Medical Grade Silicone Market size is set to exceed USD 2 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing use of medical disposable devices and rising number of cosmetic and plastic surgeries in developed regions are expected to drive market growth over the forthcoming years. In addition, rising popularity of medical grade silicone in healthcare industry along with rising demand for medical grade silicone in various prosthetics & orthopedic applications will foster the overall market share.
Rising number of cosmetic and plastic surgeries will fuel the market progression
Medical implants are artificial or man-made devices used to replace damaged or missing biomedical tissue. They are transplanted on or within the body. Silicone is readily available, safe, easily shapable and does not cause any advance reaction and due of this it is widely used in cosmetic and plastic surgeries. Due to its safety, effectiveness, changing shape, and firmness, silicone is widely used in these surgeries.
For instance, according to the statistics given in the American Society of Plastic Surgeons Report, 15.6 million cosmetic procedures were done in 2020. Among these, in 84% of surgeries silicone was used. Thus, such rising incidences of cosmetic and plastic surgeries will further propel the market growth. Furthermore, increasing incidence of road accidents and sports injuries will increases the demand for medical grade silicone, thereby propel overall market trends.
Widescale applications of silicone-gel will upsurge the market expansion for medical grade silicone
Based on form, the medical grade silicone market is classified into gel, rubber, foam, sheet, block, and others. The gel form of medical-grade silicone crossed USD 295 million in 2021. Silicone gels are synthetically composed of lightly cross-linked silicone polymers swollen with silicone fluids that do not contain silica or other fillers. They provide protection from thermal shock, dust, moisture, and other contaminants. Also, they are clear, adhesive, hydrophobic, temperature and radiation-resistant and have a glossy coating which increases its demand in cosmetic procedures. These gels are widely used for filling breast implants, reducing superficial, hypertrophic scars and keloids. Such widescale applications od gel forms, increases the demand for medical grade silicone gels, thereby propel industry size.
Browse key industry insights spread across 145 pages with 134 market data tables & 10 figures & charts from the report, “Medical Grade Silicone Market Forecasts By Form (Gel, Rubber, Foam, Sheet, Block), Application (Respiratory Devices, Medical Device Components, Implants, Orthopedic products), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028” in detail along with the table of contents:
Rising preference for silicone implants will ramp up the overall market statistics
By application, the medical grade silicone market is segmented into respiratory devices, medical device components, implants, orthopedic products, and others. The implants segment has accounted for around USD 380 million in 2021. The rising interest and demand for beauty procedures to boost self-confidence will stimulate segmental as well as market expansion. The implants are wrinkle-free and mimic the natural texture of the skin. Such advantages, increases the demand for implants.
Surging prevalence of chronic disorders in Europe will drive the market expansion
Europe medical grade silicone market is expected to witness over 6.1% CAGR during the forecast timeframe. The market growth is attributed to the growing population base suffering with cardiovascular disorder. For instance, according to the European Heart Network report, every year cardiovascular disease (CVD) causes over 3.9 million deaths in Europe. Such factors will surge the demand for medical grade silicone, thereby augmenting regional level market outlook. Additionally, increasing technological advancement in region and rising government initiatives to improve healthcare infrastructure will boost regional market statistics.
Key market players are focusing on strategies & launching innovative products to capture a higher business share
Some of the key industry players operating in the medical grade silicone market include Avantor, Inc., BioPlexus, LLC, Dongguan City Betterly New Materials Co., Ltd, Primasil Silicones Limited, Shin-Etsu Chemical Co., Ltd., STOCKWELL ELASTOMERICS, INC., Wacker Chemie AG, DuPont, Momentive Performance Materials (KCC Corporation), and Elkem ASA.
These market participants are implementing a variety of strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and increase their value. For instance, in May 2021, Shin-Etsu Chemical Co., Ltd. developed KF-4422, a new type of volatile silicone fluid for personal care products. This fluid has a high water-resistant capacity and provides a light and smooth sensory feeling to end-users. This product launch helped the company to enhance their product portfolio.