Medical Elastomers Market Size, Share & Trends Analysis Report By Type (Thermoplastic Elastomer, Thermoset Elastomer), By Application (Medical Tubes, Medical Bags, Catheters, Syringes, Implants, Gloves), By Region, And Segment Forecasts, 2023 - 2030

Medical Elastomers Market Growth & Trends

The global medical elastomers market size is expected to reach USD 9.66 billion by 2030, progressing at a CAGR of 12.74% during the projected period, according to a new study by Grand View Research, Inc. The market for medical elastomers is projected to register substantial growth due to the rise in global healthcare expenditure. Manufacturers are continuously investing in research & development activities to produce more biocompatible and sustainable medical polymers. This has benefited the utilization of medical polymers in plastic surgeries and implants, thus encouraging its usage.

Medical polymers are used in the manufacturing of housings and other supporting components of medical devices due to their favorable properties such as chemical resistance, low weight, heat resistance, electrical insulation, sterilization temperature resistance, and impermeability. These polymers are used as a replacement for metals and help in reducing the overall weight of medical devices.

Moreover, the increased adoption of polypropylene based internal and external use products such as mesh implants, containers, and catheters as a substitute for their PVC-based counterparts is projected to drive market growth. The use of polyethylene based medical bags, tubes, syringes, and connecting components such as valves reduces the need to purchase new products, as they can be easily sterilized. Furthermore, the increasing use of polystyrene in medical cups and vaginal dilator speculums, owing to its high transparency, rigidity, and thermal resistance, is also expected to boost the growth of the market for medical elastomers.

The increasing demand for disposable gloves, containers (for blood sample collection, urine continence, and ostomy), intravenous solution delivery sets, and catheters for treating chronic diseases is expected to drive the demand for medical elastomers in Germany. Growing consumer spending on healthcare and increasing adoption of new medication technologies are factors expected to positively impact the growth of the medical device industry, which, in turn, is expected to drive the demand for medical elastomers over the forecast period.

Medical Elastomers Market Report Highlights

• North America dominated the overall market for medical elastomers, while Asia Pacific is expected to expand at the fastest CAGR of 13.13% over the forecast period. The rise in healthcare investment in the Asia Pacific region, particularly in China and India, is likely to drive the regional market growth
• Thermoplastic elastomer was the largest segment in the global market for medical elastomers in 2022 and is further anticipated to dominate the market over the forecast period
• Medical tubes dominated the application segment in the medical elastomer market in 2022, accounting for over 29% of the revenue share. The developing technologies in drug delivery systems, such as photo-thermally triggered drug delivery and intracochlear drug delivery, are expected to promote market expansion
• In March 2022, Shockwave Medical, Inc. launched a peripheral IVL catheter named Shockwave M5+. The Intravascular Lithotripsy (IVL) Shockwave M5+ catheter is designed to reduce IVL treatment times, extend IVL therapy with larger vessel diameters, and provide alternative access techniques

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