The global medical elastomers market is projected to grow from USD 5.51 billion in 2017 to USD 7.92 billion by 2022, at a CAGR of 7.5 percent from 2017 to 2022. The growth of the market is attributed to rising demand for medical devices across the globe. Increased awareness among governments to provide high-quality healthcare infrastructure is also expected to drive the market for medical devices. This will, in turn, grow the medical elastomers market across the globe.
Based on application, the medical tubes segment accounted for the largest share of the medical elastomers market in 2017. The growth of this application segment is attributed to the increasing use of medical tubes in the diagnosis and treatment of diseases such as diabetes and cancer. Medical elastomers are increasingly used in the manufacturing of medical tubes owing to their low cost, bio durability, biocompatibility, and easy availability.
Based on type, the thermoplastic segment of the medical elastomers market is projected to grow at the highest CAGR between 2017 and 2022. This segment is also expected to lead the market during the forecast period. The growth of thermoplastic elastomers is attributed to their low cost, bio durability, biocompatibility, transparency, and high microbial stability, which are ideal properties in the manufacturing of medical devices.
The APAC region is the fastest-growing market for medical elastomers across the globe. The growth of the APAC medical elastomers market can be attributed to the growing population and increasing healthcare expenditure of countries in this region. In APAC, the demand for medical elastomers is majorly driven by emerging economies, such as Indonesia, Japan, China, and India. The increased use of single-use medical devices, such as catheters, medical tubes, gloves, and syringes, is also expected to drive the growth of the APAC medical elastomers market.
BASF SE (Germany), DowDuPont (US), Eastman Chemical Company (US), Royal DSM (Netherlands), Solvay S.A. (Belgium), Trelleborg AB (Sweden), Momentive Performance Materials Inc. (US), Celanese Corporation (US), PolyOne Corporation (US), Teknor Apex (US), and Kuraray Co. Ltd. (Japan) are some of the leading players operating in the medical elastomers market. – MarketsandMarkets