Medical elastomer market forecast at $14.2 billion by 2029
London, England – The Medical Elastomer Market is projected to reach USD 14.27 billion by 2029 at a CAGR of 8.3% from USD 9.57 billion in 2024 according to Markets and Markets.
The medical elastomer market is driven by the growing demand of medical devices fueled by expansion of healthcare technologies. Medical devices such as surgical instruments and diagnostic tools need components which are durable, flexible and biocompatible. The medical elastomers offer these properties. Additionally, the increased elderly population across the globe is enhancing the demand for devices such as catheters, syringes, and prosthetics where medical elastomers are crucial in order to ensure patient comfort and improved performance. Furthermore, the advancement in wearable medical devices and remote monitoring systems is also driving the demand for medical elastomers as such materials offering durable and comfortable designs. The globally risen healthcare expenditure as well as the continuous innovation and R&D is further increasing the demand for medical elastomers.
Thermoplastic elastomers are the fastest growing type of the medical elastomer. These elastomers are combination of unique properties such as elasticity, durability, and processability. Unlike traditional elastomers these can be processed like plastics along with retention of rubberlike properties. This makes them compatible for various medical applications. Their versatility increases their utility in various applications in the healthcare sector. These elastomers can be used to manufacture catheters, medical tubing, syringes, and wearable devices. In addition to this, they provide superior biocompatibility and sterilizability complying with strict healthcare regulations. Moreover, the increasing requirement for lightweight, flexible, and low-cost materials and R&D and innovations in TPE formulations are added factors driving the demand for thermoplastic elastomers in the medical elastomer market.
The catheters sector account the second largest market share in medical elastomer market due to their vital critical role in medical procedures such as urology, cardiology, and drug delivery. Medical elastomers offer the flexibility, biocompatibility, and durability required by catheter to ensure efficient performance resulting into patient safety and comfort. The increasing prevalence of chronic diseases like cardiovascular disorders and diabetes are resulting into rising demand for catheters for minimally invasive procedures. Moreover, ongoing innovations such as antimicrobial elastomers are further enhancing utility of the catheters in healthcare industry. This segment remains one of the key growth drivers within the medical elastomer market, which is increasingly growing due to demands in healthcare.
North America accounts the largest share in medical elastomer market due to its well-established healthcare sector. The enhanced healthcare infrastructure, advanced medical technology and increasing expenditure on healthcare are strengthening the healthcare industry. Numerous major medical device manufacturers and pharmaceutical companies are located in the region. This is resulting into growing demand for medical elastomers in several applications such as instruments, drug delivery systems, and implants. Furthermore, stringent regulatory standards such as FDA regulations ensure the use of high quality materials which fuels the demand for innovative medical elastomer products. Finally, the growing aging population and the rising prevalence of chronic diseases within the region is further driving the demand for medical elastomers in the region.
Acquisitions and expansions are the major growth strategies adopted by the key players in the market. The key global players in the medical elastomer market include BASF (Germany), Dow (US), Celanese Corporation (US), Eastman Chemical Company (US), Syensqo (Belgium), Mitsubishi Chemical Group Corporation (Japan), Kuraray Co., Ltd. (Japan), ExxonMobil (US), Momentive Performance Materials (US), Envalior (Germany) and Zeon Corporation (Japan).