Medical Elastomers Market Size, Share, Growth, Trends, Report 2023-2032
The global medical elastomers market was estimated at USD 3.81 billion in 2022 and it is expected to surpass around USD 12.67 billion by 2032, poised to grow at a CAGR of 12.77% from 2023 to 2032. The medical elastomers market in the United States was accounted for USD 788.5 million in 2022.
Key Pointers
Report Scope of the Medical Elastomers Market
| Report Coverage | Details |
| Revenue Share of North America in 2022 | 40% |
| Revenue Forecast by 2032 | USD 12.67 billion |
| Growth Rate from 2023 to 2032 | CAGR of 12.77% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | BASF SE; Celanese Corporation; Dow; Solvay; DuPont; DSM; KRATON CORPORATION; Trelleborg AB; Kuraray Co., Ltd.; Teknor Apex; Momentive; PolyOne Corporation; HEXPOL AB; Foster Corporation; Biomerics, LLC |
The rising usage of medical elastomers for the production of disposable medical equipment such as valves, syringes, and tubing is expected to drive the market globally. Additionally, the growing demand for critical implants for artificial heart valves and joints is driving the production of medical elastomers. Medical elastomers possess various physical properties, including durability, biocompatibility, flexibility, and resistance to high temperatures and chemicals, making them suitable for the manufacturing of various medical devices such as tubes, syringes, catheters, gloves, and bags.
Furthermore, the demand for silicone is expected to witness a significant increase worldwide in the coming years, owing to its utilization in developing medical elastomers. It is employed for the encapsulation of biomedical products in the medical industry. Silicone exhibits endless opportunities for developing and launching new products in the market. Ongoing technological advancements for manufacturing silicone-based advanced materials are expected to drive the growth of the medical elastomer market over the forecast period.
The U.S. is one of the largest consumers of medical elastomers, and the market is expected to grow at a significant rate over the forecast period. A significant percentage of the country's population has gained access to healthcare facilities and services, owing to two important government programs – the Affordable Care Act (ACA) and Medicaid. This has increased the demand for medical products and healthcare services, which has created extensive demand for medical elastomers in the U.S. These materials are generally used in products like medical tubes, bags, syringes, and implants.
The presence of key manufacturers such as Eastman Chemical Co., Dow Inc., and DuPont can be regarded as a major factor driving the market for medical elastomer in the country. In addition, the constantly rising patient population due to increasingly prevalent COVID-19 variants has propelled the need for various medical components such as gloves, syringes, masks, catheters, and others, thereby boosting the demand for medical elastomers.
According to the American Cancer Society, breast cancer is the most common cancer that affects women in the U.S., except for skin cancer. It is the most frequently diagnosed cancer among women in the country. Women in their middle and older years have a higher chance of developing it. Hormone therapy for menopausal symptoms raises estrogen levels, which is one of the main factors in female breast cancer. In the coming years, it is expected that the rising demand for silicone breast implants in mastectomy procedures to treat breast cancer will fuel the market in the U.S.
Application Insights
The medical tubes application segment dominated the market with more than 30% share of the global revenue in 2022. The growth in demand for medical tubes to give medications and fluids, along with the rising cases of respiratory diseases, such as lung cancer, asthma, and pulmonary fibrosis, is expected to boost the demand for elastomers in the medical industry in the coming years.
Advancements and innovations in drug delivery systems by medical device manufacturers are resulting in the demand for customizable medical tubes, further propelling the demand. The growing number of mergers and acquisitions among various companies in the medical device sector is expected to drive the global demand and reach of disposable medical devices, thereby boosting market growth.
The market for medical tubes is expanding as a result of the rapidly aging population and the increasing incidences of chronic diseases among them, as well as the rising demand for minimally invasive medical procedures and disposable tube-based medical equipment. Moreover, the introduction of new products and strategic initiatives taken by major industry competitors will further fuel market expansion.
Type Insights
The thermoplastic elastomer segment dominated the medical elastomer market with over 69% of the revenue share in 2022. The type segment comprises thermoplastic elastomers and thermoset elastomers. The leading share of thermoplastic elastomers in the market is owing to the rising expenditure on healthcare and medical facilities, and investments in medical equipment such as surgical gloves, plastic syringes, instruments, and other plastic items utilized for consumer and industrial applications. This has driven the demand for lightweight plastics like TPE in these as well as other medical items.
The increase in coronavirus research funding that followed the advent of the COVID-19 pandemic fueled the demand for biopharmaceutical laboratory equipment. Additionally, worldwide efforts to develop a coronavirus vaccine increased the demand for lab supplies. The expansion of thermoplastic elastomers for the manufacture of medical equipment is predicted to benefit from the steady and continuous supply of laboratory equipment.
However, as most plastic polymers are being made from crude oil, their costs are influenced by changes in the price of crude oil in the world market. Due to supply and demand, seasonal variations, natural disasters, and other reasons, crude oil is a commodity that experiences significant price swings, which eventually has an impact on the cost of its by-products, such as plastic polymers.
Regional Insights
North America dominated the market for medical elastomers and accounted for over 40% share of the global revenue in 2022. One of the key trends influencing the expansion of the regional market is the rising per capita healthcare spending in the U.S. in the form of health insurance. Over the coming years, this is anticipated to increase the demand for generic medications and medical equipment, propelling the growth of the market in North America. The critical applications of this industry include medical tubing, medical bags, implants, and syringes.
Asia Pacific is expected to expand at a significant rate over the forecast period. The demand for high-quality medical components and devices from the healthcare industry in major economies such as China, Australia, and India is increasing on account of rising expenditure in this sector. In addition, improving service and safety standards in hospitals is expected to drive the market for medical elastomers over the forecast period.
Medical Elastomers Market Segmentations:
By Type
By Application
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Medical Elastomers Market
5.1. COVID-19 Landscape: Medical Elastomers Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Medical Elastomers Market, By Type
8.1. Medical Elastomers Market, by Type, 2023-2032
8.1.1. Thermoplastic Elastomer
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Thermoset Elastomer
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Medical Elastomers Market, By Application
9.1. Medical Elastomers Market, by Application, 2023-2032
9.1.1. Medical Tubes
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Medical Bags
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Catheters
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Syringes
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Implants
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Gloves
9.1.6.1. Market Revenue and Forecast (2020-2032)
9.1.7. Others
9.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Medical Elastomers Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. BASF SE
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Celanese Corporation
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Dow
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Solvay
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. DuPont
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. DSM
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. KRATON CORPORATION
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Trelleborg AB
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Kuraray Co., Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Teknor Apex
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers