The medical grade silicone market size is projected to reach US$7.23 billion by 2021, growing at a CAGR of 9.4% during the forecast period, said a report published by Markets and Markets.
According to “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”, high growth in the global implantable device market has been boosting the medical grade silicone market and increasing the number of new product launches and agreements & joint ventures.
In the healthcare industry, the use of silicone gel is increasing in medical applications ranging from very soft gels for prosthetic and implant applications, to very sticky gels for topical and transdermal wound care applications. They are effectively used for scar treatment and also as skin coverings, comfort pads, and others. One of the latest advancements is the use of silicone gel for manufacturing silicone gel sheets which are used for the treatment of large scars that need to be protected and covered.
The prosthetics market is also witnessing new technological developments such as CAD/CAM dentistry (computer-aided design and computer-aided manufacturing) that is used to improve the design and creation of dental restorations, especially dental prostheses, including crowns, crown lays, veneers, and orthodontic appliances; this is one of the major drivers for the implants market in the medical grade silicone market.
North America, the world’s largest consumer of medical grade silicones, continues to experience high demand growth in terms of value and volume. The demand is mainly because of the existing medical grade silicone manufacturing companies in this region, technological advancements, and product modernisation in terms of quality and application development. Another factor affecting the growth is the increase in the demand for medical grade silicone in sectors such as medical and healthcare.
Major players such as Dow Corning (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (US), Bluestar Silicones (France), and 3M Company (US) have adopted development strategies such as expansions, agreements & collaborations, and new product developments to achieve growth in the medical grade silicone market.