Reports and Data’s latest research study on the Medical Grade Silicone Rubber market gives a thorough analysis of it. In this report, the global Medical Grade Silicone Rubber market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Medical Grade Silicone Rubber market.
The global market size for medical-grade Silicone Rubber amounted to USD 670.78 million and is anticipated to reach USD 1133.27 million by 2032. This projection signifies a robust revenue Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period. The notable growth in market revenue is propelled by key factors, including the escalating demand for minimally invasive procedures, the prevalence of chronic diseases and age-related health issues, and the increasing utilization of silicone rubber products in medical applications. This surge in usage is attributed to the advantageous properties of silicone rubber, such as biocompatibility, flexibility, and durability.The surge in market revenue is further propelled by the development of innovative silicone rubber products designed for medical applications, such as Liquid Silicone Rubber (LSR) and High-Consistency Rubber (HCR). High-Consistency Rubber (HCR) is commonly employed in Medical Tubing and Catheters due to its exceptional mechanical properties and flexibility. On the other hand, Liquid Silicone Rubber (LSR), characterized by its high purity, finds ideal applications in medical implants and prostheses, attributed to its outstanding biocompatibility and biostability.
Additionally, increased investments in healthcare infrastructure and the escalating healthcare costs in emerging economies are anticipated to contribute to market revenue growth. For instance, initiatives by the Indian government, including the Make in India program and the National Health Policy, are expected to boost demand for medical grade silicone rubber products in the region. The growing demand for medical grade silicone rubber in the healthcare industry further adds impetus to the expansion of market revenue.
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Businesses in the chemicals and materials industries vary in terms of size, geographical presence, business approach, and target markets. These entities are interconnected within a broader ecosystem that encompasses raw materials such as oil, gas, coal, minerals, and bio-based products, on one end, and a diverse array of application industries on the other. The chemical industry is conventionally divided into three primary categories: petrochemicals, diversified manufacturers, and specialized industries.
While the overarching trends discussed in the preceding section are relevant to the entire sector, the nuances of distinctions among different players emphasize the importance of analyzing trends within each segment of the industry. Deloitte, in its multiverse series, has categorized stakeholders in the chemical sector into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups typically has its own strategic imperatives. Vertically integrated natural owners often prioritize continuous improvement over innovation in their business operations. Differentiated commodities thrive in a highly fragmented and complex industry by concentrating on supply chain efficiency, market innovation, and cost optimization. Solution providers, on the other hand, focus on maximizing the value of their unique products along with their application expertise and services.
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Strategic Developments:
- In 2021, Dow Corning Corporation launched a new silicone rubber product line specifically designed for medical applications, which offers enhanced flexibility, tear strength, and biocompatibility. The product line includes a range of silicones suitable for use in medical device manufacturing and assembly.
- In 2021, Wacker Chemie AG announced the expansion of its silicone rubber production facilities in South Korea, to cater to the growing demand for silicone rubber products in the region. The expansion aimed to increase the production capacity of medical grade silicone rubber to meet the increasing demand from the healthcare industry.
- In 2020, Momentive Performance Materials Inc. announced the development of a new medical grade silicone rubber technology that is capable of withstanding harsh sterilization conditions, while maintaining its physical and mechanical properties. The new technology aims to offer improved performance and reliability for medical devices and products.
- In 2020, Shin-Etsu Chemical Co. Ltd. announced the expansion of its medical grade silicone rubber production capacity in Japan, to meet the growing demand from the healthcare industry. The expansion aimed to cater to the increasing demand for silicone rubber products for medical applications in the Asia Pacific region.
- In 2020, Elkem Silicones announced the launch of a new range of liquid silicone rubbers (LSRs) designed specifically for medical applications, which offer improved biocompatibility, transparency, and processability. The new LSR range aims to offer better performance and ease of use for medical device manufacturers.
- In 2021, Dow Corning Corporation launched a new range of medical grade silicone rubber products called the Silastic Q7-78XX series. These silicones are designed specifically for implantable medical devices, offering enhanced biocompatibility and flexibility.
- In 2020, Shin-Etsu Chemical Co. Ltd. launched a new medical grade silicone rubber called KE-347T, which is designed for use in medical device manufacturing and assembly. The product offers improved adhesion, flexibility, and processability, making it easier to use for medical device manufacturers.
- In 2020, Momentive Performance Materials Inc. launched a new medical grade silicone rubber called Silopren LSR 7080 Liquid Silicone Rubber, which is designed for use in healthcare applications. The product offers enhanced biocompatibility, tear strength, and processability.
Competitive Landscape:
- Dow Corning Corporation
- Wacker Chemie AG
- Shin-Etsu Chemical Co. Ltd.
- Momentive Performance Materials Inc.
- Bluestar Silicones International
- Stockwell Elastomerics Inc.
- Elkem Silicones
- Saint-Gobain Performance Plastics Corporation
- Quantum Silicones LLC
- KCC Corporation
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Research Methodology: Medical Grade Silicone Rubber Market
The research methodology adopted by analysts to compile the Medical Grade Silicone Rubber market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Medical Grade Silicone Rubber market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Medical Grade Silicone Rubber market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Medical Grade Silicone Rubber market.
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