“Increased demand for medical devices is driving the medical elastomers market across the globe.”
The 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% from 2017 to 2022. The growth of the medical elastomers market is attributed to the increased demand for medical devices, such as medical tubes, catheters, and syringes across the globe. These devices are widely used in the diagnosis and treatment of diseases. Growing consumption of single-use devices is also one of the major drivers for the medical elastomers market.
“The implants segment is projected to grow at the highest CAGR during the forecast period.”
Based on application, the implants segment of the medical elastomers market is projected to grow at the highest CAGR between 2017 and 2022. The growth of this application segment is attributed to the growing demand for implants across high growth regions, such as APAC and the Middle East & Africa. The technological advancements and increasing usage of minimally invasive surgeries are expected to further increase the demand for implants in orthopedic and prosthetic treatments. The rapidly growing aging demographics across the globe is another major driver for the implants application segment.
“North America is the largest market for medical elastomers.”
North America accounted for the largest share of the medical elastomers market in 2017. This large market share is attributed to the presence of leading medical elastomers manufacturers in the region. North America is also one of the largest medical device manufacturers in the world. The US is the largest hub for medical device manufacturing in the region, owing to which the demand for medical elastomers in the manufacturing of medical devices is further expected to rise. The growing usage of medical devices, such as medical tubes, catheters, syringes, and implants, is also supporting the growth of the medical elastomers market in the country. Additionally, the growing aging demographics is expected to increase the demand for medical devices, thereby fueling the growth of the medical elastomers market in North America.
Extensive primary interviews have been conducted to determine and verify the sizes of several segments and subsegments of the medical elastomers market, gathered through secondary research.
The break-up of primary interviews has been given below.
- By Company Type: Tier 1 – 71%, Tier 2 – 23%, and Others – 6%
- By Designation: C Level – 48%, Director Level – 31%, and Others – 21%
- By Region: North America – 18%, Europe – 38%, Asia Pacific – 17%, South America – 7%, and the Middle East & Africa – 20%
The key companies profiled in this report on the medical elastomers market include 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), among others.
The medical elastomers market has been segmented based on type, application, and region. This report covers the medical elastomers market and forecasts the market size till 2022. The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the medical elastomers market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the medical elastomers market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different verticals and regions.
- This report is expected to help the stakeholders understand the pulse of the medical elastomers market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
- This report is expected to help the stakeholders obtain an improved understanding of the competitive landscape of the medical elastomers market and gain insights to improve the position of their businesses.
- The competitive landscape section includes detailed information on new product launches, mergers, expansions, partnerships, acquisitions, and joint ventures.