Medical Grade Silicone Market Size By Form (Gel, Rubber, Foam, Sheet, Block), By Application (Respiratory Devices, Medical Device Components, Implants, Orthopedic Products), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market

Medical Grade Silicone Market Size By Form (Gel, Rubber, Foam, Sheet, Block), By Application (Respiratory Devices, Medical Device Components, Implants, Orthopedic Products), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The medical grade silicone market is projected to reach a significant valuation by 2028 on account of recent technological advancements in the field of dentistry. In addition, burgeoning product demand in orthopedic and prosthetics applications is estimated to foster industry growth over the forecast timeline.

Medical grade silicone is a reliable substance that can be utilized in a variety of healthcare applications and is known for being versatile, non-toxic, and highly durable. Another important characteristic of medical grade silicone is its biological and chemical inertness, which makes it non-reactive to other chemicals and human tissue. Rising demand for plastic and cosmetic surgeries around the world has augmented market uptake in recent years.

Furthermore, industry players have been employing profitable strategies to strengthen their foothold in evolving marketplaces, thereby enhancing overall business outlook. For instance, in January 2021, Momentive Performance Materials, Inc., a U.S.-based chemical company, announced the acquisition of the silicones business of KCC Corporation, a South Korea-based chemicals and auto parts manufacturer. The deal enabled Momentive to expand its business across new geographies and enhance its technological capabilities.

Similarly, in October 2021, Wacker Chemie AG, a major chemical corporation, announced the acquisition of a 60% stake in specialty silane manufacturer SICO Performance Material Co., Ltd, Jining (China). This strategic acquisition facilitated the expansion of Wacker’s range of high-performing silicone products across Asia.

The medical grade silicone market has been segmented on the basis of application, form, and region. In terms of form, the market has further been categorized into block, gel, sheet, rubber, foam, and others. The foam sub-segment held a valuation of around USD 117 million in 2021 and is slated to showcase substantial growth through the analysis period. This growth is attributed to escalating demand for foam dressings for wound care.

From the viewpoint of application, the medical grade silicone market has been bifurcated into orthopedic products, respiratory devices, implants, medical device components, and others. In 2021, the respiratory devices sub-segment accounted for a market share of nearly 7% and is anticipated to gain considerable growth momentum over the assessment timeline. Rising prevalence of respiratory diseases is estimated to bolster product adoption in the coming time period.

From the regional spectrum, the Latin America medical grade silicone market accounted for more than 11.5% of the overall industry revenue in 2021 and is set to garner notable gains over the study period. Increasing healthcare expenditure is likely to drive regional market development through the review timeline.