The Growing Medical Elastomers Industry Is Driven By Rising Demand...

The Growing Medical Elastomers Industry Is Driven By Rising Demand For Medical Devices

Posted 2024-02-16 08:56:53

The medical elastomers industry has experienced significant growth in recent years due to increasing demand for better quality and cost-effective medical devices. Medical elastomers are polymers with rubber-like properties that are extensively used in medical devices and equipment due to their flexibility, elasticity and toughness. They are widely used in applications such as medical tubing, catheters, wound care products, injection ports, implantable devices and others. Features like biocompatibility, flexibility, and customizable properties make medical elastomers an ideal material for a variety of medical applications. The most common medical elastomers used include silicone rubber, thermoplastic polyurethane, styrene block copolymers and others. 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 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 demand for various types of medical devices and equipment is expected to increase significantly due to rising healthcare expenditure, increasing demand for minimally invasive surgeries and rapid technological advancements in the medical field. Leading market players are also expanding their production facilities and operations globally to cater to the rising demand for medical elastomers across major markets like North America, Europe, Asia Pacific and other regions.

Market drivers

One of the key drivers for the medical elastomers market is the growing geriatric population globally which increases the demand for medical devices and equipment. According to UN projections, the number of people aged 60 or above will more than double by 2050 and will account for 22% of the world's population. The rapidly aging population requires significant healthcare resources and drives demand for medical devices used in treatments and therapies. With medical elastomers being an essential material in various medical devices, their market is witness to sustained growth. Other demographic factors like increasing lifestyle diseases and improving access to healthcare in developing regions also contribute to rising demand.

The ongoing Russia-Ukraine conflict is expected to significantly impact the growth of the medical elastomers market. Russia and Ukraine are among the leading suppliers of crucial raw materials like carbon black, rubber latex, polyolefins, and plastic resins used in the production of medical elastomers. The trade disruptions and sanctions on Russia amid the war have constrained the supply of these raw materials, driving up their prices in the international market. Consequently, medical elastomer producers are facing cost pressures which are limiting their production volumes. Furthermore, the conflict has weakened the economic outlook of Europe which contributes around 35% to the global market. Stagnating healthcare expenditure in Europe can slow down the demand growth for medical elastomers in the short-term.

To mitigate the geopolitical risks on raw material supply, medical elastomer manufacturers will need to diversify their sourcing bases and increase inventory levels of key feedstocks. They should explore new potential suppliers in countries like India, China, and the Middle East. Additionally, manufacturers may pursue secondary processing of used medical plastics to partially replace virgin raw materials. Given the volatility in energy markets caused by the ongoing conflict, producers should also focus on optimizing manufacturing processes and switching to renewable energy to reduce reliance on fossil fuels. Tapping growth opportunities in non-European markets like North America, Asia Pacific and Latin America can also help offset slower growth in Europe.

In terms of value, North America accounted for the largest share in the medical elastomers market growth, supported by advanced healthcare infrastructure and higher healthcare spending per capita in the US and Canada. Asia Pacific, on the other hand, has emerged as the fastest growing regional market on account of expanding medical device production, rising medical tourism, and increasing healthcare access in populous nations like China and India. Asia Pacific is expected to witness a CAGR of around 6% during the forecast period driven by rapid economic development, growing middle class, and enhanced access to insurance in the region.

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