Global Medical Grade Silicone Rubber Market by Product (Liquid Silicone Rubber, High Consistency Rubber), by Application (Disposables, Catheter, Prosthetics & Implants) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global medical grade silicone rubber market was valued at USD 563.2 Million in 2019. It is expected to increase at a compound annual rate (CAGR of 6.3%) between 2020 and 2027. The demand for medical-grade silicon rubber is increasing due to a variety of applications, such as disposables, catheters, surgical tools and implants, and drug delivery system. In the next few years, medical-grade silicone rubber will have lucrative opportunities due to rising global healthcare spending. The U.S. Centers for Medicare & Medicaid Services projects that healthcare spending will grow at a rate of 5.7% between 2020 and 27 and reach USD 6.0 trillion in 2027. The national healthcare spending will account for 19.4% of the country's gross domestic products by 2027, up from 17.9% in 2017.

This is due to the increasing number of people over 65, an increase in chronic diseases and disorders, improvements in infrastructure, and technological advances. This will drive demand for medical-grade silicone rubber and the medical device market.

The availability of high-quality healthcare infrastructure and coverage for reimbursement is expected to drive the demand for medical-grade silicon rubber. The ever-growing patient population, a result of increasing road accidents, is expected to increase the demand for surgery, which could further fuel the demand for medical-grade silicone rubber for surgical instrument applications.

A stronger economy in Western Europe is expected to lead to an increase in healthcare spending in the annual budgetary proposals. The North European countries of Germany, Sweden, and the U.K. are expected to see an increase in healthcare spending, which will lead to a rise in medical device production.

Many agencies regulate medical grade silicone rubber use around the world. The number of regulations governing silicone rubber use in medical devices and implants has increased. To maintain their market position, manufacturers must comply with strict regulations. The Federal Food Drug, and Cosmetic Act Regulation, Chapter 5 of the act, regulates medical devices in the United States. Some of the amendments include Medical Device Amendments 1950, Safe Medical Devices Act (1990), FDA Modernization Act and many others. Important documentation must be kept by manufacturers. These documents include industry standards, FDA consensus standards and FDA guidance documents.

Product Insights

The market leader in liquid silicone rubber products was more than 62.0% of global revenue in 2019. The medical grade liquid silicone rubbers are made from bio-inert material and comply with international standards like ISO 10993, USP Class VI, RoHS. It can be sterilized and is flexible. It is also extremely stable and water-repellent. Medical devices made from medical-grade liquid silicone rubber, (LSR), can increase life expectancy by reducing pain. It is also used to make artificial joints and pacemakers.

Medical grade LSR is used in a variety of products, including closures, rings and gaskets as well as catheters, stoppers and cushioning pads. Due to the increasing use of implants and prosthetics as well as drug delivery devices and disposables, the Asia Pacific liquid silicone rubber market is expected to grow significantly. The region is also witnessing rapid growth in the general hospital, dental, and medical service industries. China, India and Vietnam are just a few of the countries that are experiencing rapid medical advances.

Application Insights

Prosthetics and implants accounted for over 27.0% of global revenue in 2019, and led the market. The market for medical-grade silicon rubber is experiencing significant growth due to rising demand for silicone rubber in medical grade for the replacement of damaged or arthritic joints.

Globally, there will be an increase in knee replacement surgeries. This is expected to boost the demand for implants over the forecast period. This will create lucrative opportunities to use medical-grade silicone rubber for prosthetics and implants.

The silicone rubber used in medical grade is made from liquid or gum stock and then combined with specific additives to suit the purpose of the implantable device. LSR is used for liquid injection molding to produce implantable parts with excellent flexibility and strength. LSR cures in a shorter time than High Consistency Silicone Rubber, which can help reduce production costs. HCR is used for transfer molding to create complex shapes and thin walls.

Regional Insights

North America was the dominant market, accounting for more than 34.0% of global revenue in 2019. One of the main trends impacting North American medical grade silicone rubber market is the increasing per capita healthcare spending. This includes health insurance. This will increase the demand in North America for surgical instruments, implants, prosthetics, disposable devices, catheters and other medical devices in the next few years. It is expected that this will drive the demand for medical-grade silicone rubber in the region.

The increasing prevalence of lifestyle-related diseases and disorders in the region, such as diabetes and cardiac arrests has led to an increase in healthcare spending by the population. This will increase the demand for medical equipment such as surgical instruments, catheters, and drug delivery system, which is expected to drive the market for medical-grade silicone rubber in the future. The rising number of patients, due to the spread of COVID-19 at community level, will increase the demand for medical components. This is expected to boost the U.S. market for medical-grade silicone rubber.

Market Share Insights & Key Companies

Due to the many players on the medical-grade silicone rubber market, there is a lot of competition among producers. There are many well-established and prominent players in the market who collectively have a greater share of the medical-grade silicone rubber market. To stay ahead of the competition, the market players are involved with the production and marketing of medical-grade silicone rubber. The market's most prominent players are constantly engaged in strategic initiatives, such as increased production capacity, new product development and investments in research and development. Wacker Chemie AG announced in December 2018 that it would increase its global production of medical-grade silicone rubber to 40,000 metric tons annually by 2021. The market leader in medical-grade silicone rubber is:

• Dow Corning

• Wacker Chemie AG

• Momentive Performance Materials Inc.

• KCC Corporation

• Elkem Silicones

• Shin-Etsu Chemical Co. Ltd.

• NuSil Technology LLC

• Wynca Group

• Primasil

• Saint-Gobain Performance Plastics

Up Market Research published a new report titled “Medical Grade Silicone Rubber Market research report which is segmented by Product (Liquid Silicone Rubber, High Consistency Rubber), by Application (Disposables, Catheter, Prosthetics & Implants), By Players/Companies Primasil, KCC Corporation, Shin-Etsu Chemical Co Ltd, NuSil Technology LLC, Dow Corning, Momentive Performance Materials Inc, Wynca Group, Saint-Gobain Performance Plastics, Elkem Silicones, Wacker Chemie AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Medical Grade Silicone Rubber Market Report Segments:

The market is segmented by Product (Liquid Silicone Rubber, High Consistency Rubber), by Application (Disposables, Catheter, Prosthetics & Implants).

Medical Grade Silicone Rubber Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Medical Grade Silicone Rubber Market

Overview of the regional outlook of the Medical Grade Silicone Rubber Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Medical Grade Silicone Rubber Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Medical Grade Silicone Rubber Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Liquid Silicone Rubber

                2. High Consistency Rubber

                1. Disposables

                2. Catheter

                3. Prosthetics & Implants

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Medical Grade Silicone Rubber Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
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Reasons to Purchase the Medical Grade Silicone Rubber Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.