MEDICAL GRADE SILICONE MARKET ANALYSIS

Medical grade silicone plays a major role in advanced healthcare, as it is an ideal choice for implantable and disposable medical devices, which require high performance and safety standards when intended to be used in human body.

Global medical grade silicone market was valued at US$ 1,245.4 Million in 2021, exhibiting a CAGR of 6.4% during the forecast period (2022 to 2030).

Drivers

Increasing healthcare expenditure in developed as well as developing regions will enhance the market growth during the forecast period. For instance, according to the Center for Medicare & Medicaid Services in December 2021, health spending is expected to surge at a 5.4% annual rate from 2019 to 2028 to surpass US$ 6.2 trillion by 2028. Moreover, healthcare expenditure can result in improved provision of health opportunities that can widely strengthen the human capital as well as enhance the productivity, thus contributing towards a better economic performance.

Medical grade silicone is available in various types such as elastomers, gels, medical adhesives, medical coatings, and others. Instruments including medical grade silicone find its usage in defibrillators, heart pumps, and surgical reconstructive components, owing to the biocompatibility and hydrophobicity properties of the material. Moreover, the high prevalence of osteoporosis is expected to propel the demand for prosthetics and orthopedics, which in turn is expected to drive the market growth.

North America medical grade silicone market captured over 42.47% of the global market revenue share in 2021, impelled by the presence of well-developed healthcare facilities in this region and rising prevalence of cardiac arrests and diabetes has resulted in increased healthcare spending. Additionally, growing patient population as a result of the COVID-19 outbreak at the community level is expected to increase the demand for different medical components, including medical grade silicone rubber, in the U.S., thereby propelling the market progression. Furthermore, the presence of major market players such as Wacker Chemie AG, Dow Corning, and Momentive Performance Materials Inc., in the region is estimated to positively impact the market during the forecast timeline.

Figure 1. Global Medical Grade Silicone Market Value Share (%), By Region, 2021

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Market Restraints

Stringent government regulations associated with the use of medical grade silicone is restraining the global medical grade silicone market. Fluctuations in raw material prices is anticipated to act as growth restraints for the global medical grade silicone market over the next decade.

Market Trends

Increasing demand for disposable devices is the latest trend in the global medical grade silicone. With this, the demand for liquid silicone rubber (LSR) is also increasing which is one of the swiftly growing segments of medical grades silicone. This trend is expected to continue over the forecast period, driving the global medical grade silicone market growth further.

Figure 2. Global Medical Grade Silicone Market Value Share (%), By Application, 2021

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On the basis of application, the medical devices segment holds a major share in the global medical grade silicone market. Increasing demand for medical grade silicone for application in prosthetic and orthopaedic is one of the major factors that is driving the market progression. Silicone is considered an excellent material for prosthetics and orthopaedic devices because of its light weight and attractive appearance. Furthermore, medical grade silicones are used for manufacturing orthopaedic and prosthetics devices due to their elasticity, skin-like texture, flexibility, physical properties of chemical inertness, and thermal & dimensional stability.

Recent Developments

• In March 2022, Minnesota Rubber and Plastics (MRP), a provider of elastomer and thermoplastic solutions for the medical, water, and specialty industrial end markets, had acquired Primasil Silicones, a U.K.-based custom silicone rubber compounder, mixer, and manufacturer specializing in the medical and specialty industrial end markets. The addition of Primasil's capabilities will complement MRP’s existing offerings, which include elastomer and thermoplastic solutions for the medical device, water, food and beverage, infrastructure, and other essential industries globally.
• In January 2022, B9Creations, a global provider of additive manufacturing solutions, launched a brand-new elastomeric resin called BioRes – Silicone. This new addition to its suite of biocompatible 3D printing materials enables customized medical and consumer tech applications for comfortable skin contact products such as headphones, hearing aids, wristbands, attachments for wearables, silicone components for medical devices, and more.
• In February, 2020, Elkem Siliconeannounced the acquisition of Polysil, a China-based silicone elastomer & resins material manufacturer specialized in baby care and food grade silicones, as well as silicone products for the electronics and medical markets. Polysil’s products and market positions in the food, baby care, electronics, and medical markets are complementary to Elkem and help Elkem grow in the Chinese medical grade silicone market.

Competitive Section

Major players operating in the global medical grade silicone market include 3M Company, Albright Technologies, Avantor, Inc., Elkem Silicone, Dow Corning, FMI LLC, Momentive Performance Materials, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co. Ltd., Wacker Chemie AG, and Trelleborg AB.