The global medical grade silicone market will exhibit 6% CAGR from 2023 to 2030, finds Fact.MR, in a new study. Growth is expected to continue despite the market encountering disruptions due to COVID-19 outbreak. Exponentially rising demand for masks, face shields, and protection kits will favor overall expansion.
According to Fact.MR, prosthetic and orthopedics component applications of medical grade silicone will scale higher as production in these segments require highly biocompatible materials.
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Besides this, its chemical inertness, durability, and ability to bind with diverse substrates has made medical grade silicone highly sought-after within various segments.
Manufacturers as well are encouraged to focus on product innovations to cater to rising demand in prosthetics and orthopedic component applications, which will continue aiding growth of the medical grade silicone market.
- For instance, Applied Silicone Corp., a supplier of long-term implantable silicones for the medical device and healthcare market, introduced Ultra-Soft LSR (liquid silicone rubber) products for the implantable materials market. Ultra-Soft LSR is formulated specifically for long-term implantation in the human body (>30 days), and provides a very soft liquid silicone rubber.
Key Takeaways from Medical Grade Silicone Market Report
- North America is expected to emerge as the most lucrative market owing to rapidly growing healthcare industry and increased healthcare expenditure. Growth in the region is predicted to be led by the US where national health expenditure, which is projected to grow at an annual rate of 5.4% in the next decade to reach around US$ 6.3 Trillion according to Centers for Medicare & Medicaid Services (CMS)
- Asia Pacific region is expected to register growth at an accelerated pace over the forecast period
- Silicone gel is anticipated to be the most lucrative product segment over the forecast period
- Prosthetics and orthopedics are projected to be the most lucrative application segments of medical grade silicone in the next decade
- Growth in medical implant industry is expected to fuel demand for medical grade silicone over the forecast period
- Rising demand of disposable devices to fuel medical grade silicone market growth in the near future
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“Surge in demand for medical supplies such as silicone masks, personal protection kits and other medical devices due to the COVID 19 pandemic has presented a huge opportunity to cash in on for the manufacturers of medical grade silicone. Apart from this, rising applications in healthcare as well as fields other than healthcare such as cosmetics present a potential opportunity for the manufacturers in the market in the near future,” says an analyst at Fact.MR.
Global Medical Grade Silicone Market: Competitive Landscape
Global medical grade silicone market is highly competitive and fragmented. This is attributable to the presence of large number of manufacturers with similar product portfolios.
In order to gain edge over competition, companies in the global market rely on strategies such as mergers and acquisitions, collaborations, joint ventures and partnerships to expand their reach and increase penetration.
Additionally, focus on branding, distribution and capacity building remain some of the key strategies adopted by the manufacturers.
Moreover, players in the market are concentrating on research and development activities to come up with innovative product offerings to stay ahead in the market.
For instance, NuSil Technology LLC and Avantor Performance Materials (U.S.) merged to develop innovative high-quality products and materials that meet the most stringent requirements of the customers.
Also, in 2016 Shin-Etsu Chemical Co., Ltd. is announced that it is expanding its silicones business by establishing a plant in Japan. The company is also expanding its technical center in Japan that performs technical services for silicone rubber molding and processing
Henkel AG & Co. KGaA acquired German-based Sonderhoff Group, which offers industrial assembly with high-impact sealing solutions, in an attempt to enhance the existing portfolio of the company and initiate growth opportunities in cleaning solutions for applications such as lighting systems and filtration appliances.
Some of the key players in the global medical grade silicone market are
- Dow Corning Corporation (US)
- 3M Company (US)
- Wacker Chemie AG (Germany)
- Shin-Etsu Chemical Co. Ltd. (Japan)
- NuSil Technology LLC (US)
- Bluestar Silicones (France)
- Henkel AG & Co. (Germany)
- Specialty Silicone Fabricators, Inc. (US)
- Momentive Performance Materials Inc. (US)
- Zodiac Coating (Germany)
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More Valuable Insights on Medical Grade Silicone Market
In its latest report, Fact.MR has provided an unbiased analysis on the global medical grade silicone market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2023 and 2030.
The report discusses critical insights on the medical grade silicone market in terms of product form (gels, medical adhesives, medical coatings, liquid silicone rubbers and others), applications (prosthetics, orthopaedic components, medical tapes and other medical devices) and across 5 key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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