Medical Grade Silicone Market Analysis | 2023-2028

Medical Grade Silicone Market Analysis | 2023-2028

Medical Grade Silicone Market Analysis | 2023-2028
Report code - SRHL160 Delivery - 2 Weeks
Medical Grade Silicone Market Size, Share, Trend, Forecast, Competitive Analysis, and Grow See more...

"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 Snapshot

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Market Drivers

Introduction

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 Overview

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

 

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:

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.

Segments Analysis

By Application Type

"Prosthetics and Orthopaedic segments are the largest and the fastest-growing segments"

  • 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.

Regional Analysis

"Asia-Pacific is expected to dominate the global medical-grade silicone market"

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

Medical Grade Silicone Market Region

To know which region offers the best growth opportunities, Click Here.

Key Players

The following are the key players in the Medical Grade Silicone Market (arranged alphabetically)

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

?Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most totally. 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.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

in-depth Analysis of the Medical Grade Silicone Market 

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market Segment Analysis and Forecast

What are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirements?

10% free customization

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 with industry experts to obtain both qualitative and quantitative insights.

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.