North American medical grade silicone market forecast with a CAGR of 5.9 percent through 2027
The North American medical grade silicone market is projected to grow at a modest CAGR of 5.9 percent during the forecast period (2021-2027), according to ResearchAndMarkets.com.
The key aspect that drives the growth of the market includes the rising demand for medical implantable devices owing to the rising chronic cardiovascular diseases across the region. The increasing number of aging populations, high healthcare spending, along with the rising prevalence of cardiovascular diseases are some of the factors that increase the demand for implantable devices, which in turn enhances the growth of the market over the forecast period. Besides, various properties offered by the medical grade silicone are also likely to enhance its adoption, which drives the growth of the North American medical grade silicone market over the forecast period.
The North American medical grade silicone market is segmented on the basis of form and application. Based on the form, the market is segmented as gels, medical adhesives, medical coatings and elastomers. The gels segment is estimated to hold a lucrative share in the market. Based on the application, the market is segmented as medical devices, medical tapes, oral care, prosthetics and orthopedic, contact lenses, and others. The medical devices segment is estimated to hold a lucrative share in the market. Based on the geography, the North American medical grade silicone market is divided into the U.S. and Canada. The U.S. is estimated to hold a lucrative share in the market.
Further, 3M Co., Dow Corning Corp., Henkel AG & Co. KGaA, Royal DSM NV, Momentive Performance Materials Inc., Saint-Gobain Performance Plastics and Wacker Chemie AG, among others, are some of the prominent players functioning in the North American medical grade silicone market. New product launches and developments, partnerships, agreements and acquisitions are some of the growth strategies adopted by the players in order to sustain in the highly competitive market.