SCHAUMBURG, Ill.—Developments for elastomers in the health care market will be driven by large original equipment manufacturers investing in wearable medical devices, according to Marie Crane, health care market leader for DuPont.
Crane covered the changes in the elastomers market for health care in her presentation "Connected Healthcare Transformation" at the Healthcare Elastomer Conference in Schaumburg, Ill.
The global medical device market is growing at 5 percent year over year, with a projected value of $674 billion by 2022, according to BCC Research results from 2018, Crane said. Broken down by region, the U.S. accounts for 45 percent of that market, with 25 percent in Europe, 10 percent in Japan and 8 percent in the Asia-Pacific region.
Crane said the U.S. market has contracted somewhat as customers are starting to go to the Asian market, but those percentages could change depending on the situation with tariffs.
As technology advances, consumers have a greater access to health care, which in turn drives global expansion and mergers and acquisitions activity for companies providing those products, Crane said.
"OEMs are consolidating because of pressures of expenses and their ability to get reimbursement," Crane said. "Today, what OEMs are doing is trying to have a bigger suite of offerings at the hospital."
That market activity has allowed larger companies to bring advantages when negotiating with health care providers, and made the market more competitive for smaller companies to find leverage, she said. In order to win in that market, companies must be able to demonstrate that products add value, reduce hospital stays and trips, improve health and make patients more independent.
"If you're going to develop a new product and be successful, even as a small company, you've got to achieve one of those. It's very important if you're going to be successful in this market," Crane said. "That is why everyone is talking about wearables."