Medical Elastomers Market: Current Analysis and Forecast (2021-2027)

The global Medical Elastomers Market is expected to register a CAGR of around 7% throughout 2021-2027. Medical grade elastomers are certain polymers possessing elastic properties, and which are used in the manufacturing of medical devices. These elastomers comply with global regulatory requirements and are specifically designed to be bio-compatible i.e. usable in the medical industry. Since medical elastomers are durable, flexible, gentle to the touch, and safe for skin contact, they have a wide range of applications and are widely used in IV solution bags, tubes & syringes, and cardiac & orthodontic implants.

The rising adoption of medical elastomers can be attributed to greater awareness of various ailments, better access to high-quality healthcare facilities, and rising socioeconomic levels. According to The Global Burden of Disease Study 2019, oral illnesses impact around 3.5 billion people globally. This huge prevalence of oral diseases can be attributed to the factors such as bad oral hygiene, dental disease, malnutrition, genetics to incorrect eating habits. Owing to these factors, there is an increase in demand for orthodontic implants, which is positively affecting the market for medical elastomers because different elastomers are utilized in different orthodontic implants.

Moreover, in a report by NITI Aayog, India's healthcare industry is growing at a CAGR of around 22% since 2016 and is expected to reach USD 372 Billion by 2022. Thus, growing awareness of the importance of providing high-quality healthcare infrastructure is estimated to increase demand for medical devices, of which medical elastomers are the main component. Also, advances in the thermoplastic elastomer processing industry like superior physical properties and biocompatibility, have made these elastomers an excellent alternative for medical device manufacturers. Thereby, boosting the market for medical elastomers market globally.

Some of the major players operating in the market include: BASF SE, DowDuPont, Eastman Chemical Company, Royal DSM, Solvay S.A., Trelleborg AB, Kuraray Co., Ltd., Teknor Apex, Momentive Performance Materials Inc., and Celanese Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Type, Thermoplastic category accounted for the majority share in the market in 2020"

Based on type, the market is classified into thermoset and thermoplastic. Thermosets do not melt upon heating. While thermoplastic has low-melting-point and is best suited for applications that use recycled material. We see enormous potential for thermoplastics because of their re-molding ability and the growth in demand for catheters, tubes, and medical bags as recycling and sustainability become more popular.

"Amongst Applications, Medical Tubes category accounted for the majority share in the market in 2020"

Based on application, the market is categorized into medical tubes, catheters, gloves, syringes, medical bags, implants, and face masks. The medical tubes category held the major share of this market in 2020 due to the growing use of medical tubes in the diagnosis and treatment of diseases.

"APAC to witness significant growth during the forecast period"

Asia-Pacific is expected to show the highest CAGR growth in the medical elastomers market. The major contributors to the growth of this market are China and India. Additionally, growing private and public sector expenditures to strengthen healthcare infrastructure across nations are predicted to raise demand for medical devices, supporting the region's medical elastomers market expansion. However, biocompatibility concerns about some elastomers, along with tight regulatory regulations, may hamper the growth of the medical elastomers market during the projection period.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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