Global Medical Grade Silicone Market Analysis 2024 – Estimated Market Size And Key Drivers

The Medical Grade Silicone Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Medical Grade Silicone Global Market Report 2024, The medical grade silicone market size is expected to see strong growth in the next few years. It will grow to $3.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to emerging markets, personalized medicine, the integration of IoT and wearable devices, a focus on sustainability, telemedicine and remote monitoring, regenerative medicine, and industry collaboration. Major trends in the forecast period include smart materials, bioresorbable silicones, 3D printing, nano-coatings, minimally invasive surgeries, drug-eluting implants, and digital health solutions.

The rise in the production of medical devices and components is expected to propel the growth of the medical-grade silicone market going forward. Medical devices and components refer to instruments, apparatuses, implants, or other products used in healthcare to diagnose, prevent, monitor, treat, or alleviate disease or injury. The demand for medical devices and their components is primarily driven by the need for innovative medical devices that can provide accurate diagnosis and effective treatment options continues to grow. Additionally, the rising focus on preventive healthcare and the shift towards personalized medicine also fuel the demand for tailored devices and diagnostic tools. Medical-grade silicone enhances the performance and safety of medical devices and components, ensuring biocompatibility, durability, and regulatory compliance. For instance, according to the Department of Health and Social Care, a UK-based government agency, registered medical products with the Medicines and Healthcare Products Regulatory Agency (MHRA) increased from approximately 2.25 million in 2022 to around 3.25 million by April 2024. Therefore, a rise in the production of medical devices and components is driving the medical-grade silicone market.

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The medical grade silicone market covered in this report is segmented –

1) By Product Type: Gels And Elastomers, Medical Grade Silicone Fluids, Medical Grade Silicone Resins, Other Type
2) By Application: Medical Devices, Pharmaceuticals, Prosthetics And Orthopedics, Wound Care, Other Application
3) By End-User: Hospitals And Clinics, Pharmaceutical Companies, Research and Academic Institutions, Other End-Users

Major companies operating in the medical-grade silicone market are developing advanced solutions such as higher-adhesion silicone materials to enhance skin adhesion for advanced wound care and wearable medical devices. Higher-adhesion silicone materials refer to compounds engineered to adhere more effectively to various substrates, offering improved bonding strength and durability in applications such as sealants, adhesives, and coatings. For instance, in October 2023, DuPont de Nemours Inc., a US-based company that manufactures chemicals and science-based products, launched DuPont Live MG 7-9960 soft skin adhesive, which introduces a higher-adhesion, low-cyclic silicone soft skin adhesive (SSA) designed specifically for advanced wound care dressings and medical devices that adhere to skin for extended periods. This product aims to provide gentle adhesion, easy removal, and improved wear performance, addressing the needs of patients with sensitive or fragile skin, including children, the elderly, and those with skin conditions or wounds.

The medical grade silicone market report table of contents includes:

1. Executive Summary
2. Medical Grade Silicone Market Characteristics
3. Medical Grade Silicone Market Trends And Strategies
4. Medical Grade Silicone Market – Macro Economic Scenario
5. Global Medical Grade Silicone Market Size and Growth
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32. Global Medical Grade Silicone Market Competitive Benchmarking
33. Global Medical Grade Silicone Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Grade Silicone Market
35. Medical Grade Silicone Market Future Outlook and Potential Analysis
36. Appendix