Medical Grade Silicone Market is segmented by Product Form (Gels, Medical Adhesives, Medical Coatings, Elastomers), Application (Prosthetics & Orthopedic, Medical Devices, Medical Tapes, Contact Lenses), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America)
This market is expected to reach USD 16.60 billion by 2028 at a 6.1% CAGR between 2021 and 2028.
Medical Grade Silicone is commonly used by healthcare and industrial sector as a popular material for products used in medical or for food purposes. Medical Grade entails that it is safe, flexible, durable, soft and approved by the FDA for bio-compatibility so it is safe to be inside the body.
Medical Grade Silicone Market Opportunities and Trend
The high growth rate in this market can be attributed to an increasing trend and demand of implantable devices. These implantable devices are medical grade artificial devices commonly utilized in replacing damaged or missing body parts. Procedures in implanting such can be placed not only on the inside of the body, but as well as on the surface of one’s body. These implants provide tissue and organs support, monitoring body functions and delivering medications. A very useful medical product that is usually needed in various known applications like breast implants, optical, dental, orthopedic, and in cardiovascular devices.
Drivers of Growth
Because of the advancements in medical technology and clinical researches, it opened doors for medical implants market to flourish since this silicone product is versatile, flexible and is medically approved to be safe when used in surgical procedures. The growth of this market is also driven by the prevalence of chronic diseases (osteoarthritis, cardiovascular diseases, neuropathic diseases, and congenital disorders) as well as the improving healthcare market in emerging countries. High demand of implants to be used in the different segments of the medical industry is another significant growth driver as well as the necessity for bio-compatibility.
Restraints in the Medical Grade Silicone Market
The pandemic forces end users and governments around the world to impose limitations in terms of supply chain, distribution and manufacturing processes of medical grade silicones. This issue is only just a parcel of a bigger one since another restraint is the strict regulatory policies in the processing of product manufacturing and distribution approval thus, being time consuming.
There are also regulations depending on the medical grade silicone variations across countries because not all type are welcomed and approved in each region. This can be a set back in the growth of the medical implant market because demand for silicone products can decrease.
The increase in raw material prices is another challenge for this market because companies or key players who manufacture medical grade silicones will be pushed to increase the cost of their product since raw materials are not cheap to begin with. Companies will of course, opt to exercise the best business strategy to compensate for the expenses and loss by raising their prices; this incident will lessen the number of sales since consumers or end users prefer products at affordable prices.
Medical Grade Silicone Market Segmentation
This market is segmented based on: applications (prosthetics and orthopedic, medical tapes, medical electronics and device assemblies & fittings, medical tubes, catheters, medical accessories & tools, dental among others). Prosthetics and orthopedic are the largest in terms of market growth in this specific segment as well as being the fastest growing segment with respect to medical grade silicone market. Medical grade silicones are in fact highly demanded for the production of prosthetics because of its adaptability, flexibility and dimensional stability, not to mention its skin-like texture.
Asia Pacific leading in the Silicone Market
In terms of segment by region, Asia Pacific dominates the medical grade silicone market. This region cultivates an economy that highly supports the growing demand of healthcare infrastructures that can be seen to have a great positive impact on the growth of the market. China and India are known to have the fastest growing economies and seen to welcome growth opportunities relative to silicone implant market.
India on the other hand, is projected to over take china in terms of growth rate. Japan contributes in driving the growth of such market in Asia Pacific because there is an exponential growth in their medical industry, increased geriatric population, increased demand cosmetic and plastic surgeries, prevalence of cardio vascular diseases, and availability of raw materials. Asia Pacific being more dynamic, competitive and has higher demands in the market clearly dominates the global market compared to western regions.
Key Players in the Medical Grade Silicone Market
Major key players that contribute to the growth factor of medical grade silicone market are the following: Dow Corning (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U.S.), Bluestar Silicones (France), and 3M Company (U.S.)
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Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Gels (unreinforced silicone elastomers)
• Medical Adhesives
• Medical Coatings
• Liquid Silicone Rubbers (LSR)
• Others (APIs, excepients, foams, emulsions, dispersions, etc.)
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Prosthetics (limbs & implants)
• Orthopedic Components
• Medical Devices
• Medical Tapes
• Others (drugs, topical gels, oral care products, and surgical drapes among others)
Region Analysis (Revenue, USD Million, 2022 – 2032)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Medical Grade Silicone Industry Research Report
• Europe Medical Grade Silicone Industry Research Report
• Asia Pacific Medical Grade Silicone Industry Research Report
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