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  • Medical Grade Silicone Market Forecast | 2023-2028

    Medical Grade Silicone Market Forecast | 2023-2028

    Medical Grade Silicone Market Forecast | 2023-2028
    Report code - SRHL160 Delivery - 2 Weeks
    Medical Grade Silicone Market Size, Share, Forecast, Industry, and Growth Analysis (2023-2 See more...

    Market Insights

    The Global Medical Grade Silicone Market is expected to grow from USD 1.56 Billion in 2022 to USD 2.23 Billion by 2028 at a healthy CAGR of 6.17% during the forecast period of 2023-2028.

    Medical Grade Silicone Market Size

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    What is medical-grade silicone?

    Medical grade silicone is a silicone type that is biocompatibility tested and is used in several medical applications.

    Medical-grade silicone is available in different forms such as gels, medical adhesives, elastomers, and many others. Prosthetics, medical devices, medical tapes, and others are the application options where medical-grade silicone is used.

    Global Medical Grade Silicone Market Report Highlights

    Market Size in 2022

    US$ 1.56 Billion

    Market Size in 2028

    US$ 2.23 Billion

    Market Growth by 2023-2028

    CAGR of 6.17%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Dominant Region

    Asia-Pacific is estimated to be the leading region in the market.

    Market Drivers

    Owing to its biocompatibility, durability, and flexibility, medical-grade silicone is widely used in various medical and healthcare applications. The global medical-grade silicone market is influenced by several key drivers that impact its growth and demand. Here are a few key drivers –

    1. Increasing Demand in Medical Devices: Medical-grade silicone is used in manufacturing catheters, tubing, implants, wound care products, prosthetics, etc. Since the need for implants, prosthetics, wound care, etc. products are rapidly growing, and the need for other medical products is rising, the demand for reliable and advanced medical-grade silicone grows.
    2. Rise in Aging Population: The aging population mostly requires medical support like joint implants, pacemakers, hearing aids, and much more. Sources suggest that by 2050, the world's geriatric population (people aged 60 years and older) will reach ~2.1 billion figure. This figure leads to higher demand for medical procedures, treatments, and devices requiring medical-grade silicone.
    3. Rising prevalence of Chronic diseases: Orthopaedic issues, cardiovascular diseases, diabetes, etc., are growing rapidly among the global population. Such diverse medical conditions require different medical products, like heart valves, insulin pumps, respiratory equipment, etc. and hence there is a growing demand for medical-grade silicone.
    4. Biocompatibility and Safety Option: There is a dire need for biocompatible material while manufacturing medical products. Also, the medical devices and materials are subject to strict regulatory guidelines to ensure patient safety. Medical-grade silicone is biocompatible and inert; hence it does not cause adverse reactions when in contact with human tissues. Owing to its biocompatibility properties, medical-grade silicone has become a preferred choice for medical applications.
    5. Global Healthcare Expenditure: Various sources suggest that the United States, the highest healthcare spender has spent nearly 16% of its GDP on healthcare services. Germany, France, and Japan followed the U.S. with distinctly smaller percentages. Increasing healthcare expenditure across the globe, driven by amendments in healthcare infrastructure fuels the demand for medical-grade silicone products and applications.

    Medical Grade Silicone Market Snapshot

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    Key Players

    Some of the major players in the global market are-

    • DOW Corning Corporation
    • Wacker Chemie AG
    • The 3M Company
    • Shin-Etsu Chemical Co. Ltd.
    • Nusil Technology LLC.
    • Henkel AG & Co.
    • Momentive Performance Materials Inc.
    • Specialty Silicone Fabricators Inc.
    • Wynca Group
    • Primasil Silicones Limited

    Segments Analysis

    By Application Type

    The market is segmented as prosthetics, orthopedic components, medical devices, medical tapes, contact lenses, and others.

    The Prosthetics and Orthopaedic segments are the largest and the fastest-growing segments, owing to their remarkable properties, such as flexibility, elasticity, and elevated thermal stability.

    By Region

    In terms of regions, Asia-Pacific is expected to dominate the global medical-grade silicone market in the coming five years. China and India are the growth engines of the region. The market is driven by the growing awareness about healthcare and the growth in prosthetics and orthopedic applications.

    Medical Grade Silicone Market Region

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    North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.

    Market Segmentation

    This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By Form Type

    • Gels
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Form Type Analysis: Soft Skin Adhesives (SSAS))
    • Medical Adhesives
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Form Type Analysis: Pressure Sensitive Adhesives (PSAS))
    • Medical Coatings
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Form Type Analysis: Hydrophilic and Hydrophobic)
    • Elastomers
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Form Type AnalysisLiquid Silicone Rubber (LSR) and High Consistency Rubber (HCR))
    • Others
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Form Type AnalysisApis, Excipients, Foams, Emulsions, Dispersions, and Others)

    By Application Type

    • Prosthetics
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Limbs and Implants)
    • Orthopedic Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Medical Devices
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Medical Electronics, Device Assemblies and fittings, Medical Tubes, Medical Rings and Gaskets, Catheters, and Miscellaneous Accessories)
    • Medical Tapes
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Wound Care, Drug Delivery, Personal Hygiene, and Component Joining)
    • Contact Lenses (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Topical Gels, Surgical Drapes, and Oral Care Products)

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    Report – Features

    Market Segmentation

    03

    Regions Covered

    04

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >120

    Company Profiles

    10

     

    The following are the key features of the report:

    • Overview, industry life cycle analysis, supply chain analysis.
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
    • Attractive segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Target Audience

    The following is a list of the customers that the market aims to convert the most:

    • Manufacturers
    • Suppliers
    • Distributors
    • Organizations
    • Government bodies

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: 

    Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    General Frequently Asked Questions (FAQs)

    Medical-grade silicone is a silicone type that is biocompatibility tested and is used in several medical applications. Medical-grade silicone is available in different forms such as gels, medical adhesives, elastomers, and many others. Prosthetics, medical devices, medical tapes, and others are the application options where medical grade silicone is used.

    The medical grade silicone market is expected to grow from USD 1.56 Bn in 2022 to USD 2.23 Bn by 2028.

    The market is expected to grow at a CAGR of 6.17 % during the forecast period.

    Asia-Pacific is expected to dominate the medical grade silicone market in the coming five years.

    Some of the medical-grade silicone manufacturers are DOW Corning Corporation, Wacker Chemie AG, The 3M Company, Shin-Etsu Chemical Co. Ltd., Nusil Technology LLC, Henkel AG & Co., Momentive Performance Materials Inc., Specialty Silicone Fabricators, Inc., Wynca Group, and Primasil Silicones Limited.

    Owing to its biocompatibility, durability, and flexibility, medical-grade silicone is widely used in various medical and healthcare applications. The medical-grade silicone market is influenced by several key drivers that impact its growth and demand. Here are a few key drivers 1. Increasing Demand in Medical Devices: Medical-grade silicone is used in manufacturing catheters, tubing, implants, wound care products, prosthetics, etc. Since the need for implants, prosthetics, wound care, etc. products are rapidly growing, and the need for other medical products is rising, the demand for reliable and advanced medical-grade silicone grows. 2. Rise in Aging Population: The aging population mostly requires medical support like joint implants, pacemakers, hearing aids, and much more. Sources suggest that by 2050, the world's geriatric population (people aged 60 years and older) will reach ~2.1 billion figure. This figure leads to higher demand for medical procedures, treatments, and devices requiring medical-grade silicone. 3. Rising prevalence of Chronic diseases: Orthopaedic issues, cardiovascular diseases, and diabetes, etc., are growing rapidly among the global population. Such diverse medical conditions require different medical products, like heart valves, insulin pumps, respiratory equipment, etc. and hence there is a growing demand for medical grade silicone. 4. Biocompatibility and Safety Option: There is a dire need for biocompatible material while manufacturing medical products. Also, the medical devices and materials are subject to strict regulatory guidelines to ensure patient safety. Medical-grade silicone is biocompatible and inert; hence it does not cause adverse reactions when in contact with human tissues. Owing to its biocompatibility properties, medical-grade silicone has become a preferred choice for medical applications. 5. Global Healthcare Expenditure: Various sources suggest that the United States, the highest healthcare spender has spent nearly 16% of its GDP on healthcare services. Germany, France, and Japan followed the U.S. with distinctly smaller percentages. Increasing healthcare expenditure across the globe, driven by amendments in healthcare infrastructure fuels the demand for medical-grade silicone products and applications.