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Medical Grade Silicone Market Analysis | 2023-2028
Medical Grade Silicone Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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.