Medical Grade Silicone Market: Overview
The market size for medical-grade silicone was USD 1,194.2 million in 2021, and it is projected to grow at a CAGR of 5.7 percent during the forecast period. Growing demand for advanced healthcare services attributable to the availability of well-developed healthcare infrastructure and reimbursement coverage is anticipated to fuel the growth of the medical devices sector in the U.S., which, in turn, is expected to fuel the demand for medical-grade silicone rubber. In addition, the constantly rising patient population due to the enhanced number of road accidents is expected to fuel the need for surgeries, which may further generate demand for medical-grade silicone rubber in surgical instrument applications.
However, the growth of the global medical grade silicone market is hampered by the fluctuating raw material prices. In addition, stringent and time-consuming regulatory policies are anticipated to hamper the medical grade silicone market growth. Furthermore, the growing demand for Thermoplastic elastomers (TPE) in the healthcare industry is likely to restrict the growth of silicone elastomers and is anticipated to hamper the market's growth. Nonetheless, advancements and R&D initiatives in medical grade silicone materials are expected to offer healthy growth opportunities to the global medical grade silicone market during the forecast period.
Market players have been adopting numerous organic and inorganic growth strategies, such as expansions, agreements & joint ventures, and new product launches & developments to increase their market share. For instance, in January 2022, B9Creations, a global supplier of additive manufacturing solutions, introduced a brand-new elastomeric resin called BioRes – Silicone. This new addition to its biocompatible 3D printing materials enhanced customized medical and consumer tech applications for comfortable skin contact products, including headphones, hearing aids, wristbands, attachments for wearables, silicone components for medical devices, and more.
Medical Grade Silicone Market: COVID-19 Impact
The COVID-19 pandemic has increased the demand for medical supplies and devices globally. Growing cases globally have resulted in the increased need for medical components and supplies such as masks, personal protection kits, face shields and basic medical devices to monitor and hamper the spread of the virus. This has led to a rise in demand for medical-grade silicone as it is utilized in personal protection kits and other medical devices mandatory for treatment and diagnosis. Due to this, the global medical grade silicone market has witnessed steady demand during the lockdown period despite transport restrictions which made the supply of raw materials and accessibility of labor a huge challenge.
Medical Grade Silicone Market: Drivers
Increasing Demand for Medical Grade Silicone in Prosthetics & Orthopedic Application to Drive Market Growth
The growing demand for medical-grade silicone in prosthetics and orthopedics is one of the major factors driving the market progression. This is due to silicone being considered an outstanding material for prosthetics and orthopedic devices because of its lightweight and interesting appearance. Moreover, medical-grade silicones are utilized for manufacturing orthopedic and prosthetics devices owing to their elasticity, skin-like texture, flexibility, physical properties of chemical inertness, and thermal & dimensional stability. Medical grade silicone elastomers are broadly utilized to replace damaged parts, including small joints and other orthopedic components. Growing technological advancements in prosthetic and orthopedic applications such as computer-aided design (CAD) and computer-aided manufacturing (CAM) dentistry for expanding dental restoration and design will further boost the demand for medical-grade silicone, thereby propelling the market value.
Several Strategie by Key Players to Drive Market Growth
The key companies operating in the industry are highly inclined toward acquiring different developmental strategies, including M&A, partnerships, capacity expansions, product innovations and new launches, and regional expansion to remain competitive in the marketplace. This is anticipated to impact significant market growth positively. Hence owing to the development and manufacturing of innovative solutions, the medical grade silicone market is augmenting its growth over the forecast period. For instance, in February 2020, Elkem Silicone announced the acquisition of Polysil, a China-based silicone elastomer & resin material manufacturer, particularly in baby care and food grade silicones as silicone products for the medical and electronics markets. Polysil’s products and market positions in the food, baby care, electronics, and medical markets are complementary to Elkem and assist Elkem in expanding in the Chinese medical-grade silicone market. Furthermore, in June 2022, Laika introduced Period Cup, a reusable menstrual cup. The cup is built from 100 percent Medical Grade Silicone, with No Dyes, BPA, Latex, Phthalates, and Plastic. The period cup is 100 percent eco-friendly and doesn't contain any harmful chemicals.
Medical Grade Silicone Market: Restraints
Rising Demand for Substitutes to Hamper Market Growth
The growing demand for substitutes such as thermoplastic elastomers is anticipated to restrain the market growth over the forecast period. The ability to see through a thermoplastic elastomer product, for instance, face masks, to detect a patient is a key feature augmenting the consumption of thermoplastic elastomers (TPE) in the healthcare devices industry. The growing TPE demand in the healthcare industry will likely hamper silicone elastomers' growth over the forecast period.
Medical Grade Silicone Market: Segment Overview
Increasing Demand for Medical Grade Silicone in Prosthetics & Orthopedic Application to Drive Market Growth
The orthopedic segment is anticipated to hold a prominent share in the global medical grade silicone market. Orthopedic components are made of medical-grade silicone for long-lasting assistance and comfort. Silicone possesses non-toxicity, high strength, optimal shock absorption, and crystallinity properties. It supports releasing the impact and force on the heels, joints, and back which assist in relieving pain and discomfort. Medical-grade silicone is used in long-term medical implants in orthopedic surgeries and sports medicine applications. Medical grade silicone is used to replace ailing small joints and other orthopedic components, including back supports and braces, foot and ankle supports, cervical collars, knee and elbow braces, and hip assistance.
Rising Use of Medical Grade Silicone in Manufacturing Medical Device Components Dominated Market
Medical grade silicone is the most extensively utilized biomaterial in the manufacturing of medical devices such as catheters, surgical incision drains, device assemblies & fittings, medical electronics, respiratory devices, medical tubes, as well as parts including valves and medical rings. Medical grade silicone provides excellent heat and chemical and physical resistance for medical devices without additional stabilizers. Medical devices produced from medical-grade silicone use compression molding, transfer molding, and injection molding. LSR is an ideal material for medical devices as it is biocompatible and is available in several grades, specifically evolved and approved for medical applications. LSR is highly durable, flexible, and transparent. It is stain- and UV radiation-resistant. The stability, and capability to withstand extreme heat and temperatures, LSR finds wide application across the medical devices industry. The major categories include gaskets, seals, and plungers.
Medical Grade Silicone Market: Regional Landscape
Growing Chronic Disorders in North America to Enhance Market Growth
North America dominated the global medical grade silicone market during the forecast period owing to the presence of well-developed healthcare facilities, and the growing prevalence of cardiac arrests and diabetes has resulted in expanded healthcare spending. Additionally, the growing per capita healthcare spending in the form of health insurance in the U.S. has been one of the major trends influencing the market for medical-grade silicone rubber in North America. This is anticipated to augment the demand for implants and prosthetics, surgical instruments, disposable devices, catheters, and other medical devices over the coming years, thereby driving the demand for medical-grade silicone rubber in the region. The growing prevalence of lifestyle-related disorders and diseases in the region, such as diabetes and cardiac arrests, has resulted in enhanced spending on healthcare by the population. This is anticipated to fuel the demand for medical devices such as catheters, surgical instruments, and drug delivery systems, thereby driving the market for medical-grade silicone rubber over the forecast period. In addition, the constantly growing patient population, on account of the COVID-19 pandemic at the community level, is anticipated to propel the need for various medical components, thereby fueling the demand for medical-grade silicone rubber in the U.S.
The Asia Pacific is anticipated to witness significant growth over the forecast period due to major economies with high healthcare costs. Growing government expenditure on public & private healthcare systems is expected to affect regional market growth positively. Furthermore, growing private participation in the healthcare industry to upgrade healthcare services & infrastructure and provide high-quality treatment services across the key Asian nations like China, India, Japan, Australia, and Singapore will fuel the market expansion. In addition, application of medical grade silicone has been rising in medical prosthetics as they witness a consistent rise in demand, will also contribute toward market growth. The ability of medical silicone to stop infections and maintain health & safety standards is anticipated to impact the market growth positively.
Global Medical Grade Silicone Market: Competitive Landscape
In March 2022, Minnesota Rubber and Plastics (MRP), a supplier of elastomer and thermoplastic solutions for the medical, water, and specialty industrial end markets, acquired Primasil Silicones, a U.K.-based custom silicone rubber mixer, compounder, and manufacturer specializing in the medical and specialty industrial end markets. The addition of Primasil's capabilities will complement MRP’s existing providing, which includes elastomer and thermoplastic solutions for medical devices, food and beverage, water, infrastructure, and other essential industries globally. Furthermore, in August 2021, Elkem Silicones introduced two new silicone adhesives to its lineup of medical-grade Silicone. These new silicone adhesive solutions, Silbione MED ADH 4213 for less than 30 days of contact with the body and Silbione Biomedical ADH2 M213 for greater than 29 days of contact with the body, are two-component platinum-catalyzed silicone adhesives designed especially for applications requiring a tough elastic bond between a variety of substrates.
Few of the players in the Medical Grade Silicone Market include BioPlexus, LLC, Avantor, Inc., Dongguan City Betterley New Materials Co., Ltd., Shin-Etsu Chemical Co., Ltd. STOCKWELL ELASTOMERICS, INC., Primasil Silicones Limited, Wacker Chemie AG, DuPont, Momentive Performance Materials (KCC Corporation), and Elkem ASA.
Regional Classification of the Global Medical Grade Silicone Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Medical Grade Silicone Market
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