The global medical grade silicone market was valued at USD 1.3 Billion in 2021 and it is anticipated to grow up to USD 2.2 Billion by 2031, at a CAGR of 5.5% during the forecast period.
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Medical grade silicone is a type of silicone that is safe to use in medical applications. Silicone is a synthetic rubber that is made from silicon, oxygen, and other elements. It is known for its durability and resistance to heat, cold, and moisture. Medical grade silicone is often used in medical devices such as catheters, implants, and prosthetics. It is also used in medical applications where it comes into contact with the body, such as in wound care and surgery.
Market Trends and Drivers
The major factors driving the growth of this market include the growing demand for medical grade silicone from the healthcare industry, the increasing use of medical grade silicone in the manufacturing of medical devices, the growing preference for silicone over other materials in the healthcare industry, and the increasing awareness about the benefits of medical grade silicone. The healthcare industry is the major end-use industry of medical grade silicone. The growing demand for medical devices and the increasing preference for silicone over other materials in the healthcare industry are the major factors driving the growth of the medical grade silicone market in this end-use industry. The medical devices industry is expected to grow at a significant rate during the forecast period due to the increasing prevalence of chronic diseases and the growing aging population. Silicone is widely used in the manufacturing of medical devices due to its biocompatibility, flexibility, and thermal stability.
The automotive industry is another major end-use industry of medical grade silicone. The increasing use of medical grade silicone in the manufacturing of automotive parts and components is driving the growth of the medical grade silicone market in this end-use industry. Automotive parts and components made from medical grade silicone offer superior performance and durability. They are also resistant to extreme temperatures, which makes them ideal for use in the automotive industry.
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Market Restraints and Challenges
High raw material costs may inhibit medical grade silicone market growth to a certain extent. Silicone rubber is thermally stable and resistant to harsh environments, making it more expensive that other natural and synthetic rubber varieties. This price is further impacted by disruptions in the supply chain. Due to the COVID-19 pandemic, most sectors are struggling to resolve their supply chain issues, especially the adhesive and sealant sector. This, in addition to the limited supply of raw components required for producing silicone, may hinder market expansion.
Major Players in the Global Medical Grade Silicone Market
The key players in the market Avantor, Inc., BioPlexus, LLC, Dongguan City Betterly New Materials Co., Ltd., Primasil Silicones Limited, Shin-Etsu Chemical Co., Ltd., STOCKWELL ELASTOMERICS, INC., Wacker Chemie AG, DuPont, Momentive Performance Materials, and Elkem ASA, among others.
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The COVID-19 outbreak had a massive economic impact, in developed as well as developing nations. The onset of the pandemic disrupted the operations of several small-scale and large-scale organizations in various sectors, including healthcare. As a result of the growing focus of healthcare organizations on treating people affected by COVID-19, many diagnostic and surgical procedures were postponed during the pandemic. This slowed down the adoption of medical grade silicones, especially in the early months of 2020, inhibiting market growth to a certain extent.
Global Medical Grade Silicone Market Segmentation
- Respiratory Devices
- Medical Device Components
- Orthopedic products
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