Medical elastomers find increasing use in medical products, as they have excellent sterilization properties, which are critical in a healthcare environment and meet the high purity demands of the industry. Medical elastomers are extensively of two types such as thermoset elastomers and thermoplastic elastomers. Medical-grade thermoset and thermoplastic elastomers have evolved hand in hand with revolutionary advances in the medical/pharmaceutical and diagnostic sector. These compounds, available worldwide, set the standard for safety. Thus, there is an increasing demand for Medical-grade elastomers across the globe.
Market Statistics:
The global medical elastomers market is estimated to account for US$ 7,589.40 Mn in terms of value by the end of 2022.
Drivers:
Growing demand for medical elastomers or growing use of medical elastomers is expected to drive growth of the global medical elastomers market over the forecast period. For instance, in September 2021, Hexpol TPE planned to invest around US$ 5.6 million to build a new medical production facility in Sweden to meet increasing demand for thermoplastic elastomers (TPEs) and satisfy evolving market requirements. The investment will expand production capacity and ensure compliance with product safety standards across its materials portfolio.
Opportunities:
Rapid growth of the healthcare industry and favorable government initiatives are expected to offer significant growth opportunities for players in the global medical elastomers market. For instance, in Union Budget 2022-23, the Indian Government allocated Rs. 86,200.65 crore (US$ 11.28 billion) to Ministry of Health and Family Welfare (MoHFW). Moreover, in November 2021, the Government of Meghalaya and World Bank signed a US$ 40-million health project for the state of Meghalaya, India. Project will improve quality of health services and strengthen the state’s capacity to handle future health emergencies.
Restraints:
The declining usage of single-use medical devices is expected to hinder growth of the global medical elastomers market. For instance, Single-use devices are a large part of the healthcare sector’s negative environmental impact; they contribute to the growing disposable culture that has emerged in the sector, generating more waste and greenhouse gas emissions. Medical-grade elastomers are widely used in the production of single-use medical devices, and this in turn is expected to reduce medical elastomers demand.
Global Medical Elastomers Market - Impact of Coronavirus (Covid-19) Pandemic
Outbreak of COVID-19 has had a dual impact on the medical elastomers market. The pandemic has hampered the medical-grade elastomers supply chain, particularly in terms of raw material for medical elastomers. However, there is/was an increasing demand for important medical supplies during the pandemic. Thermoplastic elastomers and silicone elastomers can be found in respirators and some types of personal protective equipment (PPE), such as masks and coated hospital fabrics, all of which have been in high demand since the pandemic began.
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https://www.coherentmarketinsights.com/market-insight/medical-elastomers-market-5081
Key Takeaways:
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.
Among type, thermoset elastomer segment held dominant position in the global medical elastomers market in 2020, accounting for 51.8% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increase in adoption of bio-based thermoplastic elastomers is expected to aid in the growth of the global medical elastomers market. For instance, in April 2022, Teknor Apex announced that it will use UBQ, a plastic substitute made from chemically recycled household waste, in its thermoplastic elastomers (TPEs). It is the first time that the sustainable material developed by Tel Aviv-based UBQ Materials has been added to a TPE compound.
- Introduction of novel products by market players is expected to propel growth of the global medical elastomers market. For instance, in October 2021, DuPont inaugurated its new medical elastomers mixers at Healthcare Industries Materials Site (HIMS) in the U.S. The capacity will expand medical-grade elastomer manufacturing capabilities.
Competitive Landscape:
Major players operating in the global medical elastomers market include the Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Avient, Hexpol, 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.
Recent Developments:
In August 2020, PolyOne added eight new grades to its healthcare portfolio of Versaflex TPEs (thermoplastic elastomers). The series is formulated without animal derivatives and offers wide range of durometers to serve a variety of medical device applications.
In March 2018, Elastocon TPE Technologies launched its latest medical-grade thermoplastic elastomers at the National Plastics Exposition in Orlando. Elastocon TPE Technologies’s new medical grades are an addition to the company’s Elastocon 8000 Series of TPEs.
