The 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 Overview:

Medical elastomers are polymeric materials that exhibit characteristics such as flexibility, elasticity, softness, and rubber-like texture. They have extensive applications in medical devices industry including catheters, implants, wound care products, contact lenses, disposable gloves, stethoscopes, face masks, and others. Their properties allow the materials to stretch, bend, flex, and return to their original shape repeatedly without damage.

Market Dynamics:

The Global Medical Elastomers Market Size is driven by increasing prevalence of chronic diseases and growth of medical devices industry. Around 15 million catheters are implanted in patients every year in the U.S., owing to increasing incidence of urinary incontinence and renal diseases. The elastomeric nature of medical polymers allows them to withstand repeated bending, twisting, and stretching without damage, making them suitable for use in catheters and other medical devices. Furthermore, rising geriatric population susceptible to orthopedic disorders and cardiovascular diseases is expected to propel demand for implants, prosthetics, and other medical devices made from elastomers. According to the United Nations, the geriatric population worldwide is estimated to reach over 1.5 billion by 2050.

SWOT Analysis

Strength:
- Increasing demand from healthcare sector due to widespread adoption of medical devices drives growth of the market.
- Materials used in medical elastomers exhibit properties like biocompatibility, flexibility and toughness making them suitable for various applications.
- Continuous technological advancements facilitate development and production of next-generation innovative medical elastomers.

Weakness:
- Stringent regulatory framework for approval of medical polymers increases complexity and cost of product development.
- Vulnerability to changes in raw material prices can impact the profit margins of manufacturers.

Opportunity:
- Rising geriatric population increasing the demand for products such as medical beds, wheelchairs etc. boosts the market.
- Growing need for minimally invasive surgeries augments the demand for advanced medical devices incorporating elastomers.

Threats:
- Threat of substitutes such as plastics and metals restricts the demand for medical elastomers in certain applications.
- Intense competition among existing players limits the pricing flexibility of manufacturers.

Key Takeaways

The global Medical Elastomers Market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing prevalence of chronic diseases and focus on value-based healthcare leading to widespread adoption of medical devices.

Regional analysis

North America dominated the global market in 2023 and is expected to maintain its lead over 2023-2030 mainly due to well-established healthcare infrastructure and advanced medical facilities in the region. However, Asia Pacific region is projected to grow at the fastest pace during the forecast period, driven by rising medical tourism, increasing healthcare spending and improving healthcare facilities in emerging economies such as China and India.

Key players
Key players operating in the Medical Elastomers Market are 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.

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