Press release
Medical Grade Silicone Market Progresses for Huge Profits with Top Players by 2026- 3M Company, Albright Technologies, Elkem Silicone, Dow Corning, FMI LLC, Momentive, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co. Ltd., and Wack
Medical Grade Silicon
The global medical grade silicone market size was valued at US$ 1,117.8 million in 2017, and is expected to exhibit a CAGR of 6.3 % over the forecast period (2018 – 2026).
Increasing incidence of osteoporosis is expected to propel growth of the medical grade silicone market
Medical grade silicone is available in various types such as elastomers, gels, medical adhesives, medical coatings, and others. Instruments including medical grade silicone find its usage in defibrillators, heart pumps, and surgical reconstructive components, owing to biocompatibility and hydrophobicity properties of the material.
According to the National Center for Biotechnology Information (NCBI), March 2016, an estimated 8.9 million fractures are caused annually by osteoporosis worldwide, affecting around 200 million women across the world.
Increasing incidences of trauma associated with skeletal injuries is boosting growth of the medical grade silicone market over the forecast period. According to the World Health Organization (WHO) factsheet 2018, road accidents cause around 20 and 50 million injuries annually around the world. Road traffic injuries are the leading cause of death among people aged between 5 and 29 years, and over 1.35 million people die each year as a result of road traffic crashes, globally.
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Increasing prevalence of cardiovascular diseases in North America is expected to bolster the market growth
North America holds dominant position in the global medical grade silicone market, owing to high prevalence of cardiovascular diseases in the region. According to the American Heart Association, 2016, cardiovascular diseases accounted for around 17.3 million deaths annually worldwide, where an estimated 23.3 million people are expected to die from cardiovascular disease by 2030.
Moreover, key players in the market are focused on receiving the U.S. Food and Drug Administration (FDA) approval for novel products to treat patients. For instance, in August 2016, Avantor Performance Materials and NuSil Technology LLC merged through an agreement. This agreement is expected to strengthen the company portfolio and create high purity materials for lifesciences.
Key Players:
Major players operating in the global medical grade silicone market include 3M Company, Albright Technologies, Elkem Silicone, Dow Corning, FMI LLC, Momentive, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co. Ltd., and Wacker Chemie AG.
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