Medical elastomers are used in the manufacturing of various medical devices such as catheters, implants, medical tubes and others. They exhibit properties such as flexibility, durability and biocompatibility which makes them suitable for applications in the healthcare industry. Medical elastomers such as silicones, latex, thermoplastic polyurethane find wide usage in devices like gloves, tubes, balloon catheters and others. The global demand for medical devices has been steadily rising with growing healthcare infrastructure and medical tourism across the world. This, coupled with advantages of elastomers such as flexibility, durability and inertness makes elastomers a preferred material for medical device applications.
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 of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Silicone Elastomers are gaining popularity due to their biocompatibility. Silicone elastomers exhibit properties like heat resistance, chemical inertness and flexibility which make it suitable for medical applications. Medical grade silicones are widely used to manufacture prosthetics, breast implants, catheters, bandages and others. Growing demand for aesthetic and reconstructive surgeries is fueling the demand for silicone elastomers. Additionally, continuous innovation by material science and manufacturing companies is further expanding the application horizons of silicone elastomers in medical devices. Technological advancements are aimed at developing new grades of silicones with improved biocompatibility, mechanical strength and durability widening their scope of use. This, along with initiatives by regulatory bodies to expedite product approvals is anticipated to drive the growth of the global medical elastomers market.
Threat of new entrants: Low as this is an established market requiring high capital investments and resources. Suppliers need to conform to strict medical standards.
Bargaining power of buyers: Moderate as there are many established players. However, buyers can negotiate on price and contracts considering the specialized nature of products.
Bargaining power of suppliers: High due to the specialized raw materials and manufacturing processes required. Suppliers hold significant influence over prices.
Threat of new substitutes: Low as existing elastomers have well-defined applications and substitutes are difficult to integrate into existing devices and manufacturing lines.
Competitive rivalry: Intense as the market is dominated by global giants. Companies compete on innovation, quality, and customer relationships.
The Global Medical Elastomers Market Share is expected to witness high growth. 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 of 2023 to 2030.
North America captures over 40% share due to rising healthcare investments and early technology adoption. Growth in the European market is driven by favorable regulations and increasing numbers of medical device manufacturers. The Asia Pacific region is expected to be the fastest growing market owing to expanding healthcare infrastructure, growing medical tourism, and increasing disposable incomes. China, India, Japan, and South Korea are major contributors to the regional market.
Key players operating in the Medical Elastomers market are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, and Numerix. They compete on technological innovations, product quality, and expansion strategies to strengthen their market presence.