Published Date : 06 Jun 2023
The global medical grade silicone market size exceeded USD 4 billion in 2022 and it is projected to gain over USD 23.8 billion by 2030, expanding at a CAGR of 24.98% between 2022 and 2030. Expansion of the medical grade silicone with rising demands from the customers.
The rapid advanced technologies developed in medical grade silicone with the acquisition of the techniques developed by the key market players. Medical grade silicone with a positive impact on the market with rising disorders among the people with increasing population and chronic disorders such as orthopedics, prosthetics, oncology, cardiovascular and many more disorders with new surgeries developed with increased performance and good results. This led to enhance demand for the medical grade silicone market with increasing medical components, medical devices, medical tapes, and growth of the industry with increased manufacturing and production.
Medical grade silicone is categorized in to three parts such as non-implantable, short-term implantable, long term implantable. Utilization of implants in various products such as masks, menstrual cups, syringes, pistons and many more. Increased spread of covid-19 with increasing demands for medical components which enhance the market growth during the forecast period.
Report Highlights:
Medical Grade Silicone Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5 Billion |
| Projected Forecast Revenue in 2030 | USD 23.8 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 24.98% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
Medical grade silicone market with increase int the growth of the industry in various regions. North America to be the largest region to hold the market share of medical grade silicone. The rapid acceptance of the advance technologies developed in the market with new innovative features and enhance results with reduced pain with increasing chronic disorders among the geriatric population with changing the lifestyle to modern lifestyle, changing dietary intake led to increasing the disorders.
North America region with developed facilities in the health care sector and increasing the medical components devices based on silicone and developed healthcare infrastructures strives the growth of medical grade silicone market with rising demands from the customer.
Asia Pacific, Europe, Latin America, Middle East and Africa in process with continuous developments in medical grade silicone and increased revenue share during the forecast period.
Market Dynamics:
Drivers:
Enhance advancements of medical grade silicone market with increased acceptance for the new technologies developed in the market with increased benefits from the devices such as long-lasting, increased strength, light weight of the product, cost effectivity which led to increased demands from the market for the newly developed medical grade silicone devices and enhances the results. Increased expenditure from the customers in the health care sector with increased requirements for the development of the individual’s health with improved results strives the market growth of medical grade silicone during the forecast period.
Increase in demands with rising chronic disorders such as cardiovascular, orthopedics, and prosthetics with increased benefits such as reduced pain, join knee, surgery with increased performance. Increased research and development with continuous research by the key market players for innovative development and increased benefits propels the market of medical grade silicone during the forecast period with increasing demands.
Restraints:
A major obstacle that can hinder the medical grade silicone market with the increased cost of medical devices, components utilized in the medical sector and decreased industrial growth of medical grade silicone market. Increasing cost of raw materials used in manufacturing and production of medical grade silicone devices decreases the growth of the market with low revenue share. Lack of awareness among people regarding the medical devices and components introduced in the market and improved benefits may alter the market growth of medical grade silicone devices and components.
Opportunities:
Enhance number of health care facilities developed with new techniques introduced with developed technology drives the market growth due to increase in chronic disorders among the geriatric population with disorders such as orthopedics, cardiovascular disorder, prosthetics and many more with increased demands from the customer for new developments for increasing the health of the individuals.
Increased government interest for developing medical grade silicone devices in healthcare with developing the infrastructure in the healthcare sector and increasing in providence provided by the government and policies developed for individuals for accessing the treatment. Which increases the market of medical grade silicone.
Challenges:
High cost of the medical grade silicone devices with increase in the rates of the raw material utilized in production and manufacturing of the medical devices and components used in surgery implant, joint pain, silicone-based devices such as syringes, menstrual cups, baskets, condoms and may more increase in cost may alter the growth of the medical grade silicone. Existence of the other medical devices with increased number of availabilities may challenge the market to grow to a larger extent. Lack of skill among the people with developed technologies and decreased performance in surgery with new innovations alter the market growth of medical grade silicone.
Major Key Players:
Market Segmentation:
By Type
By Application
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