Medical Elastomers Market: Current Analysis and Forecast (2024-2032)

Report Description

Medical Elastomers Market Size & Forecast

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.

Medical Elastomers Market Analysis

Medical grade elastomers are certain polymers possessing elastic properties, and which are used in the manufacturing of medical devices. These elastomers comply with global regulatory requirements and are specifically designed to be bio-compatible i.e. usable in the medical industry. Since medical elastomers are durable, flexible, gentle to the touch, and safe for skin contact, they have a wide range of applications and are widely used in IV solution bags, tubes & syringes, and cardiac & orthodontic implants.

The rising adoption of medical elastomers can be attributed to greater awareness of various ailments, better access to high-quality healthcare facilities, and rising socioeconomic levels. As per the WHO Global Oral Health Status Report (2022) estimated that oral diseases affect close to 3.5 billion people worldwide, with 3 out of 4 people affected living in middle-income countries. Globally, an estimated 2 billion people suffer from caries of permanent teeth and 514 million children suffer from caries of primary teeth. 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.

Moreover, in a report by NITI Aayog, India’s healthcare industry is growing at a CAGR of around 22% since 2016 and is expected to reach USD 372 Billion by 2022. Thus, growing awareness of the importance of providing high-quality healthcare infrastructure is estimated to increase demand for medical devices, of which medical elastomers are the main component. Also, advances in the thermoplastic elastomer processing industry like superior physical properties and biocompatibility, have made these elastomers an excellent alternative for medical device manufacturers. Thereby, boosting the market for medical elastomers market globally.

Medical Elastomers Market Trends

This section discusses the key market trends influencing the fungicide segments as identified by our research experts.

Thermoplastic Segment Transforming Industry

Based on type, the market is classified into thermoset and thermoplastic. Thermosets do not melt upon heating. Thermoplastic has a low melting point and is best suited for applications that use recycled material. We see enormous potential for thermoplastics because of their re-molding ability and the growth in demand for catheters, tubes, and medical bags as recycling and sustainability become more popular.

Asia Pacific witnessed a significant CAGR of the market.

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, may hamper the growth of the medical elastomers market during the projection period.

Medical Elastomers Industry Overview

Medical Elastomers are competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are BASF, DowDuPont, Eastman Chemical Company, dsm-firmenich, Solvay, Trelleborg AB, Kuraray Co. Ltd., Teknor Apex, Momentive Performance Materials Inc., and Celanese Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Medical Elastomers Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Medical Elastomers can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Medical Elastomers Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Medical Elastomers market were the three major steps undertaken to create and analyze the adoption of Medical Elastomers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Medical Elastomers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Medical Elastomers market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Medical Elastomers, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Medical Elastomers market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and Specialty tape regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Medical Elastomers market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Medical Elastomers market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Medical Elastomers across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Medical Elastomers in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Medical Elastomers. Data was split into several segments and sub-segments after studying various parameters and trends in the type, application, and regions of the global Medical Elastomers market.

The main objective of the Global Medical Elastomers Market Study

The current & future market trends of global Medical Elastomers were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Medical Elastomers market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type, application, and regions.
• Define and analyze the regulatory framework for the Medical Elastomers
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Medical Elastomers market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Medical Elastomers market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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