Medical elastomers are synthetic polymers with elastic properties that are used in various medical applications such as catheters, tubes, gloves, masks and others to manufacture lightweight and flexible medical devices. Elastomers provide advantages such as low cost, easy processability, excellent mechanical properties, compatibility and resistance to chemicals. The rising demand for minimally invasive surgical procedures and lightweight medical devices has fueled the need for advanced elastomeric materials.
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 key trends:
The increasing adoption of medical elastomers in various medical devices is one of the key trends that is expected to drive the market growth over the forecast period. Medical elastomers help manufacturers to produce lightweight, flexible and customized medical devices as per requirements. Properties like flexibility and compressibility allow integration of elastomers in complex device designs. Rapid innovations and developments taking place in the field of minimally invasive surgeries are consequently increasing the demand for advanced medical devices incorporating elastomers. This rising adoption of elastomers in medical devices will fuel the market growth during the forecast period.
Segment Analysis
The global medical elastomers market is dominated by thermoplastic elastomers (TPEs) segment which holds around 32% share of the total market. TPEs are highly preferred for medical applications due to their superior properties such as flexibility, elasticity and easy processability. They are widely used for making medical devices, implants and other components which require flexible and stretchable properties.
Key Takeaways
The Global Medical Elastomers Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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 accounts for the largest share of around 35% of the global medical elastomers market owing to the advanced healthcare industry and high expenditure on medical technologies in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region due to rising healthcare investments, growing medical devices industry and increasing elderly population in countries like India and China.
Key players:
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. AB-Cube specializes in thermoplastic polyurethanes used in long-term implantable medical devices. AssurX provides elastomer-based solutions and leverages their expertise in material science.
Get More Insights Here
https://www.newswirestats.com/medical-elastomers-market-size-share-growth-outlook-2023/
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