Global Medical Grade Silicone Market Valued at USD 1,194.2 Million in 2021, Predicted to Grow at a 5.7% CAGR 2030
The global medical-grade silicone market, which reached a robust valuation of USD 1,194.2 million in 2021, is set to embark on a growth trajectory with a projected Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period. The market’s expansion is primarily attributed to the escalating demand for advanced healthcare services, driven by well-established healthcare infrastructure and comprehensive reimbursement coverage. This surge is poised to stimulate the medical devices sector in the United States, subsequently driving the demand for medical-grade silicone rubber. Additionally, the rising incidence of road accidents and subsequent need for surgeries are expected to fuel the demand for medical-grade silicone rubber, particularly in surgical instrument applications.
Market Dynamics: Opportunities and Challenges
While the medical-grade silicone market demonstrates significant potential for growth, it is not without its challenges. Fluctuating raw material prices, stringent regulatory policies, and the emergence of Thermoplastic elastomers (TPE) as a viable alternative pose challenges to the market’s expansion. Nonetheless, continuous advancements and research initiatives in medical-grade silicone materials present promising growth opportunities throughout the forecast period.
Resilience Amidst COVID-19
The COVID-19 pandemic, while presenting numerous challenges to various industries, has highlighted the indispensable role of medical supplies and devices. As global cases surged, the demand for medical components and supplies, including personal protection kits, masks, and medical devices, witnessed a significant uptick. Medical-grade silicone’s application in personal protection kits and essential medical devices proved instrumental during the pandemic, sustaining steady demand even in the face of supply chain disruptions.
Growth Drivers: Prosthetics, Orthopedics, and Strategic Initiatives
The demand for medical-grade silicone in prosthetics and orthopedics stands as a robust driver of market growth. Lightweight, aesthetically appealing, and flexible, silicone proves to be an optimal material for prosthetics and orthopedic devices. The continuous evolution of prosthetic and orthopedic applications, bolstered by computer-aided design and manufacturing, further amplifies the demand for medical-grade silicone.
Market players are taking strategic measures to bolster their position, such as expansions, partnerships, and product innovations. For instance, B9Creations introduced the innovative elastomeric resin “BioRes – Silicone” in January 2022, catering to applications in medical devices and consumer tech products. This underscores the market’s focus on customization and innovation.
Regional Landscape: North America’s Dominance
North America leads the global medical-grade silicone market, attributed to robust healthcare facilities, high healthcare expenditure, and the growing prevalence of chronic disorders. The United States’ well-developed healthcare infrastructure, coupled with increasing healthcare insurance penetration, spurs the demand for medical-grade silicone rubber. The Asia Pacific region is expected to witness substantial growth due to increased healthcare spending, private sector participation, and a rising demand for medical prosthetics.
Innovative Solutions and Collaborations
Key players in the medical-grade silicone market are actively engaged in strategic initiatives to expand their offerings. Acquisitions, partnerships, and new product launches characterize their efforts. For instance, Minnesota Rubber and Plastics acquired Primasil Silicones in March 2022, enhancing their medical-grade silicone capabilities. Elkem Silicones introduced novel silicone adhesive solutions catering to various contact durations with the body in August 2021.
As the global healthcare landscape continues to evolve, the medical-grade silicone market stands poised to play a pivotal role in shaping medical innovations. Despite challenges, strategic initiatives, technological advancements, and increasing healthcare demand are expected to sustain the market’s growth momentum, further solidifying its pivotal role in healthcare and medical device manufacturing.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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This press release first seen on Brilad