Since they offer good sterilising capabilities, which are essential in a healthcare setting, and they satisfy the high purity requirements of the industry, medical elastomers are being used in more and more medical items. The two main categories of medical elastomers are thermoset and thermoplastic elastomers. Medical-grade thermoset and thermoplastic elastomers have developed in tandem with ground-breaking developments in the pharmaceutical, medical, and diagnostic fields. These substances set the bar for safety and are accessible everywhere. As a result, medical-grade elastomers are in more demand than ever before.
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By the end of 2022, the market for medical elastomers is anticipated to be worth US$ 7,589.40 Mn.
The worldwide medical elastomers market is anticipated to increase over the course of the projected period due to rising demand for or usage of medical elastomers. For instance, Hexpol TPE announced in September 2021 that it would spend around US$ 5.6 million to construct a new medical production facility in Sweden in order to address the growing demand for thermoplastic elastomers (TPEs) and meet changing market demands. The investment will increase manufacturing capacity and guarantee that its whole material inventory complies with product safety regulations.
Players in the global medical elastomers market may anticipate to find considerable development potential due to the healthcare sector’s fast expansion and favourable government initiatives. For instance, the Ministry of Health and Family Welfare received Rs. 86,200.65 crores (US$ 11.28 billion) from the Union Budget 2022–23 of the Indian Government (MoHFW). Additionally, the World Bank and the Government of Meghalaya signed a US$ 40 million health project for the Indian state of Meghalaya in November 2021. The initiative will raise the standard of healthcare and increase the state’s ability to respond to emerging health crises.
The global market for medical elastomers is anticipated to have slow development due to the decline in single-use medical device usage. For instance, single-use gadgets contribute significantly to the sector’s expanding throwaway culture, which increases waste production and greenhouse gas emissions. As a result, they have a detrimental influence on the environment. The market for medical elastomers is anticipated to decline as a result of the widespread usage of medical-grade elastomers in the manufacture of single-use medical devices.
The market for medical elastomers has had two effects as a result of the COVID-19 epidemic. The pandemic has hindered the supply chain for medical-grade elastomers, especially in terms of the raw ingredients used to make these materials. However, during the epidemic, there was/is an increase in demand for critical medical supplies. Respirators, several kinds of personal protective equipment (PPE), such masks and coated hospital textiles, all of which have been in high demand since the epidemic started, contain thermoplastic elastomers and silicone 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% from 2022 to 2028 attending US$ 11,762.94 Mn.
The thermoset elastomer type had a commanding position among types in the worldwide medical elastomers market in 2020, accounting for 51.8% of the market’s value. Increasing approval and the introduction of new products are anticipated to fuel the segment’s expansion over the forecast period.
The global market for medical elastomers is anticipated to expand as a result of a rise in the usage of bio-based thermoplastic elastomers. In its thermoplastic elastomers, for instance, Teknor Apex said in April 2022 that it will employ UBQ, a plastic alternative derived from chemically recovered household garbage (TPEs). It is the first time a TPE compound has used the sustainable substance created by Tel Aviv-based UBQ Materials.
The launch of innovative products by industry participants is anticipated to fuel the expansion of
the global market for medical elastomers. For instance, DuPont opened its new medical elastomers mixers at the Healthcare Industries Materials Site (HIMS) in the United States in October 2021. The capacity will increase the ability to manufacture medical-grade elastomers.
A few of the major companies active in the global medical elastomers market are Sumitomo Rubber Industries Ltd., Rubber Group, DuPont de Nemours Inc., Teknor Apex, Eastman Chemical Company, Solvay, ExxonMobil Corporation, Arkema Group, RTP Company, BASF, Romar, Biomerics, AVANTOR Inc., Celanese Corporation, Momentive, Dow, Kuraray Co. Ltd, Tekni-Plex, Kraton Corporation, Foster Corporation, DSM, Hexpol, and Avient.
Eight additional grades of Versaflex TPEs were added to PolyOne’s healthcare offering in August 2020. The series offers a wide range of durometers to accommodate various medical device applications and is made without using animal byproducts.
At the National Plastics Exposition in Orlando in March 2018, Elastocon TPE Technologies unveiled their most recent line of medical-grade thermoplastic elastomers. The new medical grades from Elastic TPE Technologies are an expansion of the business’s Elastocon 8000 Series of TPEs.
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Table of Content
Chapter 1 Industry Overview
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
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