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Silicone Based Medical Applications Market Size to Expand Lucratively by 2025
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In addition to this, increase in the demand for prosthetic implants, drives the revenue growth of silicone based medical applications market. Growing healthcare expenditure and increasing awareness regarding prosthetic implants and it usage for patients underwent amputation or surgical removal aids in the revenue growth of silicone based medical applications market.
Increasing number of new product launches is also expected to drive the market for silicone in medical applications over the forecast period. However stringent regulations regarding use of silicone for medical devices is expected to hamper the growth of the silicone based medical applications market over the forecast period.
Silicone based medical applications market revenue is expected to grow at a significant growth rate over the forecast period. The market is anticipated to perform well in the near future due to increasing prevalence of various chronic disorders which leads to increase in the demand for silicone based products in hospitals. Also the market is anticipated to grow with a fastest CAGR over the forecast period, attributed to increasing need for orthopedic and prosthetic implants, medical tapes and catheters such as central venous catheter, peripherally inserted central catheter, balloon catheters etc.
Whereas silicone also has its application for manufacturing implants such as breast implants. Thus increasing number of mastectomy cases also drives the market for silicone. Therefore increasing number of trauma cases, injuries, amputation surgeries are the major factors estimated to drive the revenue growth of silicone based medical applications market.
Depending on geographic region, the silicone based medical applications market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
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North America is occupying the largest regional market share in the global silicone based medical applications market owing to the presence of more number of market players, high awareness levels regarding the use of various silicone devices. Effective reimbursement policies and relatively larger number of R&D exercises pertaining to product manufacturing and marketing activities in the region. Also Asia Pacific (APAC) is expected to perform well in the near future due to increasing usage of the silicone devices and products attributed to local and regional players in the region.
Asia Pacific is expected to grow at the fastest CAGR because of increase in the number of hospital admissions and growing geriatric population in the region, thus boosting the market growth of silicone based medical applications market throughout the forecast period.
Some players of silicone based medical applications market includes Shin-Etsu Chemical Co., 3M Company, Applied Silicone Corporation, Wacker Chemie AG, Dow Corning, Bluestar Silicones, Quantum Silicones, LLC., and Momentive, The competitive landscape in silicone based medical applications market comprises of vendors companies or raw material manufacturers, companies manufacturing silicone for medical applications and the distributors in silicone based medical applications market. These companies are increasingly engaged in strategic partnerships, collaborations and promotional activities to capture a greater pie of market share as the market is growing with the fastest CAGR.
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