The market for medical elastomers are expected to grow at a CAGR of less than 8% during the forecast period. Major factors driving the market studied is rise in demand for safe and halogen-free polymers, the shift of medical industry towards wearable health devices and externally communicating medical tools
- Increasing use of silicone-based elastomers is expected to act as an opportunity
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Thermoplastic Elastomers (TPE) Segment to Dominate the Market
- Among the types, the thermoplastic elastomers (TPE) segment is the largest market shareholder of the medical elastomers market.
- Many medical device companies are trying to proactively address new regulatory dynamics, like implementing strategic initiatives for phthalate-free patient environments, both in the United States and other global regions.
- TPEs are being viewed as a replacement for PVC in applications where phthalate- or plasticizer-free materials are desired. Globally, IV therapy producers are among the first in the medical device industry to transition from PVC to TPE materials.
- TPEs also are replacing thermoset rubbers (such as silicone, polyisoprene and butyl rubber) used in elastomeric medical applications, such as septum, stoppers and syringe plungers.
- This trend of shifting to TPE is gaining momentum and is highly likely to fuel the market growth of the global medical elastomers market in the coming years.
North America to Dominate the Market
- North America represents the largest regional market. This immense demand for medical elastomers is a consequence of the US, being the largest hub for medical device manufacturing in the world.
- The US medical device sector is by far one of the most advanced sectors in the country. The increasing geriatric population and growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the sector.
- According to Health Affairs, the average annual growth rate of the healthcare industry is estimated to reach around 5.5% in the United States, from 2018 to 2027. This, in turn, expected to increase the demand for medical device
- In addition, medical tubing operations in North America have further increased the demand for medical elastomers.
- The large market size coupled with the huge growth of North America is quite instrumental in the expansion of the global medical elastomers market.
The medical elastomers market is partially consolidated in nature. Some of the major players of the markte include DSM, Kraton Corporation, Kuraray Co.Ltd., PolyOne, and Teknor Apex, among others.
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