Increasing incidences of trauma associated with skeletal injuries are increasing the growth of the medical grade silicone market in the upcoming years. Road accidents cause around 20 and 50 million injuries annually across the globe. Road traffic injuries are the leading cause of death among people aged between 5 and 29 years, and over 1.35 million people die each year as a result of road traffic crashes. On the other hand, technological advancements in robotic surgery is a key factor that will drive the growth of the medical grade silicone market in the upcoming years. Robotic surgery will be universally affordable in the near future and enhance the outcome of complex surgeries.
The global medical grade silicone market size attained a value of $1.3 billion in 2018. Furthermore, the market is thriving with huge opportunities in partnerships with global and local players along with product expansions and is growing at a CAGR of 5.9% throughout the forecast period 2019-2025.
The Proliferation of Medical Grade Silicone Implants in the Healthcare Industry
Implants are artificial medical devices that are used to replace damaged organs and tissues. Medical implants aid in monitoring body functions, delivering medication and providing support to biological parts. These implants are used in a diverse range of applications in the medical sector, such as dental, breast, and orthopedic implants. Besides, an increase in the occurrence of chronic diseases such as osteoarthritis, neuropathic, and cardiovascular diseases worldwide is another factor impelling the demand for medical grade silicone.
Increasing prevalence of cardiovascular diseases in North America is expected to bolster the market growth
North America generated 38% of the global medical grade silicone market revenue in 2018. The growing aging population in this region resulted in an increase in demand for new technologies such as implants, limbs and medical devices, which in turn, trigger the growth of the medical grade silicone market. Along with that, an increase in the incidence of cardiovascular diseases in North America is the primary factor influencing the growth of this market. More than 130 million adults are estimated to have some form of cardiovascular disease by 2035 in the U.S. These increasing numbers are anticipated to amplify the North America medical grade silicone market.
Technological Advancements in Prosthetics & Orthopedics Segment Increase the demand for Medical Grade Silicone Market
The application segment that will be creating the most lucrative opportunities for the market is prosthetics and orthopedics. This application segment is projected to grow at a CAGR of 5.3% through to 2025. Chemical inertness, durability, and biocompatibility properties of silicone have made it an eminent material used as a liner for artificial limbs. Liquid silicone rubber is a high consistency rubber that is used as an adhesive. Non implantable materials are available in various durometers. An estimated 8.9 million fractures are caused annually by osteoporosis worldwide. A high rate of occurrence of osteoporosis is estimated to impel the growth of the market. Thus, technological advancements in the healthcare sector mainly in prosthetics combined with a high rate of orthopedic cases lead to the growth of the market.
The Major Players in the Medical Grade Silicone Market:
Prominent players in the market include Albright Technologies, Bluestar Silicones, Dow Corning, Ltd., Elkem Silicone, FMI LLC, Momentive, 3M Company, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co., and Wacker Chemie AG.