Medical Grade Silicone Market Size is projected to reach USD 1.60 Billion 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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This growth is fueled by the high growth of implantable device market; globally that has been boosting the medical grade silicone market. Increasing new product launches and agreements & joint ventures undertaken by the players operating in the market is also fueling the market.
Medical grade silicones are extremely adaptable to changes in terms of application, property, and state. They can be manufactured with preferred properties, such as rigid solid form to low viscosity liquid form by altering the chain length and chemical structure. Silicone gel is increasingly being used in the healthcare industry in medical applications, ranging from very soft gels for prosthetic and implant applications, to very sticky gels for topical and transdermal wound care applications. Silicone gels are used to help prevent scars in freshly healed wounds and also reduce prominent immature scars.
The medical grade silicone market has been segmented based on different applications such as prosthetics & orthopedic, medical tapes, medical electronics and device assemblies & fittings, medical tubes, catheters, medical accessories & tools, dental, and others. Prosthetics & orthopedic are the largest and fastest-growing application segments for medical grade silicone market. Medical grade silicones are used to manufacture prosthetics due to their physical properties of chemical inertness, thermal & dimensional stability, elasticity, flexibility, and skin-like texture. Medical grade silicone elastomers have been broadly used in the replacement of ailing small joints and other orthopedic components. The first orthopedic medical grade silicone were hand and foot implants.
Asia Pacific is the fastest-growing market medical grade silicone. The developing economies in the region with rapidly growing infrastructure create great opportunity for growth of the medical grade silicone market. China and India are among the fastest-growing economies in the world. Additionally, India is projected to overtake China with the highest growth rate, thus driving the global economy. With such growth rate in these countries, the manufacturing sector is also estimated to record a leap, ultimately boosting 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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