Medical Elastomers Market Scope
A medical elastomer is a polymer that has the properties of elasticity or rubber as compared to other materials. It is seen that synthetic materials are used extensively, and are often crucial, in medical practice. The device such as bags for infusion solutions, tubes or syringes needs elastomers as a material for better productivity of medical devices. Asia-Pacific is accounted to be the fastest-growing region in forecasted years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | BASF SE (Germany), DowDuPont (United States), Eastman Chemical Company (United States), Royal DSM (Netherlands), Solvay S.A. (Belgium), Trelleborg AB (Sweden), Momentive Performance Materials Inc. (United States), Teknor Apex (United States) and Celanese Corporation (United States) |
CAGR | 7.4% |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Medical Elastomers market throughout the predicted period.
BASF SE (Germany), DowDuPont (United States), Eastman Chemical Company (United States), Royal DSM (Netherlands), Solvay S.A. (Belgium), Trelleborg AB (Sweden), Momentive Performance Materials Inc. (United States), Teknor Apex (United States) and Celanese Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Kuraray Co. Ltd. (Japan) and PolyOne Corporation (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Medical Elastomers market by Type , by Application (Medical Tubes, Catheters, Gloves, Syringes, Medical Bags and Others) and Region with country level break-up.
On the basis of geography, the market of Medical Elastomers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In 2021, Celanese has acquired ExxonMobil Corporation's Santoprene Thermoplastic Vulcanizate (TPV) Elastomers division for USD 1.5 billion. and In 2021, DL Chem has signed a contract to acquire chemical company Kraton for USD 2.5 billion (about KRW 2.5 trillion). Following the completion of the acquisition in the first half of 2022, Kraton is expected to be the remaining entity in DL Chemical's US operations.
In 2021, Royal DSM has launched a new portfolio of engineered materials designed to help global medical device manufacturers improve the quality of care for patients around the world., In 2021, Drake Medical Plastics Ltd and Foster Corporation have announced a sales collaboration to provide customers with processable forms from all of Foster's high molecular weight compounds worldwide. This agreement simplifies access to the medical polymer shapes customers want. and In 2020, Avient Corporation today announced the addition of eight new grades to its medical portfolio of Versaflex thermoplastic elastomers (TPE). The injection-molded Versaflex HC 3810 series is formulated without animal-derived ingredients and offers a wide range of durometers for a variety of medical device applications.
Influencing Trend:
Adoption of Technological Advancements in Thermoplastic Elastomer Processing Industry which in Turn Help in Providing Better Medical Elastomers
Market Growth Drivers:
Increasing Demand for Medical Elastomers from Medical Industries, Rising Number of Hospitals That Need Medical Devices Which are Made Up of Elastomers and Growing Awareness and Government Initiatives to Provide High-Quality Healthcare Facilities
Challenges:
Stringent Rules for Using Elastomers in Medical Devices
Restraints:
High Cost Associated with these Elastomers Medical Products and Time Required for Product Development by these Elastomers
Opportunities:
Growing Healthcare Industry in Emerging Economies and High Opportunity by Replacement of Metal with Plastics
Key Target Audience
Manufacturers of Medical Elastomers, Traders, Distributors, and Suppliers of Medical Elastomers, Government & Research Organizations, Potential Investors, Healthcare Sector and Others