According to UnivDatos, the Medical Elastomers Market was valued at approximately USD 2.5 Billion in 2023 and is expected to grow at a robust CAGR of around 7.2% during the forecast period (2024-2032). This advanced medical elastomer market is expanding due to the rise in the usage of different sophisticated medical devices, gaining popularity of noninvasive surgical procedures, and enhanced requirements of biocompatibility flexible material.
A comprehensive overview of the global medical elastomers market is recently added by UnivDatos to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the medical elastomers markets globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
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Market Overview
Medical grade elastomers are polymers with elastic qualities that are useful in the production of medical devices. These elastomers meet worldwide regulatory standards and are particularly intended to be bio-compatible, i.e. suitable for use in the medical industry. Medical elastomers are used in a variety of applications, including IV solution bags, tubes, and syringes, cardiovascular and orthodontic implants. According to The Global Burden of Disease Study 2019, oral illnesses impact around 3.5 billion people globally. This huge prevalence of oral diseases can be attributed to the factors such as bad oral hygiene, dental disease, malnutrition, genetics to incorrect eating habits. Owing to these factors, there is an increase in demand for orthodontic implants, which is positively affecting the market for medical elastomers because different elastomers are utilized in different orthodontic implants.
The global medical elastomers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Market Insight, by type
· Thermoplastic
· Thermoset
Based on type, the market is classified into thermoset and thermoplastic. Thermosets do not melt upon heating. While thermoplastic has low-melting-point and is best suited for applications that use recycled material. The enormous potential is observed for thermoplastics because of their re-molding ability and a growth in demand for catheters, tubes, and medical bags as recycling and sustainability become more popular.
Market Insight, by application
· Medical tubes
· Catheters
· Gloves
· Syringes
· Medical bags
· Implants
· Face Masks
Based on application, the market is categorized into medical tubes, catheters, gloves, syringes, medical bags, implants, and face masks. The medical tubes category held the greatest share of this market in recent times. However medical elastomers are predicted to grow in demand, due to the growing use of medical tubes in sickness detection & treatment. The Indian government's focus on the ‘Make in India Initiative’ would further propel the medical sector in the country, boosting demand for medical elastomers throughout the projected period.
Market Insight, by region
· North America
· Europe
· Asia-Pacific
· Rest of World
For a better understanding of the market adoption of the medical elastomer industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, UK, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to show the highest CAGR growth in the medical elastomers market. The major contributors to the growth of this market are China and India. Additionally, growing private and public sector expenditures to strengthen healthcare infrastructure across nations are predicted to raise demand for medical devices, supporting the region's medical elastomers market expansion. However, biocompatibility concerns about some elastomers, along with tight regulatory regulations throughout the world, may hamper the growth of the medical elastomers market during the projection period.
The major players targeting the market include:
· BASF SE
· DowDuPont
· Eastman Chemical Company
· Royal DSM
· Solvay S.A.
· Trelleborg AB
· Kuraray Co. Ltd.
· Teknor Apex
· Momentive Performance Materials Inc.
· Celanese Corporation
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global medical elastomers market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global medical elastomers market?
· Which factors are influencing the global medical elastomers market over the forecast period?
· What are the global challenges, threats, and risks in the global medical elastomers market?
· Which factors are propelling and restraining the global medical elastomers market?
· What are the demanding global regions of the global medical elastomers market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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