Medical Elastomers Market Analysis

Elastomer materials offer a variety of valuable physical and performance properties that are especially desirable in medical applications. Medical elastomers find increasing use in medical products, offering biocompatibility, design flexibility, durability, and favorable performance and cost ratios. They are often used in fluid pathways, blood pressure tubing, wound drainage and Penrose tubing, and even drug delivery systems. Medical elastomers are extensively of two types such as thermoset elastomers and thermoplastic elastomers.

Market Statistics:

The global medical elastomers market was valued at US$ 7,103.15 Mn in 2021 and is forecast to reach a value of US$ 11,762.94 Mn by 2028 at a CAGR of 7.6%between 2022 and 2028.

North America held dominant position in the global medical elastomers market in 2020, accounting for 37.5% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Medical Elastomers Market Share (%), by Region, 2021

Recent Developments:

In April 2021, Royal DSM launched a new portfolio of engineering materials designed to help global medical device manufacturers improve the quality of care for patients around the world.

In August 2020, Avient Corporation announced the addition of 8 new grades to its healthcare portfolio of Versaflex thermoplastic elastomers (TPEs). The injection-moldable Versaflex HC 3810 series is formulated without animal derivatives and offers a wide range of durometers to serve a variety of medical device applications.

Medical Elastomers Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 7,103.15 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	7.6%	2028 Value Projection:	US$ 11,762.94 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Type: Thermoplastic Elastomer and Thermoset Elastomer By Application: Medical Tubes, Catheters, Syringes, Non-woven and Films, Gloves, Medical Bags, Implants, and Other Application
Companies covered:	Avient, Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Hexpol AB, Foster Corporation, Tekni-Plex, Dow, Celanese Corporation, Biomerics, BASF, Arkema Group, ExxonMobil Corporation, Eastman Chemical Company, DuPont de Nemours Inc., and Sumitomo Rubber Industries Ltd., among others
Growth Drivers:	Increasing demand for medical grade elastomers Rise in demand for safe and halogen-free polymers
Restraints & Challenges:	Decreasing use of single-use medical devices High cost of silicon

Market Drivers:

1. Increasing demand for medical grade elastomers is expected to augment growth of the global medical elastomers market during the forecast period. For instance, in October 2021, DuPont inaugurated its new medical elastomers mixers at Healthcare Industries Materials Site (HIMS) in Michigan, U.S. The capacity expansion will expand medical-grade elastomer manufacturing capabilities, enable sustainable growth in Liveo medical elastomers serving specialty medical devices along the value chain, and support the strong growth of in-house production of Liveo pharmaceutical tubing, and of medical devices and topical blends.
2. Rise in demand for safe and halogen-free polymers is expected to boost growth of the global medical elastomers market over the forecast period. For instance, in April 2021, Royal DSM, announced the launch of new portfolio of engineering materials designed to help global medical device manufacturers improve the quality of care for patients worldwide. The new portfolio of medical grades is developed by engineering materials business to address increasing customer demand for advanced material solutions.

Figure 2. Global Medical Elastomers Market Share (%), by Region, 2021

Market Restraints:

1. Decreasing use of single-use medical devices is expected to hamper the growth of the global medical elastomers market. For instance, Medical elastomers are often used in most of single-use devices. Single-use medical devices contribute significantly to the negative environmental impact as they result in more waste and greenhouse gas emissions. The increase use of single-use medical devices has not only increased waste and pollution, but has also made healthcare spending and supply chains subject to disruptions and changes in demand.
2. High cost of silicone is expected to hinder growth of the global medical elastomers market. For instance, Wacker Silicones announced that silicones were going to see increased prices ‘on average by 30% or more.’ Both in 2021 and 2022 prices of products in its portfolio increased. Wacker increased global prices for silicones between 10% and 20% in April 2021.

Market Opportunities:

1. Increase in development of bio-based thermoplastic elastomer is expected to offer lucrative growth opportunities for players in the global medical elastomers market during the forecast period. For instance, in October 2019, PolyOne announced the launch of the new bio-derived thermoplastic elastomers (TPEs), reSound OM (overmolding). These new formulations utilize between 40 and 50 percent bio-renewable content derived from sugarcane, and offer hardness levels and performance comparable to standard TPEs.
2. Favorable government initiatives to provide high-quality healthcare facilities are expected to provide significant growth opportunities for players in the global medical elastomers market. For instance, in 2021, the Ministry of Health and Family Welfare (MoHFW), Government of India announced various plans to improve healthcare facilities in the country. The government also planned to invest INR 64,180 crore in healthcare sector in the coming future.

Market Trends/Key Takeaways:

1. Introduction of novel products by market players is expected to propel growth of the global medical elastomers market. For instance, in February 2020, PolyOne developed a new silicone-alternative TPE (thermoplastic elastomer), Versaflex HC BT218, for medical tubing. Versaflex HC BT218 adds to PolyOne’s broader portfolio of specialty engineered polymers for healthcare that meet stringent regulatory demands and are suitable for alternative sterilization methods, including gamma and autoclave.
2. Rapid growth of the healthcare industry and well-established healthcare infrastructure is also expected to drive growth of the global medical elastomers market. For instance, according to India Brand Equity Foundation (IBEF), Indian healthcare sector is expected to record a three-fold rise, it is expected to reach around US$ 372 billion in 2022 from US$ 110 billion in 2016. Moreover, by FY22, Indian healthcare infrastructure is expected to reach US$ 349.1 billion.

Competitive Landscape:

1. Avient
2. Arkema Group
3. BASF SE
4. Biomerics
5. Celanese Corporation
6. Tekni-Plex
7. Dow
8. DuPont de Nemours Inc.
9. Eastman Chemical Company
10. ExxonMobil Corporation
11. Foster Corporation
12. Hexpol AB
13. DSM
14. Kraton Corporation
15. Kuraray Co. Ltd
16. Momentive
17. AVANTOR Inc.
18. Romar
19. RTP Company
20. Solvay
21. Sumitomo Rubber Industries Ltd
22. Teknor Apex
23. The Rubber Group