June 14, 2024

Medical Elastomers Market Poised For Growth By Rapid Technological Advancement In Healthcare Sector

The medical elastomers market has witnessed significant growth over the past few years owing to their wide range of applications in the healthcare industry. Medical elastomers are biocompatible polymers that exhibit elastic properties and find use in medical devices and equipment such as catheters, dental trays, medical balloons, gloves, and drug delivery systems. Their flexibility, durability, and compatibility with the human body makes them an ideal material for various medical applications. The global medical elastomers market is estimated to be valued at US$ 9473.89 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031

Key Takeaways

Key players operating in the medical elastomers market size include AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, Numerix. The market is witnessing increasing demand owing to the growing global geriatric population and prevalence of chronic diseases. This has necessitated the demand for advanced medical devices and equipment that use medical elastomers. Furthermore, major players are expanding their manufacturing facilities and distribution networks globally tocapitalize on the availability of cost-effective labor and cater to the growing demand from countries across Asia Pacific, Latin America, and Middle East & Africa.

Market key trends

One of the key trends being witnessed in the medical elastomers market is increasing research and development activities for developing novel elastomer formulations. Manufacturers are focusing on coming up with advanced elastomer compositions that demonstrate improved biocompatibility, flexibility, and durability as per application requirements. This is allowing them to expand to new medical device application areas and gain a competitive edge over other market players.

Porter’s Analysis
Threat of new entrants: New players find it difficult to enter the market due to high investment in R&D and manufacturing.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute materials.
Threat of new substitutes: Substitutes pose moderate threat due to changing consumer preferences and technological innovations.
Competitive rivalry: Fierce competition exists among existing players to gain market share.

North America accounts for the largest share in the medical elastomers market in terms of value due to high healthcare expenditures and presence of major players in the region. Asia Pacific region is expected to witness the fastest growth during the forecast period with growing medical devices industry in emerging countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it