Medical grade silicone market worth $7.23 billion by 2021

Medical grade silicone market worth $7.23 billion by 2021

The high growth in the global implantable device market has been boosting the medical grade silicone market and increasing the number of new product launches and agreements & joint ventures.

August 11, 2016

Pune, India – The medical grade silicone market size is projected to reach $7.23 billion by 2021, projected to grow at a CAGR of 9.4%, during the forecast period.

Browse the 88 market data tables and 48 figures spread through 180 pages and in the “Medical Grade Silicone Market by Product Form (Gels, Soft Skin Adhesives, Pressure Sensitive Adhesives, Coatings, Liquid Silicone), Application (Prosthetics, Implants, Orthopedic, Devices, Tubes, Catheters, Tapes, Wound Care), and by Region - Global Trends & Forecast to 2021” report published by MarketsandMarkets.

Gels (unreinforced silicone elastomers): The largest product form in the medical grade silicone market
Silicone gel is increasingly being used in the healthcare industry in medical applications which range from very soft gels for prosthetic and implant applications, to very sticky gels for topical and transdermal wound care applications. They have proved to be very effective for scar treatment and cause 86% decrease in texture, 84% decrease in color, and 68% decrease in the scars. These are also used in other medical applications, such as skin coverings, comfort pads, and others. One of the latest advancements is the use of silicone gel for manufacturing silicone gel sheets which are used for the treatment of large scars that need to be protected and covered.

Prosthetics & orthopedic: The largest application market for medical grade silicone
Medical implants are classified under prosthetics and are manufactured to replace missing natural structures; supports damaged biological structures, or enhance existing biological structures. The prosthetics market is witnessing new technological developments such as CAD/CAM dentistry (computer-aided design and computer-aided manufacturing) that is used to improve the design and creation of dental restorations, especially dental prostheses, including crowns, crown lays, veneers, and orthodontic appliances; this is one of the major drivers for the implants market in the Medical Grade Silicone Market.

North America: The largest region for medical grade silicone
North America is the world's largest consumer of Medical Grade Silicones and it continues to experience high demand growth in terms of value and volume. This region is diversified and is strongly focused on the development of new products and advanced technology for the same, to cater to the needs of its end users. The demand is mainly because of the existing medical grade silicone manufacturing companies in this region, technological advancements, and product modernization in terms of quality and application development. Another factor affecting the growth is the increase in the demand for medical grade silicone in sectors such as medical and healthcare.

Major players such as Dow Corning (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U.S.), Bluestar Silicones (France), and 3M Company (U.S.) have adopted development strategies such as expansions, agreements & collaborations, and new product developments to achieve growth in the medical grade silicone market.

Source: MarketsandMarkets