Medical Elastomer Market worth $14.27 billion by 2029, at a CAGR of 8.3 % says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Jan. 12, 2025 (GLOBE NEWSWIRE) -- The Global Medical Elastomer Market size is expected to reach USD 14.27 billion by 2029 from USD 9.57 billion in 2024, at a CAGR of 8.3% from 2024 to 2029, as per the recent study by MarketsandMarkets™. The medical elastomer market is driven by the growing demand of medical devices fueled by expansion of healthcare technologies. Medical devices such as surgical instruments and diagnostic tools need components which are durable, flexible and biocompatible. The medical elastomers offer these properties.  Additionally, the increased elderly population across the globe is enhancing the demand for devices such as catheters, syringes, and prosthetics where medical elastomers are crucial in order to ensure patient comfort and improved performance. Furthermore, the advancement in wearable medical devices and remote monitoring systems is also driving the demand for medical elastomers as such materials offering durable and comfortable designs. The globally risen healthcare expenditure as well as the continuous innovation and R&D is further increasing the demand for medical elastomers.

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List of Key Players in Medical Elastomer Market:

• BASF (Germany)
• Dow (US)
• Celanese Corporation (US)
• Eastman Chemical Company (US)
• Syensqo (Belgium)
• Mitsubishi Chemical Group Corporation (Japan)
• Kuraray Co., Ltd. (Japan)
• ExxonMobil (US)
• Momentive Performance Materials (US)
• Envalior (Germany)
• Zeon Corporation (Japan)

Drivers, Restraints, and Opportunities in Medical Elastomer Market:

• Driver:  Growing water demand for medical devices
• Restraint: High production costs
• Opportunity: Growing healthcare investments in emerging economies
• Challenge: Stringent regulatory requirements

Key Findings of the Study:

• Thermoplastic Elastomers are the fastest growing type in the medical elastomer market during the forecast period, in terms of value.
• Catheters accounts second largest market share of medical elastomer market by application during the forecast period, in terms of value.
• North America accounts the largest share in medical elastomer market in terms of value.

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Thermoset elastomers account for the largest market share in the medical elastomer market due to their excellent durability, thermal stability and chemical resistance. These properties make thermoset elastomers suitable for applications that require reliability for long time along with consistent performance. Cross-linked structures of thermoset elastomers are cured by a chemical process which allows them to retain their strength and shape even when high temperatures or heat is applied. An important characteristic of thermoset elastomers is biocompatibility. They do not react harmfully with body tissues and fluids, which is required for certain medical devices, like orthopedic implants and cardiovascular devices. Growth in chronic diseases along with the medical device market has further fueled the demand for using thermosets in health care. With advancements in material science, thermoset elastomers can be customized to provide specific medical requirements, such as antimicrobial, better elasticity, or even comfort to the patient. Reliability and safety along with the flexibility of thermoset elastomers, places them among the most preferred elastomers for high-performance use in the medical field. These factors collectively result into thermoset elastomers accounting for the largest share in the medical elastomer market.

Medical elastomer market accounts the largest market share for its application in medical tubing due to its vital role in various healthcare devices. It is widely used in applications like intravenous (IV) administration, catheters, dialysis and respiratory systems. These are vital for the care of patients. This growing demand for tubing materials with superior quality flexibility and durability is an added factor towards adoption of medical elastomer, which are biocompatible, resistant to chemicals, as well as easy to sterilize. Furthermore, the rise of the aging population and the prevalence of chronic diseases is raising the demand for medical tubing. The continued advancements in minimally invasive surgery and the growth of home healthcare solutions are also boosting demand for medical tubing in the medical elastomer market. Additionally, advances in elastomer materials, particularly antimicrobial and transparent variants, have positively impacted medical tubing performance by ensuring patient safety along with meeting stringent regulatory standards. In addition, globalization of healthcare infrastructure and improvements in design and materials are bound to help maintain the medical tubing as one of the key applications in the medical elastomer market.

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North America accounts the largest share in medical elastomer market due to its well-established healthcare sector. The enhanced healthcare infrastructure, advanced medical technology and increasing expenditure on healthcare are strengthening the healthcare industry. Numerous major medical device manufacturers and pharmaceutical companies are located in the region. This is resulting into growing demand for medical elastomers in several applications such as instruments, drug delivery systems, and implants. Furthermore, stringent regulatory standards such as FDA regulations ensure the use of high-quality materials which fuels the demand for innovative medical elastomer products. Finally, the growing aging population and the rising prevalence of chronic diseases within the region is further driving the demand for medical elastomers in the region.

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