Medical Grade Silicone Market, By Type (Medical Coatings, Gels, Medical Adhesives, Elastomers), By Application (Medical Devices, Prosthetics & Orthopedic, Medical Tapes, Contact Lenses), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Medical Grade Silicone Market is predicted to grow from USD 2.8 billion in 2021 to USD 23.2 billion by 2030, at a CAGR of 26.47% during the forecast period.

With rising demands from the medical industry, medical-grade silicone is rapidly being used for the fabrication and production of medical devices and components used in hospitals. Three types of medical-grade silicone are distinguished: non-implantable, short-term implantable, and long-term implantable. Increased usage in orthopedics and prosthetics coupled with increased benefits such as the light weight of the medical devices and increased chronic disorder are driving the medical grade silicone market. These applications include catheters, prosthetics, disposables, and surgical instruments as well as prosthetics and drug delivery systems.

Growing application markets for dental instruments, implants, prostheses, syringes, drug delivery systems, and disposable medical devices are the main drivers of the medical grade silicone market's expansion.

Market Dynamics:

Drivers:

The world's aging population and the rising prevalence of chronic diseases are fueling the medical elastomer market's revenue growth. Also, a rising number of contemporary medical facilities and an increase in the demand for single-use medical equipment such tubes, syringes, and bags are predicted to propel revenue growth in the global market for medical elastomers throughout the course of the forecast period.

The rise in device production is driving the demand for medical grade silicone. This is a result of variables like an increase in elderly patients and accidents, as well as an increase in disposable surgical instruments and medical equipment. These are the main factors fueling the medical grade silicone market's expansion.

Restraints:

The medical grade silicone market is being constrained by strict government rules related to its use. Also, it is projected that fluctuations in raw material prices would act as growth inhibitors for the global market for medical grade silicone.

Opportunities:

There is ongoing research for creating medical components with better hospital facilities and innovations for treating various ailments. The market is supported to a greater extent by the rise in medical grade silicone-based components.

Key Players:

• Dow corning

• Wacker Chemies AG

• Shin-Etsu Chemical Co. Ltd

• Momentive

• Bluestar Silicones

• 3M Company

• Elkem ASA

• DuPont

• Stockwell Elastomerics

• Primasil Silicones Limited

• Dongguan City Betterly New Materials Co., Ltd

• Avantor

• BioPlexus

• LLC

• KCC Corporation

• NSil Technology

• Saint-Gobain Performance Plastics

Market Segmentation:

Medical Grade Silicone Market, By Type

• Gels

• Medical Adhesives

• Medical Coatings

• Elastomers

Medical Grade Silicone Market, By Application

• Prosthetics & Orthopedic

• Medical Devices

• Medical Tapes

• Contact Lenses

Medical Grade Silicone Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Regional Analysis:

The North American market is driven by the rising demand for healthcare services and the rising investment in healthcare. Medical device manufacturers substantially rely on innovation and cutting-edge approaches to grow in the extremely popular industry because product lifespans are short. Medical device outsourced R&D, portable medical gear, patient-centric strategies, robotic exams, and robotic surgery are some market advancements. These improvements frequently lead to higher quality, reduced WIP (work in progress), increased performance, enhanced productivity, lower production risks, and quicker product market entry.

Asia-Pacific offers lucrative opportunities for market growth, owing to the presence of a large pool of patients suffering from disorders, such as cardiac and neurological. In addition, most medical device companies opt to manufacture their devices in Asia, which is primarily attributed to the low labor costs, improvement in technical knowledge, and low overhead costs. Thus, all these factors cumulatively have increased the medical grade silicone market in Asia-Pacific.

Scope of the Report:

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