Global Medical Grade Silicone Rubber Market By Product (Liquid Silicone Rubber and High Consistency Rubber), By Application (Prosthetics & Implants, Disposables, and Catheter), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Medical Grade Silicone Rubber Market Overview:

The global medical-grade silicone rubber market was valued at USD 669.5 million in 2021. It is estimated to grow at 6.5% (CAGR), between 2023 and 2032.

The demand for medical-grade silicon rubber is increasing due to increased demand in various areas such as catheters, disposables, drug delivery systems, and surgical instruments and implants.

Global Medical Grade Silicone Rubber Market Scope:

Product Analysis

The market leader in liquid silicone rubber products was more than 61.0% of the overall revenue share in 2021. It can be self-adhesive, flexible, sterilized, and sterilized. It is also extremely stable and water-repellent. Medical devices made from medical-grade liquid silicone rubber can raise life expectancy by reducing pain. It is also used extensively in the manufacture of pacemakers and artificial joints.

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

Application Analysis

Prosthetics and Transplants accounted for over 27.0% of overall revenue in 2021 and led the market. Due to the increasing demand for medical-grade silicone rubber, the market for this product is seeing significant growth.

Additionally, the global increase in knee surgeries will drive up demand for implants during the estimated period. This will open up opportunities for medical-grade silicone rubber to make prosthetics or implants.
Medical grade silicone rubber is made from liquid and gum stock. It can be mixed with specific additives to meet the needs of the implantable machine. LSR can be used to liquid inject mold parts that are strong and flexible. LSR can cure in a shorter amount of time than HCS rubber, which can decrease production costs. Transfer molding uses HCR to create complex shapes with thin walls.

Key Market Segments:

Product

• Liquid Silicone Rubber
• High Consistency Rubber

Application

• Prosthetics & Implants
• Disposables
• Catheter

Market Dynamics:

The future holds opportunities for medical-grade silicon rubber due to rising global healthcare spending. The U.S. Centers for Medicare & Medicaid Services projects that healthcare spending will grow at a rate of 5.6% between 2023 and 2032 and reach USD 6.5 trillion in 2032. National healthcare spending will account for 19.4% of the country’s gross domestic products by 2032, up from 18% in 2017.
This is due to the increasing number of people over 65, a rise in chronic diseases and disorders, improvements to infrastructure, and technological advances. This will drive demand for medical-grade silicone rubber and the medical device market.

The accessibility of high-quality healthcare infrastructure and coverage for reimbursement is expected to drive the demand for advanced healthcare services. This will in turn fuel the demand for medical-grade silicon rubber. The ever-growing patient population, resulting from the increasing number of 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, the U.K., and Sweden 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 used in medical devices and implants has increased. To maintain their market position, manufacturers must comply with strict regulations.

Regional Analysis:

North America was the dominant market and accounted for over 35.0% of global revenue in 2021. The U.S. has a high per capita healthcare spending, which is one of the major trends that will impact the North American market. This will drive North American demand for medical-grade silicone rubber.

A rising number of lifestyle-related diseases in North America has caused in increase healthcare spending. This will drive demand for medical equipment such as catheters, surgical instruments, and drug delivery systems, which in turn will lead to a rise in medical-grade silicone rubber. Due to COVID-19’s spread at the community level, there will be an increase in demand for medical components. This will boost the U.S. market for medical-grade silicone rubber.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Due to the many players in 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 their competition, the market players involved with the manufacture of medical-grade silicone rubber with exclusive performance characteristics. Market leaders are constantly engaged in numerous strategic initiatives, including the expansion of production capacity, and investments in research and development.

Маrkеt Кеу Рlауеrѕ:

• Wacker Chemie AG
• Dow Corning
• Shin-Etsu Chemical Co., Ltd.
• KCC Corporation
• Wynca Group
• Momentive Performance Materials Inc.
• NuSil Technology LLC
• Elkem Silicones
• Other Key Players

For the Medical Grade Silicone Rubber Market research study, the following years have been considered to estimate the market size: