Medical Grade Silicone Market Expected to Collect 1.60 Billion USD by 2022
The [180 Pages report] "Medical Grade Silicone Market by Product Form (Gels, Medical Adhesives, Medical Coatings, Elastomers), Application (Prosthetics & Orthopedic, Medical Devices, Medical Tapes, Contact Lenses), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from USD 1.10 Billion in 2016 to reach USD 1.60 Billion by 2022, at a CAGR of 6.1% during the forecast period.
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North America is estimated to dominate the medical grade silicone market, in terms of value, during the forecast period. Countries in the region, such as the US, Canada, and Mexico, are witnessing an increase in the adoption of medical grade silicone in the manufacturing of medical devices and equipment.
A majority of the demand for the medical grade silicone is driven by the prosthetics & orthopedic applications. The major challenge for the market is the stringent and time-consuming regulatory policies. Different medical devices have different approval processes under different regulatory bodies. Silicone materials approved as USP Class V and VI can be used in the manufacturing of medical devices. On an average, FDA takes more than five months to approve a medical device.
The US is the largest country in North America and also one of the principal manufacturers of medical grade silicones, accounting for a major share of the North American medical grade silicone market. Increasing use of medical grade silicones in the healthcare industry and availability of sophisticated medical devices combined with high meticulousness concerning healthcare awareness is driving the market in the US. The demand for medical devices and medical components is also rising at a high rate due to a large aging population.
Medical grade silicone is used across various applications, such as prosthetics & orthopedic, medical tapes, medical electronics, device assemblies & fittings, medical tubes & catheters, medical accessories & tools, dental, and others. The market players in emerging economies such as Latin America and the Middle East are witnessing an increase in demand for medical facilities and devices, thus propelling the growth of the medical grade silicone market.
Major players such as Dow Corning (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (US), Bluestar Silicones (France), 3M Company (US) have adopted development strategies such as expansions, agreements & collaborations, and new product development to achieve growth in the Medical Grade Silicone Market.
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