Global Medical Grade Silicone Market is expected to reach USD 2.04 Billion by 2026 from USD 1.14 Billion in 2016 at a CAGR of 6.0%.
Medical grade silicone possess excellent conductivity, tensile strength, long life span, and thermal stability. Medical grade silicone application in healthcare and pharmaceutical industry drives the growth of medical grade silica market. Growing demand from Asia Pacific and the increasing application sectors such as implants, dental tools, drug delivery devices, prosthetics, syringes, and disposable medical devices fuel the demand growth of medical grade silicone market. Regulatory policies in different economies and high cost are the key factor restraining the growth of medical grade silicone market.
Global Medical Grade Silicone Market
Medical grade silicone market based on form has been segmented into gels, medical adhesives, medical coatings, elastomers and others. Gels segment will be leading the medical grade silicone market during the forecast period. Silicone gel is largely used in the healthcare industry in medical applications. They are used to avoid scars in recently healed injuries and also reduce prominent immature scars.
Prosthetics, orthopedic components, medical devices, medical tapes and others are various applications of medical grade silicone market. Prosthetics & orthopedic application segment is ruling the market growth during the forecast period.
Geographically, the medical grade silicone market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific is expected to be one of the largest markets for medical grade silicone during the forecast period attributed to the growing medical industry, rising aged population, low-cost & availability of raw material, increasing cardiovascular diseases and higher domestic demand in this region.
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