September 19th, 2022 Coherent Market Insights Releases
Medical applications are especially in need of the beneficial physical and performance characteristics that elastomer materials offer. Medical elastomers are used more often in medical devices because they are biocompatible, flexible in design, durable, and have good performance to cost ratios. They are frequently employed in blood pressure tubes, wound drainage tubes, Penrose tubes, fluid channels, and even medication delivery systems. The two main categories of medical elastomers are thermoset and thermoplastic elastomers.
The market for medical elastomers was estimated at US$ 7,103.15 Mn in 2021 and is expected to expand at a CAGR of 7.6% between 2022 and 2028 attending US$ 11,762.94 Mn.
In terms of volume, North America dominated the global market for medical elastomers in 2020, with a 37.5% share, followed by Europe and the Asia Pacific.
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Royal DSM introduced a new line of engineering materials in April 2021 with the goal of assisting international medical device producers in raising the standard of care for patients everywhere.
Versaflex thermoplastic elastomers’ healthcare offering will now include 8 additional grades, according to an announcement made by Avient Corporation in August 2020. (TPEs). Versaflex HC 3810 series, which is injection-moldable and offers a wide range of durometers to accommodate various medical device applications, is made without using any animal products in its formulation.
The worldwide market for medical elastomers is anticipated to expand over the projected period due to rising demand for these materials. For instance, DuPont opened its new medical elastomers mixers at the Healthcare Industries Materials Site (HIMS) in Michigan, United States, in October 2021. The capacity increase will increase the production of medical-grade elastomers, enable sustainable growth in Live medical elastomers serving specialty medical devices along the value chain, and support the rapid expansion of in-house Live pharmaceutical tubing, medical device, and topical blend production.
Over the projected period, the need for safe and halogen-free polymers is anticipated to increase, driving the expansion of the worldwide medical elastomers market. For instance, Royal DSM announced the introduction of a new portfolio of engineering materials in April 2021 with the goal of assisting international medical device makers in raising the standard of care for patients all over the world. The engineering materials division has created a new range of medical grades in response to rising customer demand for cutting-edge material solutions.
The expansion of the global market for medical elastomers is anticipated to be hampered by a decrease in the usage of single-use medical devices. For instance, the majority of single-use devices employ medical elastomers. Single-use medical equipment produce more trash and greenhouse gas emissions than reusable ones, which has a considerable negative impact on the environment. In addition to increasing waste and pollution, the rising use of single-use medical gadgets has also disrupted supply networks and changed demand patterns for healthcare spending.
The expansion of the global market for medical elastomers is anticipated to be constrained by silicone’s high cost. Wacker Silicones, for instance, declared that silicones will face price increases “on average by 30% or more.” Prices for the items in its portfolio rose in both 2021 and 2022. In April 2021, Wacker raised silicone pricing across the board by 10% to 20%.
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During the projected period, a surge in the production of bio-based thermoplastic elastomers is anticipated to provide participants in the worldwide medical elastomers market with attractive potential prospects. For instance, PolyOne announced the release of the new reSound OM bio-derived thermoplastic elastomers (TPEs) in October 2019. (overmolding). These novel formulations provide hardness levels and performance on par with traditional TPEs while including 40–50% bio-renewable sugarcane content.
The worldwide medical elastomers market is anticipated to provide considerable development potential for manufacturers due to favourable government initiatives to provide high-quality healthcare services. For instance, the Government of India and the Ministry of Health and Family Welfare (MoHFW) announced a number of initiatives in 2021 to upgrade the nation’s healthcare infrastructure. In the near future, the government also intended to invest INR 64,180 crore in the healthcare industry.
The launch of innovative products by industry participants is anticipated to fuel the expansion of the global market for medical elastomers. For instance, Versaflex HC BT218 is a new silicone-alternative TPE (thermoplastic elastomer) that PolyOne developed in February 2020 for use in medical tubing. Versaflex HC BT218 expands PolyOne’s line of speciality designed polymers for the healthcare industry that are suited for alternative sterilising techniques including gamma and autoclave and fulfil severe regulatory requirements.
The booming healthcare sector and developed healthcare infrastructure are also anticipated to fuel the expansion of the worldwide market for medical elastomers. For instance, the Indian healthcare industry is predicted to grow by three times, from US$ 110 billion in 2016 to US$ 372 billion in 2022, according to the India Brand Equity Foundation (IBEF). In addition, it is anticipated that Indian healthcare infrastructure will cost US$ 349.1 billion by FY22.
Includes The Rubber Group, Avient, Teknor Apex, Arkema Group, BASF SE, Sumitomo Rubber Industries Ltd, Biomerics, Solvay, Celanese Corporation, RTP Company, Tekni-Plex, Romar, Dow, AVANTOR Inc., DuPont de Nemours Inc., Kuraray Co. Ltd, Momentive, Eastman Chemical Company, Kraton Corporation, ExxonMobil Corporation, DSM, Foster Corporation, and Hexpol AB.
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Chapter 1 Industry Overview 1.1 Definition 1.2 Assumptions 1.3 Research Scope 1.4 Market Analysis by Regions 1.5 Medical Elastomers Market Size Analysis from 2022 to 2028 11.6 COVID-19 Outbreak: Medical Elastomers Industry Impact
Chapter 2 Global Medical Elastomers Competition by Types, Applications, and Top Regions and Countries 2.1 Global Medical Elastomers (Volume and Value) by Type 2.3 Global Medical Elastomers (Volume and Value) by Regions
Chapter 3 Production Market Analysis 3.1 Global Production Market Analysis 3.2 Regional Production Market Analysis
Chapter 4 Global Medical Elastomers Sales, Consumption, Export, Import by Regions (2017-2022) Chapter 5 North America Medical Elastomers Market Analysis Chapter 6 East Asia Medical Elastomers Market Analysis Chapter 7 Europe Medical Elastomers Market Analysis Chapter 8 South Asia Medical Elastomers Market Analysis Chapter 9 Southeast Asia Medical Elastomers Market Analysis Chapter 10 Middle East Medical Elastomers Market Analysis Chapter 11 Africa Medical Elastomers Market Analysis Chapter 12 Oceania Medical Elastomers Market Analysis Chapter 13 South America Medical Elastomers Market Analysis Chapter 14 Company Profiles and Key Figures in Medical Elastomers Business Chapter 15 Global Medical Elastomers Market Forecast (2022-2028) Chapter 16 Conclusions Research Methodology
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