Liquid Silicone Segment: Major Pushing Factor For Global Medical Grade Silicone Market Size

 Growing demand from numerous applications such as catheters, disposables, surgical instruments, prosthetics, and implants is improving the market growth. It has been witnessed over the years that the liquid silicone rubber product dominates the market. Increasing global healthcare expenditure is estimated to create huge opportunities for medical-grade silicone rubber in the upcoming years. As per the U.S. Centers for Medicare and Medicaid Services, healthcare spending in the country is expected to observe a growth rate of 5.7% from 2020 to 2027.

According to Data Bridge Market Research, the Global Medical Grade Silicone Market will witness a CAGR of 6.40% for 2022-2029.

"Increasing Demand of Liquid Silicone Rubber Product Surge the Market Growth"

The liquid silicone rubber product enhances the market's growing rapidly. Medical grade liquid silicone rubbers consist of bio-inert material that obeys standards such as ISO 10993, USP Class VI, and RoHS. It can be sterilized, flexible, and self-adhesive. In addition to this, it has huge stability and water repellence. Medical devices manufactured using medical-grade liquid silicone rubber (LSR) help to increase longevity as it minimizes pain and is also extensively used in making artificial joints and pacemakers. Thus, this factor boosts market growth.    

What restraints the growth of the Global Medical Grade Silicone Market?

"Strict Regulations Associated with Medical Grade Silicones"

Several stringent regulations hamper the market growth. Medical-grade silicone rubber usage is regulated by many agencies globally. Manufacturers are required to obey stringent regulations to maintain their market position. For instance, the Federal Food Drug and Cosmetic Act Regulation, mentioned in Chapter 5 of the act, governs medical devices in the U.S. These major factors impede the growth of the market.  

Segmentation: Global Medical Grade Silicone Market

The global medical grade silicone market is segmented on the basis of application and form.

• Based on application, the medical grade silicone market is segmented into prosthetics, orthopedic components, medical devices, medical tapes, contact lenses and others.
• The medical grade silicone market is also segmented on the basis of form into gels, medical adhesives, medical coatings, elastomers and others.

Regional Insights: North America is expected to dominate the Global Medical Grade Silicone Market

North America dominates the market because of the rise in the number of patients increasing per capita healthcare spending in the form of health insurance in the U.S. Also, the demand for implants and prosthetics, disposable devices, surgical instruments, catheters, and other medical devices over the coming years will increase, thus driving the demand for medical-grade silicone rubber in the region.

Asia-Pacific is expected to grow in the forecast period 2022-2029 due to the rapid growth of the healthcare industry in India and China. The increasing patient population, on account of the outbreak of COVID-19 at the community level, is expected to boost the need for numerous medical components, thus boosting the demand for medical grade silicone rubber in the U.S.

To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-medical-grade-silicone-market     

Recent Developments in Global Medical Grade Silicone Market

• In 2022, B9C Creations launched a new elastomeric resin called BioRes-Silicone. It allows medical and consumer tech applications to have comfortable skin contacts products such as hearing aids, headphones, attachments for wearables, wristbands, different silicon components for medical devices, and others.
• In 2020, Elkem Silicone acquired Polysil, a China-based silicone elastomer, and resins material manufacturer mainly specializing in baby products and food-grade silicones. The products of Polysil are complementary to Elkem and help it grow in the Chinese medical grade silicone market.
• In 2022, Minnesota Rubber and Plastics (MRP), which is a leading provider of highly engineered elastomer and thermoplastic solutions for the medical, water, and specialty industrial end markets, acquired Primasil Silicones Ltd. (Primasil), a U.K.-based custom silicone rubber compounder, mixer, and manufacturer primarily focusing in the medical, HVAC and specialty industrial end markets.

The Prominent Key Players Operating in the Global Medical Grade Silicone Market Include:

• Dow (U.S.)
• 3M (U.S.)
• Wacker Chemie AG (Japan)
• Shin-Etsu Chemical Co., Ltd (Japan)
• Momentive (U.S.)
• Trelleborg AB (Sweden)
• Saint Gobain (France)
• Wynca Group (China)
• Primasil Silicones Ltd (U.S.)
• STOCKWELL ELASTOMERICS, INC. (U.S.)
• Apple Rubber Products (U.S.) 

Above are the key players covered in the report, to know about more and exhaustive list of global medical grade silicone market companies contact, https://www.databridgemarketresearch.com/contact

Research Methodology: Global Medical Grade Silicone Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.