Rising demand for polymers in medical devices is driving the Medical Grade TPEs Market: Cognitive Market Research

Medical Grade TPEs Market Overview 

Product Overview and Scope of Medical Grade TPEs 

A thermoplastic elastomer, or TPE is a flexible and rubber-like material that processes similarly to plastic. A TPE is a genuine thermoplastic that doesn't require to be vulcanization or curing. A number of plastic manufacturing equipment, including injection molding, extrusion, and blow molding, are used to process thermoplastic elastomers. A TPE can go through secondary processes such as welding and bonding to other materials, as well as advanced processing like over-molding and two-shot molding. 
Thermoplastic elastomers are commonly used in medical applications due to their versatility, biocompatibility, and ease of processing. Medical Grade TPEs are specifically formulated and manufactured to meet the stringent requirements and standards of the medical industry. They undergo rigorous testing to ensure they are safe for use in medical devices, equipment, and other healthcare applications. TPE is playing an important role in the smart health and medical device sector. TPE is used for lids/closures, valves, dental equipment, hoses/tubes, seals/gaskets, and many other medical engineering products. Moreover, thermoplastic elastomers are also increasingly used in pharmaceutical packaging owing to their advantages such as being strong and durable and protecting against light, heat, moisture, and biological contaminants. Medical-grade TPE does not contain phthalate plasticizers. 

Medical Grade TPEs Market – Global Industry Analysis

Market Drivers

• Rising demand for polymers in medical devices

Rising demand for polymers in medical devices due to their versatility, cost-effectiveness, and ability to meet specific performance requirements is a major driving factor contributing to the growth of the medical grade TPEs market. For the manufacturers of medical devices and pharmaceutical packaging. TPE plays an important role. Medical device manufacturers increasingly shift towards thermoplastic elastomers for medical applications that require flexibility or rubber-like elasticity, and they turn to these types of polymers to deliver high-quality, regulatory-compliant TPEs with proven performance. 
TPEs provide several advantages in medical device manufacturing. They can be molded into complex shapes and designs, allowing for the production of intricate and customized medical devices. TPEs also provide excellent flexibility and softness, making them ideally suitable for applications such as catheters, gloves, and tubing, where comfort and tactile sensitivity are crucial. Medical devices play an important role in people's lives as these products are transforming medicine with breathtaking advances in both the treatment and the accurate diagnosis of diseases. For example, the average American spends about USD 400 on each medical device they use. Additionally, about 70% of the world’s largest MedTech equipment manufacturers by revenue are based in the US. 

Distribution of the global revenue of the medical technology industry (2021)

Source: Cognitive Market Research

On a global basis, the medical technology industry is one of the expanding manufacturing enterprises that merges rapid innovation with precision product building and distribution. Medical grade TPEs are formulated and tested specifically for their suitability in healthcare applications, making them an ideal choice for medical device manufacturers. All these factors contribute to the growth of the medical-grade TPEs market.

• Growing awareness about patient comfort and safety
• Government initiatives regarding the usage of non-allergic polymer in healthcare facilities

Global Medical Grade TPEs Revenue by Regions (2018-2023)

Global Medical Grade TPEs Revenue and Market Share (%) by regions (2018-2023)

Global Medical Grade TPEs Revenue (USD Billion) by regions (2018-2023)

Global Medical Grade TPEs market was valued at USD 2.52 billion, in 2022 and is expected to grow at a CAGR of 6.81% over the forecast period, from 2023 to 2030.

Global Medical Grade TPEs Segmentation

By Type 

• Styrenic Block Copolymers (SBC)
• Thermoplastic Polyurethane (TPU) 
• Thermoplastic Polyolefins (TPO)
• Thermoplastic Vulcanizate (TPV)
• Other Thermoplastic Elastomers

By Application

• Medical Tube
• Catheters 
• Syringes
• Non-woven and Films
• Gloves
• Medical Bags
• Implants
• Others

By End Use

• Medical Diagnostic
• Medical Engineering
• Pharmaceutical Packaging

By region

• North America (USA, Canada & Mexico) 
• South America (Brazil, Argentina, Colombia & Chile)

Global Medical Grade TPEs Segmentation, by Type

Based on by type, the Styrenic block copolymers (SBCs) segment held the major share in the year 2022 owing to its unique features such as ion-containing blocks, vascular compatibility, biostability, and low-priced are gaining popularity in several new-age applications. Moreover, increasing demand for medical devices and equipment is also accelerating the growth of the segment. Medical grade Styrenic block copolymers are used in applications such as medical tubing, catheters, IV components, syringe components, and drug delivery systems, meeting the specific requirements of these applications.

Global Medical Grade TPEs Segmentation, by Type

Source: Cognitive Market Research

Global Medical Grade TPEs Manufacturers Profiles/Analysis

Hexpol AB

Hexpol AB Company Basic Information, and Sales Area

Business Segment/ Overview:

HEXPOL AB is a Sweden-based polymer group that develops and manufactures advanced polymer compounds and materials. The company operates its business in two business areas such as HEXPOL compounding and HEXPOL engineered products. 
Hexpol AB serves its products in various industries such as automotive, consumer goods, construction, medical, food and beverages, personal use, wire & cable, industrial, and others. The company offers a wide range of products including Mediprene TPE, and Epseal TPE, Lifolit soft PVC, Dryflex cable, Dryflex TPE materials, including TPS, TPO, TPU, and TPV. 

Investment in Research and Development 

Research and development costs incurred and charged to income for the fiscal years ended December 31, 2021, and 2020 were USD 10 million and USD 9 million respectively.

Hexpol AB R&D Investment (USD Million) (2020-2021)

Source: Cognitive Market Research

Medical Grade TPEs Product Types Specification

Business Strategy 

Hexpol AB has focused on research and development to stay at the forefront of polymer technology. This may involve collaborating with customers, or research institutions to develop new materials, improve existing products, or explore new applications for polymers. For instance, HEXPOL Gaskets and Seals unit in Sweden conducts research and development in new materials. Moreover, the company has strategic inorganic development through acquisition, collaboration, and merger to diversify its product portfolio. For instance, the company acquired 100 percent shares in McCann Plastics LLC from the McCann family. This acquisition completes HEXPOL’s current operations in the US and further strengthens the market position. Furthermore, the company has focused on sustainable TPE products, monitoring and implementing global regulations about sustainability. In addition, the company measures and monitors the Product’s Carbon Footprint to minimize the impact of Greenhouse Gas emissions on the environment. Furthermore, the company strives to increase its presence to expand its business. For instance, HEXPOL TPE And TER HELL Plastics Join Forces for distribution in Spain