Of late, there has been a drastic rise in demand for healthcare services. Well-established infrastructure and various reimbursement coverages have made healthcare more accessible and affordable. Coupled with this, the global medical grade silicone market shall be experiencing sound growth in the foreseeable future a substantial increase in the patient population has been observed lately attributed to the growing frequency of road accidents.
This, in turn, has put forth the need for surgeries and efficient treatment methods. In this context, Although specific regulatory policies and strict regulations around the availability of raw materials might pose some restrictions to market growth. Nevertheless, various research and development initiatives will likely generate significant opportunities for the global medical grade silicone industry.
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Medical Grade Silicone in Prosthetics & Orthopaedic Application to Stimulate Medical Grade Silicone Market Growth
Medical grade silicone finds its application in the prosthetics and orthopaedics sector. Various prosthetics and orthopaedic devices leverage medical grade silicone in their manufacture. This is majorly driven by greater elasticity, flexibility, skin-like texture, lightweight, and impressive appearance. In addition, thermal dimensional stability and physical properties of chemical inertness make it suitable to be used in prosthetic and orthopedic devices.
Moreover, medical grade silicone elastomers are extensively used in the replacement of certain damaged parts such as small joints and related orthopaedic components. Tech innovation in the field including computer-aided design (CAD) and computer-aided manufacturing (CAM) dentistry to expand dental restoration and design are further amplifying applications of medical grade silicone, propelling growth across the global medical grade silicone market.
Accelerated Demand for Medical Grade Silicone in Manufacturing Medical Device Components Bodes Well for Market
Medical grade silicone serves as a biomaterial in the manufacture of numerous medical devices. Surgical incision drains, catheters, respiratory devices, device assemblies & fittings are a few medical devices that use medical silicone. With greater heat, chemical, and physical resistance, medical grade silicone is broadly used in medical devices. Furthermore, it eliminates the need for additional stabilisers.
Being biocompatible and available in different grades, LSR offers resistance to higher levels of heat along with flexibility and durability which makes it ideal for manufacturing medical devices such as plungers, seals, and gaskets. To sustain an edge over the competition in medical grade silicone market, key players are rapidly pursuing numerous organic and inorganic growth strategies. Agreements and joint ventures, product launches, open innovation, and facility expansion are the key agendas to be followed in the coming years.
North America to Spearhead Growth with Rising Incidence of Chronic Disorders
Region-wise, North America is poised to gain strong feats in the medical grade silicone market amid soaring incidences of chronic ailments such as cardiac arrests and diabetes. A consistent uptick in per capita healthcare expenditure in healthcare insurance further influences the growth of the regional market in the US. Furthermore, paced demand for surgical instruments, implants and prosthetics, catheters, and despicable medical devices have been consistently steering the market. That said, an incessant rise in the prevalence of lifestyle-related disorders and diseases and a growing willingness to spend on healthcare has augmented the regional market’s growth prospects.
Major Market Players
The few prominent players operating in the global medical grade silicone market include Avantor, Inc., BioPlexus, LLC, Shin-Etsu Chemical Co., Ltd. Dongguan City Betterley New Materials Co., Ltd., Momentive Performance Materials (KCC Corporation), Primasil Silicones Limited, STOCKWELL ELASTOMERICS, INC., DuPont, Wacker Chemie AG, and Elkem ASA.
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