Elastomers used in the medical industry are known as medical elastomers. They are used in the applications where higher flexibility or elasticity is required. Medical grade elastomers are used to optimize the function of life sciences applications. The global medical elastomers market is registering a good growth, due to 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.
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Significant investment for the product development is the major challenge identified in the medical elastomers market. Also, considering the sensitivity of the industry, various precautions, an extra care needs to be taken while developing new products, making it a time consuming process. 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.
The availability of multiple grades of elastomers in the medical elastomers market makes it a very competitive market, where manufacturers need to constantly invest in the market in order to attain the competitive edge by expanding their product portfolio, new product development, and others. Also, survival of new entrants is tough, as it is capital intensive market and also highly regulated.
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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 are rapidly growing, primarily due to growing population, which is increasing the demand of medical devices, equipment, and others in the region. According to export.gov, in 2016, the Chinese medical device industry registered a growth of 20.1% as compared to 2015. The growth was majorly fueled by the hospital procurements to meet the need of the growing population.
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. 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 are some of the key players offering various elastomers to the medical industry.