Global Medical Grade Silicone Market was valued at US$1245.4 Million in 2021, by Product Type (Elastomers, Gels, Medical Adhesives, Medical Coatings, and Others), by Application (Contact Lenses, Medical Devices, Medical Adhesives, Medical Tapes, Orthopedic Components, Prosthetics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by Coherent Market Insights.
Global medical grade silicone market was valued at US$ 1,245.4 Million in 2021. The global medical grade silicone market is expected to register a CAGR of 6.4% over the forecast period (2022–2030). The North America region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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Browse 50 market data tables* and 40 figures* on "Global Medical Grade Silicone Market” - Forecast to 2030.
Key Trends and Analysis of the Global Medical Grade Silicone Market:
- Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance their product portfolio. For instance, in August 2021, Elkem silicones launched new medical grade organosilicon products. SILBIONE MED ADH 4213 and SILBIONE Biomedical ADH2 M213, the two new medical-grade organic silicone adhesives of Elkem Silicones, met the public on the MD&M West in Anaheim, California. Based on market demand, Elkem has expanded its adhesive product spectrum, covering liquid silicone rubber, thermosetting rubber, single-component organosilicon adhesive, and double-component organosilicon adhesives.
Key Takeaways of the Global Medical Grade Silicone Market:
- The global medical grade silicone market is expected to exhibit a CAGR of 6.4% over the forecast period, owing to the increasing prevalence of osteoporosis, osteoarthritis, and cardiovascular diseases. According to the World Health Organization factsheet in June 2021, around 17.9 million deaths globally were recorded due to cardiovascular diseases in 2019. Cardiovascular diseases were recorded as the leading cause of death, globally.
- Asia Pacific is projected to witness significant growth over the forecast period. According to a study conducted by the Organization for Economic Co-operation and Development (OECD) in July 2022, on average, the Asia Pacific economies experienced annual growth in real health expenditure per capita of 6% on average in 2021. A surge in healthcare expenditure in the region is anticipated to boost the medical grade silicone market growth.
- Among product type, the elastomer segment held a dominant position in the medical grade silicone market in 2021, owing to its superior properties in comparison to other product forms, which increases its usage in manufacturers such as contact lenses, diagnostics and others. Medical grade silicone elastomers are broadly used in the replacement of damaged body parts such as small joints and other orthopedic components. Technological advancement in prosthetic and orthopedic applications such as computer-aided design (CAD) and computer-aided manufacturing (CAM) dentistry for enhancing the dental restoration and design will further accelerate the demand for medical grade silicone, thereby impelling the market value.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global medical grade silicone market
