elastomers, and they look to Teknor Apex for high-quality, regulatory-compliant TPEs with an established track record.

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Medical Elastomers Market Dynamics:
Increasing demand for medical devices, innovations across medical facilities, and a rising desire for single-use medical devices are just a few of the primary reasons driving market revenue growth. Natural or manufactured polymers with elastic qualities are known as elastomers. Elastomers are employed in the production of a variety of medicinal items. Medical elastomers feature low intermolecular forces and high viscoelasticity. Due to physical qualities such as design flexibility, durability, biocompatibility, and effective performance, elastomers are widely employed in cardiovascular devices, general medical care goods, prosthetic devices, orthodontics products, transdermal medicinal systems, and other applications.

The rising frequency of chronic illnesses and the world's increasingly aging population are driving the medical elastomer's market's revenue growth. Furthermore, increased demand for single-use medical devices such as tubes, syringes, and medical bags, as well as an increasing number of modern medical facilities, are likely to drive revenue growth in the worldwide medical elastomers market throughout the forecast period.

Infectious illness transmission has increased dramatically as a result of increasing migration from the poorest countries to those able to maintain comparatively higher levels of public health. The utilization of medical elastomers might benefit as a result of this. Because of congestion and overworked employees, the spread of infectious illnesses in hospitals and clinics has become a severe concern. All known sterilizing techniques can readily sanitize components made from medical elastomers.
Regulation of Medical Devices
The medical elastomers market is changing owing to a decline in the usage of plasticized PVC in medical applications due to issues with incineration and recycling, as well as plasticizer transmission. With the new European Union medical device regulation (MDR) mandating change, TPEs (mostly TPS) and silicone elastomers are replacing plasticized PVC and vulcanized elastomers.
Regulations Governing Health and Safety
A major trend driving the medical elastomers market is the implementation of stringent health laws, particularly with the usage of polymers in medical applications. REACH is the most significant legislation in European law (Registration, Evaluation, Authorisation, and restriction of CHemicals). The REACH regulations are based on a 2006 European Union directive. They demanded that a list of all chemical compounds utilized or expected to be employed in the manufacture of plastics and rubbers be created. Although REACH is a European Union rule, it is expected to have an impact on rubber items imported into Europe. Given that European tire-labeling laws had a significant influence on the worldwide tire business, REACH restrictions on food contact and associated applications are likely to have a similar impact.

Restraints: Elastomer research and development need advanced technology and substantial expenditure. This aspect is expected to limit the global medical elastomers market's revenue growth significantly throughout the forecast period.
Impact of COVID-19

COVID-19's exceptional crisis in 2021 continues to have a visible and substantial impact on the global workforce, industry, country, and economy. The pandemic has hampered the Medical Elastomers supply chain, particularly in terms of raw materials for medical-grade elastomers. Polymer and reinforcing filler are used to make elastomers. Due to the epidemic, companies were forced to close their doors, resulting in a shortage of raw supplies. Furthermore, at the peak of the pandemic, elastomers and raw materials had to go through a severe sanitization procedure and had to wait at ports, and couldn't be supplied in the market at the time, producing a supply chain disruption that hampered market growth.
Medical Elastomers Market Segment Analysis
By Type, the thermoplastic elastomers (TPE) segment accounts for the majority of the market share in the medical elastomers market. Many medical device firms are attempting to handle new regulatory dynamics proactively, such as by adopting strategic efforts for phthalate-free patient settings in the United States and other worldwide areas. TPEs are being considered as an alternative for PVC in applications requiring phthalate- or plasticizer-free materials. IV treatment manufacturers were among the first in the medical equipment sector to switch from PVC to TPE materials. TPEs are also replacing thermoset rubbers in elastomeric medical applications. This trend of moving to TPE is gaining traction and is expected to propel the global medical elastomers market growth during the forecast period.

By Application, in 2022, the medical tubes segment held the biggest proportion of the market for medical elastomers. Medical tubes are becoming more popular as application-based elastomers do not include hazardous latex, PVC, or bisphenol-A. Furthermore, they are easy to sterilize, recyclable, and flexible, and so have a wide range of applications in the healthcare business, including medical bags, catheters, and gloves.
Medical Elastomers Market Regional Insight
During the forecast period, the Asia Pacific region is likely to lead the medical elastomers market. In 2022, the Asia Pacific market accounted for 24.7 percent of worldwide revenue and is expected to grow at a 7.9 percent CAGR during the forecast period. The APAC medical elastomers market is expanding due to the region's growing population and rising healthcare expenditures in countries such as India, Indonesia, and China. Furthermore, growing expenditures from the private and public sectors to develop healthcare infrastructure across nations are expected to generate a need for medical devices, consequently supporting the growth of the region's medical elastomers market.

In 2022, North America held 40% of the market share. Because of their low toxicity, simple recyclability, and cost-effectiveness, elastomers are frequently employed in medical applications. And they're employed in biomedical equipment including cardiovascular devices, prosthetics, transdermal treatment systems, and general medical care items. The growth of big medical device manufacturing facilities in the area, particularly in the United States, can be ascribed to the rising demand for medical elastomers in North America. Due to significant investment in medical research and development, the United States boasts the most advanced medical device sector.

According to the Research America study, the United States invested $194.2 billion in 2021, up 6.4 percent over 2021. Furthermore, the expanding older population and need for medical facilities for the treatment of chronic diseases are propelling the market forward. Medical tubing is also in higher demand in North America for providing medication, tying off wounds, controlling blood flow, resistance training, and other uses. As a result, the region's need for medical elastomers is being driven by the region's advanced medical and healthcare industry, as well as significant expenditures in the healthcare sector.

In 2022, Europe had the second-largest revenue share in the worldwide market. Increasing awareness of medical implants, as well as the increased frequency of chronic illnesses, are some of the primary reasons driving revenue growth in the region.
Report Objectives:
Landscape analysis of the Medical Elastomers Market

competitive benchmarking

Past and current status of the industry with the forecasted market size and trends

Evaluation of potential key players that include market leaders, followers, and new entrants

Technology trends

Potential impact of micro-economic factors of the market

External and Internal factors affecting market have been analysed

The report also helps in understanding the Medical Elastomers Market dynamics, structure by analysing the market segments and project the Medical Elastomers Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Medical Elastomers Market make the report investor’s guide.
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Medical Elastomers Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.27 Bn.


Forecast Period 2023 to 2029 CAGR:
7.7 %
Market Size in 2029:
US $ 10.55 Bn.


 Segments Covered:
by Type
Thermoset
Thermoplastic


by Application
Medical Tubes
Catheters
Syringes
Gloves
Medical Bags
Implants



Medical Elastomers Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Medical Elastomers Market Key Players
1. BASF SE
2. Celanese Corporation
3. Dow DuPont Inc.
4. Eastman Chemical Company
5. Kuraray Co. Ltd.
6. Mitsubishi Chemical Corporation
7. Momentive Performance Materials Inc.
8. Polyone Corporation
9. Royal DSM
10. RTP Company
11. Solvay S.A.
12. Teknor Apex
13. Trelleborg AB.
14. Polymax
15. Suzhou Hongshuo
Frequently Asked Questions
1. What is the projected market size & growth rate of Medical Elastomers Market?
Ans- Medical Elastomers Market was valued at USD 6.27 billion in 2022 and is projected to reach USD 10.55 billion by 2029, growing at a CAGR of 7.7 % during the forecast period.

2. What are the key driving factor for the growth of Medical Elastomers Market?
Ans- Increasing demand for medical devices, innovations across medical facilities, and a rising desire for single-use medical devices are just a few of the primary reasons driving market revenue growth.

3. Which Region accounted for the largest Medical Elastomers Market share?
Ans- In 2021, the Asia Pacific market accounted for 24.7 percent of worldwide revenue and is expected to grow at a 7.9 percent CAGR during the forecast period.

4. What makes Asia Pacific a Lucrative Market for Medical Elastomers Market?
Ans- The APAC medical elastomers market is expanding due to the region's growing population and rising healthcare expenditures in countries such as India, Indonesia, and China.

5. What are the top players operating in Medical Elastomers Market?
Ans- BASF SE, Celanese Corporation, Dow DuPont Inc., Eastman Chemical Company, Kuraray Co. Ltd., Mitsubishi Chemical Corporation.