Specialty Elastomer for Pharmaceuticals Market: Overview
- Specialty elastomers are polymers with high elasticity as well as viscosity. They offer low permeability to moisture and gas; as well as high temperature resistance.
- Specialty elastomers help meet the changing requirements for drug compatibility and cleanliness in the healthcare industry. They offer several beneficial properties. For instance, they possess low extractability and leachability. Specialty elastomers are super-clean solutions for sensitive drugs and various other pharmaceutical applications such as pharmaceutical stoppers and container closures.
- Products manufactured from specialty polymer materials need to be non-toxic and suitable for selected medical devices. They need to be tested and certified to according to the United States Pharmacopeia (USP) Class VI.
Rise in Demand for Pharmaceuticals to Drive Market
- Rise in complexity of new pharmacological interventions has prompted companies to manufacture compatible container closures with the use of versatile materials. This is driving the demand for specialty elastomers for pharmaceuticals.
- The pharmaceutical industry has been expanding in developing economies such as China, India, and Brazil due to rise in disposable income of the people, increase in population, and growth in focus on health care. This is estimated to drive the market in the near future.
- Demographic trends such as increasing population, including old age population, are likely to drive the demand for pharmaceutical products, thereby boosting the demand for pharmaceutical products during the forecast period
- High cost involved in processing of pharmaceutical specialty elastomers is a major factor hampering the market. Volatility in prices of raw materials due to lack of availability of proper resources is also adversely affecting the market.
- The specialty elastomer for pharmaceuticals market has been facing supply-demand shortages due to the industrial shutdown triggered by the COVID 19 outbreak. Supply shortage has also resulted in an increase in prices of raw materials. Affected downstream supply chain might take longer to recover. The industrial shutdown has adversely impacted product and inventory transportation, as logistic services have been hampered due to the COVID-19 outbreak. These factors are expected to adversely affect the specialty elastomer for pharmaceuticals market in the near future.
Thermoset Elastomers Product Type Segment to Offer Lucrative Opportunities
- Based on product type, the global specialty elastomer for pharmaceuticals market can be segmented into thermoset elastomers and thermoplastic elastomers
- The thermoset elastomers segment is anticipated to dominate the specialty elastomer for pharmaceuticals market, led by rise in demand of rubber-based elastomers in the pharmaceuticals industry
Stoppers Application Segment to Hold Major Share of Market
- Based on application, the specialty elastomer for pharmaceuticals market can be divided into stoppers, cartridges, syringes, needle shields, and others
- Specialty elastomers are used in a wide range of pharmaceutical applications. The stoppers segment is projected to dominate the specialty elastomer for pharmaceuticals market during forecast period.
Asia Pacific to Offer Lucrative Opportunities
- In terms of region, the global specialty elastomer for pharmaceuticals market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, due to the presence of key manufacturers across the region. India, China, Thailand, Singapore, and Malaysia offer lucrative opportunities for the market owing to increase in population, improvement in standard of living, growth in economic development, and increase in expenditure on health care. Expansion of the pharmaceuticals industry in Asia Pacific is likely to boost the specialty elastomer for pharmaceuticals market in the region in the near future.
- North America is also likely to hold key share of the global specialty elastomer for pharmaceuticals market during the forecast period. Europe holds important position in the market. Germany in Europe is anticipated to register maximum CAGR during the forecast period.
Key Players in Market
The global specialty elastomer for pharmaceuticals market was fragmented, with several regional and global manufacturers operating in the market during 2019. Prominent players in the global specialty elastomer for pharmaceuticals market strive to enter into partnerships for the development of innovative products.
Key players operating in the global specialty elastomer for pharmaceuticals market include:
- Exxon Mobil Corporation
- James Walker
- Eastman Chemical Company
- West Pharmaceutical Services, Inc.
- Trelleborg Healthcare & Medical
- Precision Polymer Engineering/IDEX
Global Specialty Elastomer for Pharmaceuticals Market: Research Scope
Global Specialty Elastomer for Pharmaceuticals Market, by Product Type
- Thermoset Elastomers
- Natural Rubber
- Synthetic Rubber
- Thermoplastic Elastomers
Global Specialty Elastomer for Pharmaceuticals Market, by Application
- Needle Shields
Global Specialty Elastomer for Pharmaceuticals Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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