Medical grade silicone rubber market to reach $1.13 billion by 2032
Pune, India – The global medical grade silicone rubber market size was USD 670.78 Million in 2022 and is expected to register a revenue CAGR of 6% over the forecast period, according to the latest report by Reports and Data according to ReportsandData.com
The development of new and cutting-edge silicone rubber products for use in medical applications, such as Liquid Silicone Rubber (LSR) and High-Consistency Rubber (HCR), is driving market revenue growth (HCR). While HCR is commonly used in Medical Tubing and Catheters because to its excellent mechanical properties and flexibility, LSR, a very pure kind of silicone rubber, is ideal for use in medical implants and prosthesis due to its exceptional biocompatibility and bio stability.
Furthermore, there is an anticipation that market revenue growth will be propelled by augmented healthcare infrastructure investments and amplified healthcare costs in developing countries. For instance, the Indian administration has initiated multiple programs to incentivize the usage of medical apparatus and devices in the region, namely the Make in India initiative and the National Health Policy, which are projected to increase the need for products crafted from medical grade silicone rubber in the region. Additionally, the healthcare industry’s growing requirement for medical grade silicone rubber is forecasted to stimulate market revenue growth.
The increasing need for Medical Devices and implants, driven by an aging population and a surge in chronic diseases such as diabetes and cancer, is fostering a rise in the demand for medical grade silicone rubber. Furthermore, the mounting preference for minimally invasive procedures and heightened focus on the development of advanced medical technologies are also propelling the demand for medical grade silicone rubber.
During the forecast period, revenue growth of the global medical grade silicone rubber market is expected to be spurred by the emergence of innovative and original silicone rubber products for medical use, increased adoption of silicone rubber products in medical applications, and mounting prevalence of chronic diseases.
The LSR segment is predicted to account for the largest revenue share throughout the forecast period due to its unique properties, including as biocompatibility, chemical resistance, and high-temperature stability, which make it suitable for a wide range of medical applications. LSR is commonly used in the manufacture of medical devices, implants, and drug delivery systems due to its exceptional durability, flexibility, and ease of processing. LSR is an excellent choice for complex medical applications because it provides improved performance and design flexibility.
The medical devices and components segment is expected to contribute the largest share of revenue during the forecast period owing to medical grade silicone rubber’s unique properties such as biocompatibility, chemical resistance, and high-temperature stability. Medical grade silicone rubber is widely used in the healthcare sector for a range of purposes, including diagnostic, therapeutic, and surgical treatments. Additionally, medical grade silicone rubber components and devices are highly durable, flexible, and easy to manipulate, making them well-suited for intricate medical applications.
North America is predicted to account for the largest revenue share throughout the projection period due to its established healthcare infrastructure, rising healthcare spending, and increased adoption of cutting-edge medical equipment. Furthermore, the region’s expanding senior population, higher prevalence of chronic ailments, and rising desire for less invasive treatments are driving up demand for medical grade silicon rubber. With the presence of leading medical device makers and high healthcare expenditure, the United States accounts for the greatest revenue share of the North America market.
Some of the prominent players profiled in the global medical grade silicone rubber market include Dow Corning Corporation, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., Bluestar Silicones International, Stockwell Elastomerics Inc., Elkem Silicones, Saint-Gobain Performance Plastics Corporation, Quantum Silicones LLC, and KCC Corporation.
Dow Corning Company introduced a new silicone rubber product line in 2021 with improved flexibility, tear strength, and biocompatibility that is intended exclusively for medical applications. A variety of silicones appropriate for use in the manufacture and assembly of medical devices are part of the product line.
In order to meet the increasing demand for silicone rubber goods in the area, Wacker Chemie AG stated in 2021 that it would be expanding its silicone rubber production facilities in South Korea. In order to fulfill the rising demand from the healthcare sector, the expansion planned to boost the manufacturing capacity of medical grade silicone rubber.