Medical Grade Silicone Market showing Compound annual growth rate and forecast till 2025
Medical grade silicones are specially produced silicones that show compatibility with living tissue. Silicones have properties such as, heat resistance, flexibility, high gas permeability low chemical reactivity, and low toxicity, which makes them an ideal choice for use in medical devices and other related products. Medical grade silicones are used in hydrocephalic shunts, topical formulations as excipients, transdermal drug delivery systems as adhesives, and antacid formulations. The use of medical grade silica in healthcare and pharmaceutical industry is the major driver for the growth of medical grade silica market. The regulatory policies in different economies and high cost are the key restraints for medical grade silicone market.
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Silicone gel is used in scar treatment, topical gels, transdermal patches, and skin coverings. The prosthetics and orthodontics is the most lucrative application of medical grade silica. Advanced technologies in dental industry such as, Computer aided design, manufacturing for creation and design of dental crowns, veneers, crown lays, and orthodontic appliances is increasing the demand for prosthetics and orthopedics. Silicone elastomers show quality, versatility and high performance. They are used in catheters as medical devices.
Medical Grade Silicone -Market Outlook
North America region is projected to be the largest market and it is expected to retain its dominance due to presence of medical grade manufacturers, high quality products requirement, and technological advancement.
After the misuse of industrial grade silicone in breast implants by Poly Implant Prosthese, European Union adoptedRegulation (EU) 2017/745andRegulation (EU) 2017/746on medical devices, which are effective from April 5 2017. These stringent regulations are expected to play an important role in European medical grade silica market.
Increasing per capita income, health awareness, ageing population, and increasing awareness for preventive healthcare is boosting the growth of medical grade silicone market in Asia Pacific. According to India Brand Equity Foundation, a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India (IBEF), the Indian medical devices market is estimated to reach US$ 10 Billion by 2025 while the healthcare sector is expected to reach US$ 280 billion by 2020. This is expected to propel the growth of medical grade silicone market in India.
The lucrative growth in medical equipment and healthcare industry, owing to increasing private and public wealth due to oil boom, strong healthcare infrastructure and supportive regulatory requirements in the Middle East nations such as United Arab Emirates and Qatar are propelling the medical grade silica market.
In Latin America and Africa, urbanization, changing lifestyle, increasing per capita income, and increasing government initiatives is growing the healthcare industry, which in turn is fueling the growth of the medical grade silica market.
The market players are adopting various growth strategies to retain market position. For instances, Q Holdings acquired Degania Silicone in November 2016 and Silicone Altimex in August 2015. Key players operating in medical grade silicone market include 3M Company, Albright Technologies, Bluestar Silicone, Dow Corning, FMI LLC, Momentive, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co. Ltd., and Wacker Chemie AG.
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