Medical Grade Silicone Market to Surpass US$ 1.9 Billion by 2026 - Coherent Market Insights

Global Medical Grade Silicone Market, by Product Type (Elastomers, Gels, Medical Adhesives, Medical Coatings, and Others), by Application (Contact Lenses, Medical Devices, Medical Tapes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 1,117.8 million in 2017, and is projected to exhibit a CAGR of 6.3% over the forecast period (2018 – 2026).

Rising incidences of cosmetic and plastic surgeries augment the market growth Rising adoption of modern lifestyle increases demand for cosmetic and plastic surgeries, which is expected to bolster the market growth. According to the International Society of Aesthetic Plastic Surgery (ISAPS), 2017, an estimated rise in 2% of facial and head surgeries from 40,92,725 in 2016 to 41,89,830 in 2017 in 8 countries including USA, Japan, Brazil, Thailand. Moreover, increase in geriatric population is expected to rise incidences of osteoarthritis and osteoporosis, which in turn is expected to boost the market growth. According to National Center for Biotechnology Information (NCBI), report published on August 2017, knee osteoarthritis caused around 80% of the total disease burden, which affects around 19% of Americans adults aged 45 years and above.

Browse 29 Market Data Tables and 23 Figures spread through 148 Pages and in-depth TOC on ‘Medical Grade Silicone Market’- Global Forecast to 2026, by Product Type (Elastomers, Gels, Medical Adhesives, Medical Coatings, and Others), by Application (Contact Lenses, Medical Devices, Medical Tapes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).

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https://www.coherentmarketinsights.com/market-insight/medical-grade-silicone-market-881

Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance its product portfolio. For instance, in November 2016, Q Holdings announced acquisition plans of Degania Medical, focused on the manufacturing of silicone products for use in medical equipment such as urological catheters and balloons in cardiology treatment.

Key Takeaways of the Medical Grade Silicone Market:

• The global medical grade silicone market is expected to exhibit a CAGR of 6.3% over the forecast period, owing to increasing prevalence of osteoporosis, osteoarthritis, and cardiovascular diseases. According to World Health Organization, factsheet 2017, around 17.9 million deaths were recorded due to cardiovascular diseases in 2016. Cardiovascular diseases were recorded as the leading cause of death, globally.
• Among product type, the elastomer segment holds a dominant position in the medical grade silicone market in 2018, owing to its superior properties in comparison to other product forms, which increases its usage in industries such as in contact lenses, diagnostics and others.
• Among application type, prosthetics segment held a dominant position in the medical grade silicone market in 2018, as majority of implants are used in orthopedic segment due to trauma injuries.
• Key players operating in the global medical grade silicone market include, 3M Company, Albright Technologies, Elkem Silicone, Dow Corning, FMI LLC, Momentive, Nusil Technology LLC, Primasil Silicones Limited, Shin-Etsu Chemical Co. Ltd., and Wacker Chemie AG