Rising Demand for Medical Implants to Boost Medical Grade Silicone Market Growth Through 2030

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.

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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.

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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.

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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

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• 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

“Surge in demand for medical supplies such as silicone masks, personal protection kits and other medical devices due to the COVID 19 pandemic has presented a huge opportunity to cash in on for the manufacturers of medical grade silicone. Apart from this, rising applications in healthcare as well as fields other than healthcare such as cosmetics present a potential opportunity for the manufacturers in the market in the near future,” says an analyst at Fact.MR.

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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.

Henkel AG & Co. KGaA acquired German-based Sonderhoff Group, which offers industrial assembly with high-impact sealing solutions, in an attempt to enhance the existing portfolio of the company and initiate growth opportunities in cleaning solutions for applications such as lighting systems and filtration appliances.

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Some of the key players in the global medical grade silicone market are

• Dow Corning Corporation (US)
• 3M Company (US)
• Wacker Chemie AG (Germany)
• Shin-Etsu Chemical Co. Ltd. (Japan)
• NuSil Technology LLC (US)
• Bluestar Silicones (France)
• Henkel AG & Co. (Germany)
• Specialty Silicone Fabricators, Inc. (US)
• Momentive Performance Materials Inc. (US)
• Zodiac Coating (Germany)

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This release was published on openPR.