Medical elastomers find wide application in medical devices due to their superior properties such as flexibility, elasticity and biocompatibility. Some key applications of medical elastomers include drug delivery devices, medical tubing, catheters, injection ports and syringe plungers. The growing demand for minimally invasive surgeries and rising prevalence of chronic diseases are propelling the demand for medical devices, thereby driving the medical elastomers market. 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 from 2024 to 2031
Key Takeaways
Key players operating in the medical elastomers are AB-Cube, AssurX, Oracle, Sarjen Systems, Sparta Systems, Xybion, ZEINCRO, Omnify Software, INTEL, MDI Consultants, Numerix. These players are focusing on developing innovative elastomeric formulations and materials to manufacture customized medical devices. The growing geriatric population and chronic diseases has increased the demand for various medical devices. This has propelled the demand for medical elastomers in applications such as balloon catheters, implants and drug delivery systems. Additionally, advancements in polymer engineering has led to development of novel elastomers with improved elasticity, flexibility and durability catering to stringent requirements of various medical applications.
Technological advancements in the field of polymer science has led to development of novel elastomers such as thermoplastic elastomers and elastomer alloys with tailored properties like enhanced tensile strength, fatigue resistance and flexibility. These materials find increasing usage in minimally invasive surgical tools, catheters and implants. Continuous research towards compatibility and biostability of elastomers also supports their use in long-term implantable devices.
Market Trends
Customized elastomer formulations - Continuous R&D towards development of tailor made elastomer formulations with optimized properties like elasticity, durability and strength as per application requirement is a key trend. This allows manufacturers to develop customized medical devices.
Miniaturization of medical devices - Miniaturization of medical devices has increased demand for high performance elastomers enabling downgauging and thinner walled catheter and tubing designs. Elastomers with high flexibility aids in development of miniaturized surgical tools.
Market Opportunities
Development of elastomers for 3D printing - 3D printing technology offers opportunity for development of customized bioresorbable polymer composites and blends for tissue engineering applications. Elastomers suitable for 3D printing can enable processing complex device designs.
Surging demand for minimally invasive surgeries - Growth in minimally invasive surgeries drives the demand for narrow diameter and complex catheter designs. This presents opportunities for development of novel ultra-thin elastomers and polymer alloys.
Impact of COVID-19 on Medical Elastomers Market Growth
The COVID-19 pandemic significantly impacted the medical elastomers market size. During the initial outbreak phase, production activities were halted or reduced as manufacturing facilities shut down to comply with lockdown measures imposed by governments worldwide. This disrupted supply chains and led to shortages of raw materials for medical elastomers producers. Demand also dropped sharply from the medical devices industry as elective surgeries and non-essential medical procedures were postponed to focus on COVID-19 care.
However, as the pandemic intensified, demand surged rapidly for medical gloves, drapes, masks and other protective equipment containing medical elastomers. Production ramped up to meet this exponential rise in demand from frontline healthcare workers and hospitals. New manufacturing capacities had to be set up in a short span. Supply chain resilience was critically evaluated and improvements were prioritized. Post pandemic, demand is expected to remain high driven by increased focus on healthcare and safety. Production capacities may see a permanent increase to strengthen readiness for future emergencies. The crisis highlighted the importance of this market for healthcare systems worldwide.
In terms of geography, North America is currently the largest market for medical elastomers accounting for over 35% of global value due to extensive healthcare infrastructure and aging population driving demand continuously. Asia Pacific is rising as the fastest growing regional market supported by improving access to healthcare, healthcare spending growth in China and India and presence of key medical devices manufacturers setting up manufacturing bases. The demand surge during COVID-19 further accelerated the shift towards Asia. Countries with high infection rates like the US, UK, Germany, Italy, China and India experienced the maximum disruptions but have strong fundamentals to aid faster market recovery compared to other regions.
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