Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Grade Silicone Rubber market.
Trusted Business Insights presents an updated and Latest Study on Medical Grade Silicone Rubber Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Grade Silicone Rubber market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Medical Grade Silicone Rubber Market
The global medical grade silicone rubber market size was valued at USD 552.1 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2027. Increasing demand from various applications such as disposables, catheters, surgical instruments, prosthetics and implants, and drug delivery systems are significantly driving the demand for medical-grade silicone rubber. Growing global healthcare spending is further anticipated to create lucrative opportunities for medical-grade silicone rubber in the coming years. According to the U.S. Centers for Medicare and Medicaid Services, healthcare spending in the country is projected to witness a growth rate of 5.7% from 2020-27, and reach approximately USD 6.0 trillion by 2027. Healthcare spending is anticipated to account for approximately 19.4% share of the nations gross domestic product by 2027 up from 17.9% in 2017.
The rise is expected to be fueled by the rising needs of the aging population (65 years of age or above), an increase in the prevalence of chronic disorders and diseases, infrastructure improvements, and technological advancements. This, in turn, is expected to drive the medical device market, thereby leading to an increase in the demand for medical-grade silicone rubber.
Rising demand for advanced healthcare services attributable to the availability of well-developed healthcare infrastructure and reimbursement coverage is anticipated to propel the growth of the medical devices sector in the U.S., which, in turn, is anticipated to fuel demand for medical-grade silicone rubber. In addition, the constantly rising patient population due to surging number of road accidents is expected to fuel the need for surgeries, which may further create demand for medical grade silicone rubber in surgical instrument applications.
The strengthening of the Western European economies is expected to result in an increased provision of healthcare spending in the annual budgetary proposals. In addition, the healthcare industry in the Northern European economies such as Germany, the U.K., and Sweden are projected to exhibit an increase in healthcare spending, thereby leading to a growth in the manufacturing of medical devices.
Medical grade silicone rubber usage is regulated by numerous agencies across the globe. There has been an upsurge in the number of regulations covering the usage of silicone rubber in implants and medical devices. The manufacturers are required to comply with stringent regulations to maintain their market position. In the U.S., the Federal Food Drug, and Cosmetic Act Regulation, mentioned in Chapter 5 of the act, governs medical devices. A few of the amendments are Medical Device Amendments, 1950, Safe Medical Devices Act (1990), FDA Modernization Act, and many more. Manufacturers are required to keep important documentation that must be held with the manufacturer. They include industry standards, internal standards, FDA consensus standards, FDA guidance documents, and regulation preambles.
Product Insights: Medical Grade Silicone Rubber Market
The liquid silicone rubber product segment led the market and accounted for more than 62.0% share of the global revenue in 2019. Medical grade liquid silicone rubbers are comprised of bio-inert material that complies with standards such as ISO 10993, USP Class VI, and RoHS. It has the ability to be sterilized, is flexible, and self-adhesive. In addition, it has tremendous stability and water repellence. Medical devices produced using medical-grade liquid silicone rubber (LSR) helps to increase life expectancy as it reduces pain and is also widely used in making artificial joints and pacemakers.
Closures, rings, gaskets, catheters, stoppers, and cushioning pads are a few of the products manufactured with medical grade LSR. The liquid silicone rubber market in the Asia Pacific is expected to witness significant growth owing to rising applications in implants and prosthetics, drug delivery devices, and disposables. In addition, general hospital, medical and dental service industry is witnessing rapid expansion in the region. China, India, Vietnam, Japan, Singapore, and Australia are among the key countries undergoing rapid medical advancements.
Application Insights: Medical Grade Silicone Rubber Market
The prosthetics and implants application segment led the market and accounted for more than 27.0% share of the global revenue in 2019. Rising demand for medical grade silicone rubber for replacement of arthritic or destroyed joints, prosthetic, and breast implants are significantly fueling the growth of the market for medical-grade silicone rubber.
In addition, the increasing number of knee replacement surgeries globally is projected to augment the demand for implants during the forecast period. This, in turn, is further anticipated to create lucrative opportunities for medical-grade silicone rubber in implants and prosthetics application segments.
Medical grade silicone rubber is formulated in gum stock or liquid and combined with additives specific to the function of the implantable device. LSR is used in liquid injection molding in order to create implantable parts of excellent flexibility and strength. The cure time is relatively less than High Consistency Silicone Rubber (HCR), which helps to reduces production costs.HCR is used in transfer molding to achieve specifications such as thin walls or complex shapes.
Regional Insights: Medical Grade Silicone Rubber Market
North America lead the market and accounted for over 34.0% share of the global revenue in 2019. The increasing per capita healthcare spending in the form of health insurance in the U.S. has been one of the major trends impacting the market for medical grade silicone rubber in North America. This is expected to augment the demand for implants and prosthetics, surgical instruments, disposable devices, catheters, and other medical devices over the coming years, thereby driving the demand for medical grade silicone rubber in the region.
Increasing prevalence of lifestyle-related disorders and diseases in the region, including diabetes and cardiac arrests, has resulted in increased spending for healthcare by the population. This is expected to increase the demand for medical devices such as surgical instruments, catheter, and drug delivery systems, thereby driving the market for medical grade silicone rubber over the forecast period 2021-2027. In addition, the constantly rising patient population, on account of the outbreak of COVID-19 at the community level, is projected to propel the need for various medical components, thereby boosting the demand for medical grade silicone rubber in the U.S.Furthermore, the presence of key manufacturers such as Dow Corning, Wacker Chemie AG, and Momentive Performance Materials Inc., in the region is expected to positively impact the growth of the market for medical grade silicone rubber over the forecast period.
Key Companies & Market Share Insights: Medical Grade Silicone Rubber Market
The competitive rivalry among producers is high owing to the presence of several players in the market for medical-grade silicone rubber. The market comprises prominent and well-established players, who have collectively captured a larger portion of the market for medical-grade silicone rubber. The market players are involved in the manufacturing of medical-grade silicone rubber with unique performance characteristics in order to stay ahead in the competition. Prominent players involved in the marketplace are continuously engaged in adopting various strategic initiatives such as the increase in production capacity, new product development, investments in research, and development activities. For instance, in December 2018, Wacker Chemie AG, announced to increase its global production capacity of medical-grade silicone rubber and reach 40,000 metric tons per year by 2021. Some of the prominent players in medical grade silicone rubber market include:
Key companies Profiled: Medical Grade Silicone Rubber Market Report
- Dow Corning
- Wacker Chemie AG
- Momentive Performance Materials Inc.
- KCC Corporation
- Elkem Silicones
- Shin-Etsu Chemical Co., Ltd.
- NuSil Technology LLC
- Wynca Group
- Saint-Gobain Performance Plastics
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical grade silicone rubber market report on the basis of product, application, and region:
Product Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Liquid Silicone Rubber
- High Consistency Rubber
Application Outlook (Volume, Tons; Revenue, USD Million, 2016 – 2027)
- Prosthetics & Implants
- Surgical Instruments
- Drug Delivery Systems
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