Medical Grade Silicone Market - Forecast(2023 - 2028)

Overview

Medical Grade Silicone Market is forecast to reach $1.73 billion by 2025, after growing at a CAGR of 5.9% during 2020-2025. The demand for medical-grade silicone is high as it has excellent conductivity, tensility, long life span, and thermal stability. The increasing demand for application sectors such as implants, dental tools, prosthetic and syringes across the world. Further, enhance the overall market demand for Medical Grade Silicone during the forecast period. The report covers Medical Grade Silicone Market size by product form and application, Medical Grade Silicone Market share by top 5 companies and also the market share by start-ups during the forecast period.

Report Coverage

The report: “Medical Grade Silicone Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Medical Grade Silicone Market.

Key Takeaways

• Increased demand for medical-grade silicone has led to increased demand for new medical technologies, particularly in North America, as the aging population has increased.
• The growth Medical Grade Silicone Market is increasing due to rapid changes in lifestyle and evolving conceptions of the beauty which impact the cosmetics and plastic surgeries.
• The extensive application usage in the medical and pharmaceutical industries will fuel the growth of the market.
• The growing emerging countries healthcare markets acts as an opportunity for Medical Grade Silicone Market growth.
• Rising health concerns coupled with the implementation of new technologies in the medical sector intensified the utilization of medical-grade silicone as it is highly biocompatibility.

Product Form - Segment Analysis

For medical applications, silicone gel is widely used varies from prosthetic and implant applications to highly sticky gels for topical and transdermal wound care applications. They are also used for other medical applications, such as skin pads and comfort pads. One of the most recent developments in the use of silicone gel is to create silicone gel sheets for the treatment of large scars that need to be protected and covered. The medical-grade Liquid silicone rubber is a High Consistency Rubber which has advantages over elastomeric materials include Low viscosity, excellent stability over a broad range of temperatures, Low compression set, Ability to maintain its resiliency, flexibility, and capability to transfer mechanical force at extreme temperatures.

Application - Segment Analysis

Prosthetics has been the primary market for Medical Grade Silicone is growing at a CAGR of 5.3%. New technological developments are seen in the prosthetics market, such as CAD / CAM (computer-aided design and computer-aided manufacturing) to improve the design and production of dental restorations, especially dental prostheses, including crowns, crown lays, veneers and orthodontic appliances.  

Geography - Segment Analysis

North America dominated the Medical Grade Silicone Market share with more than 38%, followed by APAC and Europe. Due to the growing market for pre-filled syringes, prosthetics, surgical implants, catheters, tapes, APIs, DDS, and other applications, the Medical Grade Silicone Market in this region is projected to increase at a high rate. The growing demand for end-use applications like low manufacturing costs and high economic growth rate shows a positive growth factor. These factors attract businesses to increase R&D strategies and expansion in this area. Market players are focusing on this area constantly to gain market share and to increase profits.

Drivers – Medical Grade Silicone Market

Medical implants are artificial devices used to replace biological parts that are damaged or missing. It's put inside or on the body layer. Implants assist with drug delivery, body-monitoring, and organ and tissue support. These are used for specific health-related applications such as dental, orthopedics, breast implants, and cardiovascular devices. Increase in chronic diseases such as osteoarthritis, cardiovascular diseases, neuropathic diseases and Congenital Disorder driving the medical implant market. The use of coatings in these applications will increase the demand for implants in different segments of the medical industry.

Challenges – Medical Grade Silicone Market

The regulations of medical drugs and devices involve goals of assuring safety and efficacy while providing innovative therapies. The United States and the European Union facing regulation challenges. The United States follows 1 agency, the Food and Drug Administration (FDA) and the European Commission synchronizes the regulations of 28 different countries, combinedly create the European Union. The European Union regulates approvals for medical drugs and devices through a network of hierarchical and decentralized bodies across its Member States. While the FDA has the advantages of centralizing the drug and common regulations. Due to regulations across countries is a major restraint for the growth of the Medical Grade Silicone Market.

Market Landscape

Product launches, agreements & joint ventures are key strategies adopted by players in the Medical Grade Silicone Market. In 2018, the market of Medical Grade Silicone has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the Medical Grade Silicone Market Dow Corning, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Momentive, Bluestar Silicones, 3M Company, Albright Technologies, Elkem Silicone, FMI LLC, Nusil Technology LLC, Primasil Silicones Limited, among others.

Acquisitions/Technology Launches

• In November 2016, Dow Corning MG 7-1010 Soft Skin Adhesive for portable medical devices, has launched the toughest silicone soft skin adhesive by Dow Corning. It is a strong durable and skin sensitive adhesive. The new product launch expanded Dow Corning's wide range of silicone-based adhesives.
• In April 2016, Bluestar Silicones set up a new Joinville plant with its Sao Paolo headquarters. This expansion helps the company more competitive advantages like costs, logistics, and structure. The expansion led to the focus of the company on emerging markets.