Rockville , June 12, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global medical grade silicone market is expected to reach a valuation of US$ 2.0 billion in 2023 and is expected to grow at a CAGR of 5.8% during the forecast period of 2023–2033.
Medical-grade silicone is widely used in the manufacturing of various medical devices, including catheters, respiratory masks, wound care products, and prosthetics. Silicone is a preferred material in the healthcare industry due to its biocompatibility, durability, and flexibility making it an ideal material for these applications, leading to a rise in its adoption.
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With an aging population, the prevalence of chronic diseases and the need for surgical interventions are increasing. Medical-grade silicone is extensively used in surgical implants, such as breast implants and joint replacements, due to its durability, compatibility with body tissues, and low risk of rejection. As the elderly population continues to expand, the demand for such medical devices is expected to rise, thereby driving the market for medical-grade silicone.
Key Takeaways from Market Study
- The global medical grade silicone market is expected to reach US$ 3.5 billion by 2033 growing at a CAGR of 5.8% from 2023 to 2033
- North America is expected to grow at a CAGR of 5.5% during 2023-2028, regionally
- Medical industry under medical grade silicone end-use is estimated to grow at a CAGR of 6.4% reaching a valuation of US$ 2.4 billion by 2033
- Implant manufacturing segment under medical industry end use is expected to capture 46.2% of the market by the end of the forecast period
- Market players dominating the market include 3M, Avantor, Dow Corning, DuPont, Elkem, Evonik, KCC Group, Momentive Performance Material, Shin-Etsu, Wacker- Chemie
“The Role of Medical-Grade Silicone in Wound Care and Respiratory Products to Drive Demand Growth” says a Fact.MR analyst.
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Key Companies Profiled This Report
- 3M
- Avantor
- Dow Corning
- DuPont
- Elkem
- Evonik
- KCC Group
- Momentive Performance Material
- Shin-Etsu
- Wacker- Chemie
Market Players’ Key Strategies
Prominent players in the medical-grade silicone industry are leveraging strategies such as research and development (R&D) and production capacity expansion to drive the market growth globally. They have adopted inorganic strategies such as collaboration, mergers & acquisitions to increase their production capacity and have a presence in the untapped markets. These strategies are crucial for companies to maintain a competitive edge, meet evolving customer demands, and capitalize on emerging opportunities.
- In 2021, 3M launched a new 3M silicone adhesive to improve medical devices intended for people with fragile skin. The company launched a new class of silicone adhesives that balances strength, flexibility, and comfort.
- In 2021, DuPont increased research and development spending to around US$ 618 million. The company’s goal is to gain 30% of its sales from new products and 25% from existing products
- In 2021, Elkem announced a strategic investment plan to unlock new specialty silicone supply for customers in Europe, the Middle East and Africa (EMEA) and the Americas. The company will invest around US$ 39.0 Mn to upgrade its silicone upstream plant in Roussillon, France
- In 2021, Momentive Performance Material announced acquisition of KCC Corporation’s Silicone business, to strengthen its global capabilities in advanced silicone based products.
Segmentation of Medical Grade Silicone Industry Research Report
- By Product Type :
- Rubber
- Liquid Silicone Rubber (LSR)
- High Consistency Rubber (HCR)
- Flurosilicone Silicone Rubber (FSR)
- Room Temperature Vulcanize (RTV)
- Adhesives
- Gels
- Fluids
- Rubber
- By Application :
- Implants Manufacturing
- Device Component Production
- Medical Tape Production
- Menstrual Cups & Discs Production
- Scuba Gear Manufacturing
- Baby Bottle Production
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the medical grade silicone market, presenting historical market data (2018–2022) and forecast statistics for the period of (2023–2033).
The study reveals essential insights on the basis of the product type (rubber (liquid silicone rubber (LSR), high consistency rubber (HCR), flurosilicone silicone rubber (FSR), room temperature vulcanize (RTV)), adhesives, gels, fluids), application (implants manufacturing, device component production, medical tape production, menstrual cups & discs production, scuba gear manufacturing, baby bottle production, others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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