The global medical grade silicone market size was estimated at USD 3.2 billion in 2021 and is expected to hit around 23.8 billion by 2030 with a registered CAGR of 24.98% during the forecast period 2022 to 2030.
Medical grade silicone is gradually utilized for manufacturing and production of the medical devices and components utilized in hospitals with increased demands from the medical sector. Medical grade silicone is categorised in to three forms such as non-implantable, short term implantable and long term implantable. Enhance demands from the various applications such in catheters, prosthetics, disposables, and surgical instruments prosthetics, drug delivery system which drives the medical grade silicone market with increased utilization in orthopaedics and prosthetics with increased benefits such as light weight of the medical devices and increased prevalence with increased chronic disorder and enhance the medical grade silicone market.
Increased demands for the disposable devices from the market with increased medical grade silicone. Increased in research and development in developing the medical grade silicone market. Changing lifestyle of the individuals with increased chronic disorders such as cardiovascular, orthopedics, oncology enhances the medical grade silicone market with increased revenue share of the medical grade silicone market. Increased recent developments with increase market players and enhance research in medical grade silicone market expansion of the market growth.
Impact of covid-19 with wide spread of corona virus across various regions with imposition of strict rules and regulations with lock down integrated in to the region and ceased the transportation and shutdown of the industries which affected the market of medical grade silicone market. Post pandemic situation of the medical grade silicone market with increased demands for the medical devices from the medical sector which enhance the market growth of medical grade silicone with rising utilization from the customers.
Report Scope of the Medical Grade Silicone Market
|Market Size in 2022||
USD 4 Billion
|Market Size by 2030||
USD 23.8 Billion
|Growth Rate from 2022 to 2030||CAGR of 24.98%|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Application, and Geography|
|Companies Mentioned||Dow corning, Wacker Chemie AG, Shin-Etsu Chemical Co.Ltd, Momentive, Bluestar Silicones, 3M Company, Elkem ASA, DuPont, Stockwell Elastomerics, Primasil Silicones Limited, Dongguan City Betterly New Materials Co., Ltd, Avantor, BioPlexus, LLC, KCC Corporation, NSil Technology, Saint-Gobain Performance Plastics|
Medical grade silicone market with wide acceptance of the developed technologies and increased demands for the silicone based medical devices such as surgical instruments, catheters, disposables, prosthetics, implants, drug delivery system with wide acquisition and utilization from the medical sector with increasing the demands from the customers. Increased number of chronic disorders among the individuals with increasing population and enhance number of medical devices with improved benefits.
Advance technological developments with innovative feature and medical devices developed with improving the medical sector infrastructure which fuels the market of medical grade silicone market to a larger extend. Increased demands from the medical sector for innovative developments in silicone marker of medical devices with increasing number of geriatric population and increase in number of accidents fuels the market of medical grade silicone with increased revenue share.
The enhance property of medical grade silicone devices such as biocompatibility and hydrophobicity with high choice from the customers in composition of medical grade silicone market. Utilization of medical grade silicone in manufacturing and producing medical devices such as surgical instruments, defibrillators, heart pumps, disposable devices and many more with enhance demands for medical components with increased chronic disorders such as cardiovascular, orthopedics fuels the market growth. Improved benefits of medical grade such as light weight of the medical devices, disposable characteristics may propel the market to grow.
The advance research and developments with continuous research in medical grade silicone devices with improved technologies in medical devices and enhance demand from the customer which strives the market growth to greater height. Increased government interest for developing the medical grade silicone with increased funding from the government to develop new innovative technologies. The key market players involved in introducing the medical silicone devices with increased investment from the market players with new technologies boost the market to grow.
Key Market Drivers
Key Market Challenges
Key Market Opportunities
On the basis of type, the segment of medical grade silicone, Liquid silicone rubber to acquire the largest market share, Silicone rubber with the various properties may propel the market growth. Increased biocompatibility, resistance to the higher temperature, resistance to chemical, resistance to bacteria. Increased attraction towards the medical grade silicone devices.
Numerous characters of the medical devices and properties which led to increased production and manufacturing of the medical components with increased performance of the components developed. Silicone rubber has the benefits of sterilization, characteristics of self-adhesiveness, water resistance property with increased demand for the silicone rubber may enhance the market of medical grade silicone with increase in revenue.
On the basis of application, in the segmentation of medical grade silicone prosthetics and implantation with increased market share with increasing demands from the medical grade silicone. Increased utilization of medical components in arthritis, joint replacement, total knee replacement with increased number of orthopaedics patients and rising demands from the customer and fulfill the needs as per the requirements and increased performance may urge the market of silicone based medical devices to grow.
Cardiovascular also with increased surgeries propels the market of medical grade silicone. Impact of covid-19 with increased number of patients with various disorder and increased utilization of medical tapes, medical devices, medical components utilized in surgery and expansion of medical grade silicone devices with enhance market size.
On the basis of geography, segment of medical grade silicone enhances the market in various regions. North America to be largest region with increased acquisition of the medical grade silicone with increased developments in the market. Rising research and development with increasing investment for new innovations in medical components. Increasing number of chronic disorders such as orthopedics, cardiovascular and prosthetics with increased number of patients and increased accidents which led to increased utilization of medical devices, medical components.
Government with increased funding for new developments and innovations strives the market to grow more. Asia Pacific region in process with continuous research and development for development of medical components with increased efficiency drives the market to grow of medical grade silicone.
The Key Market Players
Some of the prominent players include:
Segments Covered in the Report
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