Medical Grade Silicone Market By Based on Type (Gels (unreinforced silicone elastomers), Medical Adhesives, Medical Coatings, Liquid Silicone Rubbers (LSR), APIs, excepients, foams, emulsions, dispersions); By Based on Application (Prosthetics (limbs & implants), Orthopedic Components, Medical Devices, Medical Tapes); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Medical Grade Silicone Market Overview
Global medical grade silicone market witnessed a market value of USD 1.8 billion in 2022 and is estimated to reach USD 2.9 billion in 2032, registering a compound annual growth rate (CAGR) of 4.8% between 2023 and 2032. At a growth rate of 4.8%, the medical grade silicone market is expected to reach USD 2.9 billion by 2032. Artificial devices used to replace damaged or missing biological parts include medical implants. These implants are placed either inside the body's surface and help deliver medication, monitor body functions, and provide support to organs and tissues.
Medical Grade Silicone Market Insights
Advancements drive the medical implants market in medical technologies and increase chronic diseases such as osteoarthritis, cardiovascular diseases, neuropathic diseases, and congenital disorders. To changes in terms of application, property, and state, the medical grade silicones are incredibly adaptable. Medical-grade silicones can develop with a rigid solid form to low viscosity liquid form by varying the chain length and the chemical structure. And it is also used to prevent scars in freshly healed wounds and reduce prominent immature scars on the human body.
The medical grade silicone market is divided into prosthetics & orthopedic, medical tapes, medical electronics and device assemblies & fittings, medical tubes, and catheters. The largest and the fastest-growing application segments for the medical grade silicone market are prosthetics and orthopedic. In replacing ailing small joints and other orthopedic components, medical-grade silicone elastomers have been widely used. Hand and foot implants were the first orthopedic medical grade silicone implants.
The fastest-growing region for the medical grade silicone market is the Asia Pacific. In this region, the developing countries have a rapidly growing infrastructure that would create growth opportunities in the medical grade silicone market. The fastest-growing economies around the globe and Asia pacific are China and India. With the highest growth rate, India is projected to overtake China, thus driving the global economy. The manufacturing sector is also estimated to take a record to leap with such a growth rate in these economies, thereby boosting the medical grade silicone market. The factors which drive the growth of the market in the Asia Pacific region are the growing medical industry, increasing aged population, rising cosmetic & plastic surgeries in India. Owing to high demand in the Asia Pacific, the market is more dynamic and competitive than Western nations. Such factors in the Asia Pacific are expected to drive medical-grade silicone demand in this market.
Certain factors that could hinder the growth of the medical-grade silicone market, which include governmental measures to control healthcare costs and lack of investment in product development, restrict the growth of the need to some extent. In the manufacturing of medical devices such a catheter, surgical incision drain, medical electronics, device assemblies and fittings, respiratory devices, medical tubes, and parts such as valves and medical rings, medical-grade silicone is used as a biomaterial. It offers good heat resistance as well as chemical and physical resistance without stabilizers for medical devices. In medical devices, where medical grade silicone is used, various processes such a compression molding, transfer molding, and injection molding are used.
LSR is biocompatible and is used as an ideal material for medical devices and available in various grades. It is flexible, durable, transparent, ultraviolet, and stain-resistant. The usage of heart pumps and defibrillators, diagnostic guidewires and over-molded surgical blades and suture sleeves has increased. This will propel the growth of the medical grade silicone market. The growth will also be there due to the aging population, rising global income in developing countries such as India, China, Thailand and Indonesia. The rising number of road accidents and degenerative bone disease are also the major factors that will drive growth in this industry Medical grade silicone display a high level of properties as compared to other products.
Medical Grade Silicone Market Key Players
The key market players in the medical grade silicone market are:
- Dow Corning (U.S.),
- Wacker Chemie AG (Germany),
- Shin-Etsu Chemical Co., Ltd. (Japan),
- Momentive (U.S.),
- Bluestar Silicones (France), and
- 3M Company (U.S.)
Medical Grade Silicone Market Segmentation
By Based on Type
- Gels (unreinforced silicone elastomers)
- Medical Adhesives
- Medical Coatings
- Liquid Silicone Rubbers (LSR)
- APIs, excepients, foams, emulsions, dispersions.
By Based on Application
- Prosthetics (limbs & implants)
- Orthopedic Components
- Medical Devices
- Medical Tapes
By Region
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Poland, Turkey, Switzerland, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Columbia, Argentina, Chile, and Rest of Latin America)
- Middle East & Africa (South Africa, Saudi Arabia, UAE, Oman, Egypt, and Rest of Middle East & Africa)
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- Publication date: 29th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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