Medical elastomers are polymers that are specially designed polymers that exhibit rubber-like properties even at room or body temperature. Some common medical elastomers include silicone rubber, latex rubber, thermoplastic polyurethane, and fluoroelastomers. They are used in a wide range of medical devices and equipment owing to their inherent properties such as biocompatibility, flexibility, and elasticity. Common applications of medical elastomers include medical tubes and catheters, implants, disposable gloves, respiratory masks, valves in infusion pumps, balloons for angioplasty, and seals in syringes.
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 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for advanced medical devices is expected to boost the growth of medical elastomers market over the forecast period. Medical elastomers are increasingly used in various medical devices owing to its inherent properties like flexibility and elasticity which make them suitable to be used for manufacturing hoses, tubing, catheters and balloons used in medical devices. The heading also mentions about increasing demand of medical devices as one of the opportunities which is fueling the growth of this market.
Another driver augmenting the market growth is growing aging population. Aging population is more prone to various diseases like cardiac disorders, diabetes, and others which require continuous medical care. This has augmented the demand for various medical equipment and devices incorporating medical elastomers.
Segment Analysis
The medical elastomers market is dominated by the thermoplastic elastomer segment which holds around 60% of the overall market share. Thermoplastic elastomers are preferred in the medical industry due to their superior properties such as flexibility, abrasion resistance and biocompatibility. They can be easily processed and molded into complex shapes required for medical devices and implants.
PEST Analysis
Political: Regulations around usage of materials in medical devices and implants are becoming more stringent globally which is positively impacting the demand for non toxic and biocompatible elastomers.
Economic: Growing healthcare spending especially in emerging economies is driving the need for advanced medical technologies requiring high performance elastomers.
Social: Increase in lifestyle diseases and geriatric population has led to greater demand for customized healthcare solutions and recovery devices employing specialized elastomers.
Technological: Developments in 3D printing and miniaturization of devices have expanded application areas for medical grade elastomers into areas like surgery, diagnostics, prosthetics etc. Continuous innovation is helping elastomer producers create tailored solutions.
Key Takeaways
The Global Medical Elastomers Market Share is expected to witness high growth over the forecast period led by increasing usage of elastomers for longer lasting and customizable medical devices and implants. 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 4.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to well established healthcare infrastructure and spending on advanced medical technologies in the region.
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. Increase in aged population worldwide will propel demand for elastomer based solutions for orthopedic, rehabilitation and hearing aid applications. Continuous R&D investments by producers are expanding functionalities of medical elastomers.
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