The global medical grade silicone market is expected to reach USD 596.8 million by 2025, growing at a CAGR of 6.6%, according to a report by Grand View Research, Inc. Rising demand for Medical Grade Silicone owing to its inherent thermal and chemical stability, hydrophobicity, resistance to sterilization method, and low surface tension is expected to augment the industry size over the forecast period.
The growing use of high consistency silicone elastomers due to various properties offered such as green strength, which is necessary to maintain extruded profiles until vulcanized, is expected to increase their demand in extrusion applications, which in turn is anticipated to stimulate the demand over the forecast period.
Silicone medical adhesives are used to fabricate medical devices, seal wounds, and affix medical devices including dressing, a patch to the skin, and as a tape. The market is expected to exhibit promising gains on account of high tourist numbers triggering medical tourism in the Asia Pacific, especially in India, South Korea, Thailand, Singapore, and Malaysia.
The global medical silicone coatings market accounted for 8.7% of the overall revenue share in 2016 and is expected to witness growth on account of high usage of the product in mandrels, catheters, hypo tubes, stents, guide wires, sutures, and syringes. The growing geriatric population coupled with the rising obesity rates is anticipated to increase the occurrences of cardiac diseases, which in turn is expected to stimulate the medical silicone demand.
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Further key findings from the report suggest:
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Silicone elastomer is anticipated to witness significant revenue gain with a predicted CAGR of 6.9% from 2017 to 2025 due to the rising consumption of the product in the Liquid Silicone Rubber (LSR) and High Consistency Rubber (HCR) applications. LSR and HCR find application in pump diaphragms, hydrocephalic shunts, replacement finger joints, pacemaker lead coverings, and catheters.
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Asia Pacific was the prominent market and accounted for 22.1% of the overall volume share in 2016. Favorable FDI and “Make in India” policy implemented by the Government of India are expected to generate opportunities for the medical device components industry in the country, which in turn is likely to aid in the medical silicone industry growth.
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Growing awareness regarding commercially available products, the adoption of enhanced surgical treatments, and increasing healthcare infrastructure are expected to open new avenues for medical products in the U.S., and therefore, augment the demand for medical silicone in the market
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Momentive Performance Materials Inc.; 3M Company; Trelleborg AB; Primasil Silicones Limited; China National Bluestar (Group) Co. Ltd. (Bluestar); Henkel AG & Co. KGaA; Dow Corning Corporation; Zodiac Coating SAS; and Wacker Chemie AG are some of the prominent players dominating the industry
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The global medical silicone market is highly fragmented in nature and marked by the presence of numerous global and regional silicone producers. Due to end-user opportunities and fragmented nature of the market, the intensity of rivalry is expected to increase in the next eight years.
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In February 2017, Wacker Chemie AG named Foster Corporation as an exclusive distributor of medical-grade silicone rubber for the company’s Silpuran line in the North America healthcare market to provide services such as customer support, enhanced customer experience, and logistics in the region
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In November 2016, Dow Corning Corp. launched soft skin adhesive to bridge the gap between the company’s Pressure Sensitive Adhesives (PSAs) and gentle-adhesion SSAs
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Grand View Research has segmented the Medical Grade Silicone Market on the basis of product, application, end use, and region:
Product Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
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Elastomers
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Gels
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Medical Adhesives
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Medical Coatings
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Foams
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Others
Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
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Prosthetics
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Orthopedic Components
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Medical Devices
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Medical Tapes
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Contact Lens
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Oral Care Products
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Others
Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
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North America
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U.S.
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Europe
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France
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Germany
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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