During the forecast period, rising healthcare costs in both developed and developing regions will accelerate Medical Grade Silicone Market growth. For instance, the Center for Medicare & Medicaid Services predicted in December 2021 that from 2019 to 2028, health spending would increase at a rate of 5.4% annually, surpassing US$ 6.2 trillion. Additionally, spending on healthcare can lead to better health opportunities, which can significantly strengthen human capital and increase productivity, helping to improve the economy's performance.
Leading Companies in the Medical Grade Silicone Industry:
1. 3M Company
American multinational corporation 3M is active in the manufacturing, consumer goods, worker safety, and U.S. healthcare sectors.
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2. Albright Technologies
One of the technical pioneers in extending silicone's capabilities for use in medicine and biomedicine, supplying innovative silicone processing techniques for cutting-edge medical equipment.
Albright Silicone, based in Massachusetts, announces the beginning of its 3D printing capability for clients worldwide.
3. Avantor, Inc.
A materials and chemicals company with its main office in Radnor, Pennsylvania is called Avantor, Inc. Based on its 2019 sales, the company was ranked 484th on the 2020 Fortune 500.
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4. Elkem Silicone
Modern Elkem Silicon Products products and technical support ensure that you can produce top-notch and consistent results in everything you do. With a wide selection of products, we manufacture and deliver silicon, ferrosilicon, foundry alloys, microsilica, and other specialty products.
5. Dow Corning
The Dow Corning Corporation was a multinational American company with its headquarters in Midland, Michigan. The Dow Chemical Company and Corning Inc. initially formed a joint venture, but after Dow acquired Corning, Dow Corning became a 100% Dow subsidiary.
6. FMI LLC
A family office that specialises in complexity science and econophysics, FMI Tech is also a research and investment advisory firm affiliated with the Princeton Physics Department. In order to generate alpha and manage risk, it provides asset management services in the US and India with rigour and discipline drawn from physics.
7. Momentive Performance Materials
American chemical company Momentive Inc. Quartz and silicones are among its products. The headquarters of Momentive are in Waterford, New York. In more than 50 locations across North America, Europe, Asia, and South America, the company employs 9,200 people. It generated sales of $6.5 billion in 2019.
8. Nusil Technology LLC
In order to become the world leader in ultra-high-purity materials for the biomaterials and advanced technology markets, NuSil Technology, LLC merged with Avantor in 2016.
*Definition: Medical grade silicones have undergone biocompatibility testing and are suitable for use in medical applications. In the US, implants are governed by the Food and Drug Administration's Center for Devices and Radiological Health.
