The global medical elastomers market was valued at USD 6.6 billion in 2020 and is expected to reach USD 10.8 billion by 2027, growing at a CAGR of 7.2% during 2021-2027. The global medical elastomers market is growing at a good rate with the increasing demand of medical devices across the globe. This can also be attributed to its use in the wide range of applications, including medical tubes, medical bags, patch adhesives, orthopedic gels, and others.

Elastomers used in the medical industry are known as medical elastomers. They are used in applications where higher flexibility or elasticity is required. Medical grade elastomers are used to optimize the function of life sciences applications.

Thermoplastic elastomers have been used in many application areas owing to their high degree of purity, low level of extractable compounds, cost-effectiveness, and recycling ability. They are also increasingly replacing latex and polyvinyl chloride (PVC) materials, as in some cases they can cause allergic reactions.

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Furthermore, thermoplastic elastomers alloys possess excellent barrier properties which are adequate for applications that require impermeable wrapping in medical applications including IV-infusion bags. All these factors are contributing to the medical elastomers market growth.

The major factors driving the global medical elastomers market are the advancements in the thermoplastic elastomers processing industry, increasing demand of elastomers in the medical industry, growing awareness of high-quality healthcare facilities, and increasing demand of medical devices incorporating elastomers.

Investors have to wait for a very long time in order to get the returns on their investments, which pull them back in investing in the market. All these factors are posing as a major challenge in the market growth.

Asia-Pacific is expected to lead the medical elastomers market in the coming years, due to the expanding medical industry in the region. The medical industry in countries such as China and India is rapidly growing, primarily due to growing population, which is increasing the demand for medical devices, equipment, and others in the region.

Key players in the medical elastomers industry are focusing on developing more advanced elastomers and are investing significantly in the market to attain the same.
Some of the key players operating in the medical elastomers market are BASF SE, DowDuPoint Inc., Solvay SA, Royal DSM, Eastman Chemical Company, Celanese Corporation, Polyone Corporation, Trelleborg AB, Kuraray Co., Ltd., RTP Company, and Foster Corporation.