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
The market size of medical grade silicone is projected to reach USD 7.23 billion by 2021 at a CAGR of 9.4%, between 2016 and 2021. The demand for medical grade silicone is high as they have excellent conductivity, tensile strength, long life span, and thermal stability. The growing demand from the Asia-Pacific region and the increasing application sectors such as implants, dental tools, drug delivery devices, prosthetics, syringes, and disposable medical devices fuel the demand growth of medical grade silicone in the global medical grade siliocne market.
“Liquid Silicone Rubbers (LSR): The fastest-growing product form of the medical grade silicone market”
With the growing demand for disposable devices, the demand for liquid silicone rubber (LSR) has also increased. Plastic injection molding companies have drifted into the LSR field to increase their hold and to cater the needs of the healthcare sector. Liquid silicone rubber (LSR) is pure platinum-cure silicone that has properties such as biocompatibility, clearness, chemical & bacterial resistance, and resistance to high temperatures. LSR is being used in the manufacture of medical equipment parts that involve high accuracy such as sealing membranes, electric connectors, seals, infant care products such as bottle nipples, and multiple medical applications.
“Asia-Pacific: The fastest-growing market for medical grade silicone”
Asia-Pacific is estimated to be the fastest-growing market of medical grade silicone. The region is projected to be growing at a high rate in the medical silicone market due to the increasing application market, such as prefilled syringes, prosthetics, surgical implants, catheters, medical tapes, APIs, DDS, and others. The rapidly growing demand in end-use applications, competitive manufacturing costs, and high economic growth rate are the favorable forces for the growth of the medical grade silicone market in the region. These factors are attracting companies to adopt expansion and R&D strategies in the Asia-Pacific region. Market players are constantly focusing on this region in order to gain market share and increase their profitability.
The information in this study has been validated through primary interviews conducted with various industry experts across the globe. These primary sources have been divided into three categories: by company type, by designation, and by region.
By Company Type- Tier 1- 46%, Tier 2- 31%, and Tier 3- 23%
By Designation- C Level- 54%, D Level- 31%, and Others- 15%
By Region- North America- 23%, Europe- 31%, Asia-Pacific- 38%, and RoW- 8%
The report also provides company profiles and details the competitive strategies adopted by major market 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.).
The report will help leaders/new entrants in the market in the following ways:
1. The report segments the medical grade silicone market comprehensively and provides the closest approximations of the revenue for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides information on key market drivers, restraints, and opportunities.
3. The report helps stakeholders to understand their competitors better and gain additional insights into the business. The competitive landscape section includes expansions, new product developments, partnerships & collaborations, and mergers & acquisitions.