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Medical grade silicone is a group of synthetic polymers which is biocompatible. It means that medical grade silicone have properties that makes it safe to be used in contact with living tissue. Medical grade silicone has large number of uses in medical devices and other medical products due to its low toxicity, heat resistance, flexibility and chemical inertness. It can be used in medical implants, cosmetic surgery, feeding tubes, bandages, contraceptives, menstrual cups and many more. The global medical grade silicone market is expected to rise at a CAGR of 6.98% during forecast period 2016-2023. Substantial increase in usage of implants, orthopedic components and medical devices, increasing number of road accidents worldwide, growing need for disposable devices and increasing cosmetic/plastic surgeries are the major drivers of the medical grade silicone market. However, surge in cost of raw materials and strict government regulations are obstructing the growth of the market.
One of the major factors for the growth of the market is the increasing number of road accidents globally. According to the Association for Safe International Road Travel, every year 50 million people are injured or disabled due to road accident. Most of them requires some kind of medical implant or orthopedic surgery requiring medical grade silicone. However, soaring cost of raw materials and strict government regulations are obstructing the growth of the healthcare market. Due to rising income in developing countries is further expected to provide abundant opportunities for market growth. According to a report published by IBEF, Indian healthcare sector is expected to grow at a CAGR of 22.87% during 2015-2020 to reach $280 billion by 2020. Also according to their projections, per capita income in India is expected to increase at a CAGR of 8.09% during 2015-2019.
Source: OBRC Analysis
The report on global medical grade silicone market includes segmentation by form and application.
Product Form of medical grade silicone include:
Applications of medical grade silicone include:
The global medical grade silicone market report has been geographically segmented in:
North America is currently holding the largest market share due to advancement in technology and presence of medical grade silicone manufacturers in this region. However, Asia-Pacific region is aggressively expanding its medical grade silicone market due to presence of developing economies in the region, such as India and China. With the swift growth in their medical and healthcare infrastructure, huge opportunity is opening up for the growth of medical grade silicone market. Following the growth in these economies, the manufacturing sector in healthcare is also expected to record growth, which will ultimately promote the medical grade silicone market. According to National Census Report 2015, the number of people aged over 65 were accounted for 26.7% of the total population of 127.11 million in Japan registering increase of 3.7% from the previous report figures (2010-2011). Another report published by Ministry of Internal Affairs shows drop in the average number of household members in Japan, thereby the surge in elderly population. The average number of household members in Japan was 2.82 in the year 1995 and it was 2.39 in 2015. This means that the elderly population in Japan is increasing and majority of the older population is living alone which means, increase in demand of healthcare facilities ultimately fuelling medical grade silicone market.
On the basis of product form, gels market segment dominates the market in terms of market share due to growing utility of this product in medical applications. Silicone gel have been tested to be remarkably useful for scar treatment and caused 68% reduction in the length, 84% reduction in color and 86% reduction in texture of scars. Whereas, by application, prosthetics and orthopedic segments have huge growth indications during the forecasted period on account of their physical properties, such as skin-like texture, flexibility and chemical inertness. Technological developments such as CAD/CAM dentistry is being used to improve the design and creation of dental reconstructions especially dental prostheses and orthodontic appliances. These developments also contribute to the growth of the global medical grade silicone market.
The major market players of medical grade silicone market are:
These companies are using various strategies, such as merger & acquisition, collaboration, partnership and product launch. However, product launch is the key strategy adopted by the companies in the global medical grade silicone market.
For example: In 2017, Dow Performance Silicones, which is a global business unit of DowDuPont Materials Sciences division, has introduced a new product brand name DOWSIL™ for Dow Corning branded silicone products. This is expected to increase the dominance of the company by increasing its market revenue share.
On May 4, 2017, Momentive Performance Materials Inc. showcased a new self-bonding liquid silicone rubber (LSR) series in Chinaplas 2017, in Guangzhou, China. Silopren LSR 27x9 offers self-bonding technology. Silopren LSR 27x9 series can adhere to many substances, such as polyester, polycarbonate and PBT without surface treatment and without adhering to metal molds. Silopren LSR is also available in medical grades.
Key reasons to buy the report:
How we are different from others:
At Occam’s we provide an extensive portfolio which is a comprehensive market analysis along with the market size, market share and market segmentations. Our report on global medical grade silicone market offers detailed analysis of strategic models, such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the medical grade silicone market with extensive SCOT analysis of key companies.
Key findings of the global medical grade siliconemarket