June 13, 2024

Medical Elastomers Market Is Estimated To Witness High Growth Owing To Increased Applications In Medical Devices And Equipment

Medical elastomers refer to polymers that exhibit elastic properties and are primarily used in the manufacturing of medical devices and equipment. They possess properties like high elasticity and flexibility which make them suitable for applications involving stretching, bending, and wear resistance. Some key applications of medical elastomers include production of tubes, gloves, catheters, syringes, face masks, wound dressings, implants and prosthetics. The growing demand for advanced medical devices and equipment from the healthcare industry is fueling the need for improved polymers with enhanced performance capabilities. The global medical elastomers market is estimated to be valued at US$ 9473.89 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period of 2024 to 2031

Key Takeaways
Key players operating in the medical elastomers market are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, Numerix.
The key opportunities in the market include growing geriatric population susceptible to chronic diseases, increasing healthcare expenditure, and rising incidence of lifestyle diseases. Technological advancements in polymers such as development of thermoplastic elastomers (TPEs) with improved strength, flexibility and durability are further fueling the demand.

Market Drivers
The major market driver is the increasing demand for medical devices and equipment from the rising global geriatric population. As per WHO estimates, the percentage of global population aged over 60 years is expected to nearly double from 12% to 22% between 2015 and 2050. The older demographic is more susceptible to chronic medical conditions necessitating continual use of medical devices and equipment. This is significantly driving the demand for high-performance medical elastomers.
Current challenges in Medical Elastomers Market

The medical elastomers market is facing various challenges which hamper its growth prospects. Firstly, stringent regulations pertaining to the usage of raw materials in medical grade elastomers raises compliance costs for manufacturers. Regulatory approvals are also time taking which affects timely commercialization of new product launches. Additionally, availability of substitute materials like plastics and thermosets poses competition to elastomers. Elastomers have limitations in terms of operating temperature range which restricts their applications. Volatility in raw material prices such as synthetic and natural rubber adds uncertainties to costs. Changing consumer preferences towards environment-friendly products pose transition challenges for the industry. Development of novel grades of elastomers entails heavy R&D investments and new production setups. The ongoing pandemic has disrupted supply chains and manufacturing activities in 2020 affecting the market.

SWOT Analysis
Strength: Elastomers offer advantages of flexibility, resilience and biocompatibility required for various medical applications. Their elastic properties enable use in devices requiring stretching or compression.
Weakness: Processing of elastomers into medical grade is complicated involving multiple production steps. Their properties can degrade when exposed to chemical/environmental factors limiting durability.
Opportunity: Growing demand for minimally invasive surgical procedures and ambulatory surgical centers boosts use of elastic tubes, seals etc. Rising healthcare expenditure in developing nations opens new markets.
Threats: Presence of strict regulations delays product approvals. Substitution threat from engineering plastics and advancement in other biomaterials.

Geographical regions with high market share

North America dominates the global medical elastomers market demand and holds around 35% share in terms of value. This is attributed to presence of major players and strong healthcare infrastructure in the US and Canada. Favorable reimbursement policies for advanced medical therapies drive market growth. Asia Pacific registers fastest growth and is projected to be the promising market during forecast period supported by rising healthcare spending, increasing incidence of chronic diseases and expansion of private healthcare sector in China, India and other Asian countries. Europe holds second largest share globally backed by presence of leading research institutes and supportive initiatives by European Commission promoting innovation. Middle East & Africa, Latin America are emerging regions opening new market opportunities.

Fastest growing region

Asia Pacific region is fastest growing market for medical elastomers estimated to expand at over 5.5% CAGR between 2024-2030. Rising middle class population, growing healthcare awareness coupled with improving access to services contributes to market expansion. Countries like India, China, Japan, Australia are witnessing increasing burden of lifestyle diseases necessitating use of more medical devices, equipment and implants. This spurs usage of medical elastomers in these applications. In addition, shifting of medical device manufacturing units to Asia Pacific by leading multinational companies aids market growth. Favorable Foreign Direct Investment policies adopted by various nations in the region attracts investments and technology transfer in the healthcare sector.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it