Medical elastomers are synthetic polymers used in medical devices and equipment. Some key advantages of medical elastomers are flexibility, resilience, high strength, and biocompatibility. These materials are used in numerous medical applications such as surgical gloves, dental trays, breathing tubes, catheters, stopcocks, and blood bags owing to their unique combination of properties like flexibility, memory, transparency, and low toxicity.
The global medical elastomers market is estimated to be valued at US$ 8223.86 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Demand for biocompatible medical devices is increasing significantly due to rising healthcare expenditure and awareness regarding technologically advanced medical treatments. Biocompatible medical elastomers play a crucial role in manufacturing medical devices that perform in direct contact with tissues and blood for extended periods without any adverse effect. Key players are focusing on developing novel bioelastomers with improved biodegradability and non-toxicity to expand their application in biomedical devices. The growing demand for biocompatible materials for minimally invasive medical procedures is expected to create lucrative growth opportunities for players in the medical elastomers market over the forecast period. Porter's Analysis Threat of new entrants: Low capital requirements however established distribution channels and customer loyalty to existing brands pose a barrier. Bargaining power of buyers: Multiple options available, however customized products and services increase switching costs. Bargaining power of suppliers: Commodity products, however intellectual property like patents provide some control over suppliers. Threat of new substitutes: Constant innovation could provide substitutes, however regulatory requirements and existing infrastructure investments maintain stability. Competitive rivalry: Intense competition on attributes like quality, service and price. SWOT Analysis Strengths: Strong R&D capabilities, established brands, regulatory expertise, global scale. Weaknesses: High fixed costs, dependence on certain therapies, increasing commoditization. Opportunities: Growth in emerging markets, new applications, strategic partnerships. Threats: Price erosion, compliance risks, healthcare reforms, supply chain disruptions. Key Takeaways The Global Medical Elastomers Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 8223.86 Mn and is expected to reach over US$ 14 Bn by 2030, growing at a CAGR of around 7.6%. Regional analysis sees North America dominating currently due to advanced healthcare systems and supportive regulations. However, Asia Pacific is expected to emerge as the fastest growing market led by countries like China, India, Japan and South Korea. Growing medical tourism and rising healthcare spending are driving the APAC medical elastomers market. Key players operating in the medical elastomers market are Avient, Rubber Group, Teknor Apex, Solvay, RTP Company, Romar, AVANTOR Inc., Momentive, Kuraray Co. Ltd, Kraton Corporation, DSM, Hexpol AB, Foster Corporation, Tekni-Plex, Dow, Celanese Corporation, Biomerics, BASF, Arkema Group, ExxonMobil Corporation, Eastman Chemical Company, DuPont de Nemours Inc., and Sumitomo Rubber Industries Ltd., among others. Companies are investing in customized products and partnering with OEMs to gain market share. Explore more information on this topic, Please visit- https://www.dailyprbulletin.com/medical-elastomers-market-share-size-and-growth-share-trends-analysis-demand-forecast/
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