Medical Grade Silicone Market

SKU: DMMD1195 | Last Updated On: Nov 24 2022 | Available Formats

> Medical Grade Silicone Market Expected to reach a high CAGR of 5.84% by 2029

Medical Grade Silicone Market is segmented By Implantability (Long-Term Implantable Grade Silicone, Short-Term Implantable Grade Silicone, Non-Implantable Grade Silicone), By Usage (Medical Prosthetics, Implants, Contact Lenses, Medical Devices, Others), By Type (Elastomers, Gels, Adhesives, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

[150 Pages Report] Medical Grade Silicone Market size was valued at US$ 1,587.61 million in 2022 and is estimated to reach US$ 2,285.39 million by 2029, growing at a CAGR of 5.84% during the forecast period (2022-2029). Medical-grade silicone is a class of clinically-tested silicones designed to interact safely with the human body in a medical setting. Medical-grade silicone is used in medical devices such as bandages, feeding tubes, and medical implants. It can also be used in other products that come into close contact with the user, such as menstrual cups and barrier contraceptives.

Medical Grade Silicone Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Medical Grade Silicone Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Medical Grade Silicone Market in the United States and Canada produces the utmost share. Whereas the European Medical Grade Silicone Market is projected to continue its presence globally during the period of 2022- 2029.

Medical Grade Silicone Market - Strategic Insights

Metrics

Details

Market CAGR

 5.84%

Segments Covered

By Implantability, By Application, By Type, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics

The major factors driving the global medical-grade silicone market are the rising demand for prostheses and implants owing to increasing incidences of cardiovascular diseases, technological advancements and novel product launches.

The increasing income levels and novel technological advancements are expected to drive the market’s growth.

The medical grade silicone market is driven by rising advancements in technology, an increase in the geriatric and disabled population, an increasing number of cardiovascular, Orthopedic and other disorders, improvements in technology and increasing income levels along with improvements in medical infrastructure in emerging markets. 

Medical grade silicone is used in all types of medical implants ranging from breast implants to pacemakers due to its excellent biocompatibility. The market for these applications is increasing worldwide due to the increasing number of cardiovascular disorders. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market’s growth. The increase in income levels in emerging markets is expected to create demand for cosmetic procedures, which could lead to higher demand for medical-grade silicone. The number of cosmetic procedures performed has grown at a rapid rate recently.

Various novel product launches and research studies contribute to the market’s growth. For instance, in May 2022, Freudenberg Medical, a medical and pharmaceutical devices manufacturer, introduced its high-purity thermoplastic elastomer TPE tubing HelixFlex, for biopharmaceutical and pharmaceutical applications. This product expands its existing silicone tubing product portfolio for drug & vaccine manufacturing, bioprocessing, medical device, laboratory and filling & sampling applications.

The emergence of competing materials and the increase in concern over their potentially carcinogenic nature are expected to hamper the market’s growth.

The long curing time and the low durability of silicone have led to the development of new materials like thermoplastic elastomers (TPEs), which exhibit better properties and have a lower manufacturing cost. The concern is also being raised over the use of silicone breast implants by the US FDA over reports of an increase in rates of breast cancer among women with silicone implants.

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The medical-grade silicone market has experienced huge losses due to COVID, as various surgical procedures related to cardiovascular or orthopedics disorders got postponed due to fear of spreading the virus. Various research and clinical trials started getting postponed due to the increasing cases of COVID. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in Apr 2020, Elkem announced the acquisition of Basel Chemie, a specialty silicone gels producer. Through this acquisition, Elkem got access to Basel’s technology in silicone products and a platform for development.

Segment Analysis

The elastomers segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The elastomers segment is the largest market shareholder due to its inherent advantages over existing materials, increasing technological advancements and novel product launches.

Due to elastomers’ widespread use in implants, orthopaedic supports, and other medical devices. The market for elastomers is further segmented into LSR, HCR and RTV elastomers. Liquid silicone rubber is a two-component platinum-cured silicone with high purity used for technical parts production with high quality, strength, and resistance. These are processes via liquid injection moulding.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in Jul 2022, WACKER announced its ELASTOSIL LR 3078 product series premiere at K 2022 International Trade Fair for Plastics & Rubber. These self-adhesive Liquid Silicone Rubber (LSR) grades cure faster and make the bond with thermoplastic polycarbonate without surface pretreatment. It was developed for two-component injection molding that provides large-scale multi-component parts production cost-effectively.

Geographical Analysis

North America holds the largest market share in the global medical-grade silicone market.

North America dominates the global medical-grade silicone market, primarily due to its large population combined with excellent medical infrastructure and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market’s significant size is attributed to the high level of medical expenditure per capita combined with the large population size.

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market’s growth in this region. Advancement of applications of medical-grade silicone in prostheses and implants, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the medical-grade silicone market.

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Jul 2022, DuPont officially opened its novel DuPont Liveo Healthcare Solutions biopharma tubing manufacturing facility in South Carolina, U.S., for the expansion of capacity for biopharmaceutical tubing extrusion.

Competitive Landscape

The medical-grade silicone market is moderately competitive with local and global companies’ presence. Elkem Silicones, DuPont de Nemours Inc., 3M Company, Avantor Performance Materials LLC, Freudenberg Medical, Albright Technologies, Stockwell Elastomerics, SIMTEC Silicone Parts (Rico Group), Momentive Performance Materials Inc., Wacker Chemie AG and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in January 2021, Momentive Performance Materials, Inc., a silicone and advanced material company, announced its acquisition agreement with the KCC Silicones business of KCC Corporation, enhancing its capabilities in silicones and advanced specialized applications.

Elkem Silicones.

Overview: Elkem Silicones is a supplier of fully-integrated silicone. It provides a wide range of silicone technologies for several specialty markets, such as healthcare, automotive, energy, aerospace, consumer goods, construction, textiles, and personal care. It was established in 1904 and is headquartered in Lyon, France, with over 3,100 employees providing silicone solutions.

Product Portfolio:

Silbione: The products of this brand provide medical-grade silicone solutions with the highest quality, along with biocompatibility testing. The portfolio includes liquid silicone rubber, Silicone skin adhesives, silicone gels and room-temperature vulcanizing.

Key Development: In May 2020, Elkem Silicones, a silicone provider company, launched its novel personalized case offering brand, PURESIL. The elastomer gels series of PURESIL provides elastomer gels in various carriers, both silicones and non-silicones, as well as volatile or non-volatile. It contains 11 different variants having varying elastomer content, crosslinking density, and type of carrier like silicone.

The global medical-grade silicone market report would provide access to approx. 45+market data table, 40+figures and 200 (approximate) pages.

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FAQ

What is the Medical Grade Silicone Market growth?

The market is growing at a CAGR of 6.2%

What is Medical Grade Silicone Market size in 2021

The Medical Grade Silicone Market size was valued at USD YY million in 2021

Who are the key players in Medical Grade Silicone Market?

3M Company, Avantor Performance Materials LLC, Freudenberg Medical, Albright Technologies, Stockwell Elastomerics, SIMTEC Silicone Parts

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