[FURL=https://www.industryarc.com/Research/Medical-Elastomers-Market-Research-500450?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Medical Elastomers Market[/FURL] size is forecast to reach $11.2 billion by 2026, after growing at a CAGR of 6.4% during 2021-2026. In the medical sector, elastomers are used to optimize the function of a wide variety of pharmaceutical, biotech, medical, and life science applications. Moreover, elastomers are also used in the design of medical products where superior performance and safety are needed most. Growing awareness for better medical facilities and rising demand for medical devices incorporating thermoset elastomers and thermoplastic elastomers are driving the market growth. Moreover, the growing consumption of single-use medical devices like medical tubes and medical bags are also driving the Medical Elastomers Industry growth. Furthermore, the surging demand for medical implants among the aging population is also contributing to the growth of the Medical Elastomers market share globally.COVID-19 Impact
The unprecedented crisis brought by COVID-19 during 2020 continues to have a clear and significant impact on the worldwide workforce, industry, country, and global economy. The pandemic has hindered the Medical Elastomers supply chain, especially the supply of raw material used in producing the medical-grade elastomers.
Key Takeaways
Asia-Pacific region is projected to witness the highest growth due to the growing population and rise in healthcare investments. China, India, Singapore, and South Korea are the key countries contributing to the market growth in the APAC region.
Need for huge investment, stringent regulations, and unstable economic conditions are hindering the market's growth.
COVID-19 has both positive and negative impacts on the market. Due to growing, COVID-19 cases drive the demand for medical devices and the global lockdown acts as a challenging factor to the market growth.
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Medical Elastomers Market Drivers
Rising Chronic, Contagious Diseases and The emergence of COVID-19 is Driving the Market Demand
The growing chronic diseases such as diabetes, cancer, flu, and the rise of COVID-19 among the population are increasing the demand for medical devices, which is driving the demand for elastomers in medical applications.
Demand for Safer & Recyclable Polymers in Medical Devices is Driving the Market Growth
Thermoplastic Elastomers (TPEs) have gained immense popularity, due to their high degree of purity and easy recyclability. TPEs are medical-grade raw material and are free of phthalates and latex proteins.
Medical Elastomers Market top 10 companies are BASF SE, DuPont de Nemours, Inc., Solvay S.A., Eastman Chemical Co., Celanese Corp., Avient Corp., Trelleborg AB, Kuraray Co., Ltd., RTP Co., and Teknor Apex Co.,
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