The global medical grade silicone market will exhibit 6% CAGR from 2020 to 2030, finds Fact.MR, in a new study. Growth is expected to continue despite the market encountering disruptions due to COVID-19 outbreak. Exponentially rising demand for masks, face shields, and protection kits will favor overall expansion.
According to Fact.MR, prosthetic and orthopedics component applications of medical grade silicone will scale higher as production in these segments require highly biocompatible materials. Besides this, its chemical inertness, durability, and ability to bind with diverse substrates has made medical grade silicone highly sought-after within various segments. Manufacturers as well are encouraged to focus on product innovations to cater to rising demand in prosthetics and orthopedic component applications, which will continue aiding growth of the medical grade silicone market.
- For instance, Applied Silicone Corp., a supplier of long-term implantable silicones for the medical device and healthcare market, introduced Ultra-Soft LSR (liquid silicone rubber) products for the implantable materials market. Ultra-Soft LSR is formulated specifically for long-term implantation in the human body (>30 days), and provides a very soft liquid silicone rubber.
Global Medical Grade Silicone Market: Segmentation
- Medical Adhesives
- Medical Coatings
- Liquid Silicone Rubbers
- Orthopedic Components
- Medical Tapes
- Other Medical Devices
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Key Takeaways from Medical Grade Silicone Market Report
- North America is expected to emerge as the most lucrative market owing to rapidly growing healthcare industry and increased healthcare expenditure. Growth in the region is predicted to be led by the US where national health expenditure, which is projected to grow at an annual rate of 5.4% in the next decade to reach around US$ 6.3 Trillion according to Centers for Medicare & Medicaid Services (CMS)
- Asia Pacific region is expected to register growth at an accelerated pace over the forecast period
- Silicone gel is anticipated to be the most lucrative product segment over the forecast period
- Prosthetics and orthopedics are projected to be the most lucrative application segments of medical grade silicone in the next decade
- Growth in medical implant industry is expected to fuel demand for medical grade silicone over the forecast period
- Rising demand of disposable devices to fuel medical grade silicone market growth in the near future
Following Questions Answers Covered in the Report are:
- How will the global Medical Grade Silicone Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Medical Grade Silicone Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Medical Grade Silicone Market?
- How will these strategies influence the market growth and competition?
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Global Medical Grade Silicone Market: Competitive Landscape
Global medical grade silicone market is highly competitive and fragmented. This is attributable to the presence of large number of manufacturers with similar product portfolios.
In order to gain edge over competition, companies in the global market rely on strategies such as mergers and acquisitions, collaborations, joint ventures and partnerships to expand their reach and increase penetration.
Additionally, focus on branding, distribution and capacity building remain some of the key strategies adopted by the manufacturers.
Moreover, players in the market are concentrating on research and development activities to come up with innovative product offerings to stay ahead in the market.
For instance, NuSil Technology LLC and Avantor Performance Materials (U.S.) merged to develop innovative high-quality products and materials that meet the most stringent requirements of the customers.
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