Medical Grade Silicone Market to hit $2 billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., Feb. 8, 2022 /PRNewswire/ -- The medical grade silicone market value is poised to exceed USD 2 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing adoption of medical grade silicones in developed as well as developing countries will stimulate the overall industry demand.

Increasing healthcare expenditure in developed as well as developing regions will enhance the market growth during the forecast period. For instance, according to the Center for Medicare & Medicaid Services, national health spending is expected to surge at a 5.4 percent annual rate from 2019 to 2028 to surpass USD 6.2 trillion by 2028. Moreover, healthcare expenditure can result in improved provision of health opportunities that can widely strengthen the human capital as well as enhance the productivity, thus contributing towards better economic performance.

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Medical grade silicone industry from sheet segment accounted for around USD 190.5 million in 2021, owing to the surging utilization of silicone sheets. Silicone sheets are on-toxic, low volatile, with extreme high and low temperature resistance that secures the segmental growth. Availability of several types of silicone sheet such as firm sheet, non-reinforced sheet and reinforced sheet in the market will positively impact the demand for medical grade silicone, thereby augmenting business landscape.

Some major findings of the medical grade silicone market report include:

• Technological advancements in dentistry sector will propel the market progression.
• Rising number of cosmetic and plastic surgeries especially in youths along with rising healthcare expenditure are few aspects accelerating the overall business demand.
• Presence of numerous industry participants focusing towards novel developments will further enhance their position in the market.
• Asia Pacific market held largest revenue share in 2021, and the trend will continue to surge in the near future as well.
• The COVID-19 pandemic has moderately impacted the market. Lockdown and other restrictions disrupted the supply chain during the initial period of the breakdown.
• However, high cost of raw materials will hinder the market revenue.

Browse key industry insights spread across 145 pages with 134 market data tables & 10 figures & charts from the report, "Medical Grade Silicone Market Forecasts By Form (Gel, Rubber, Foam, Sheet, Block), Application (Respiratory Devices, Medical Device Components, Implants, Orthopedic products), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/medical-grade-silicone-market 

Medical grade silicone market, based on application is segmented into respiratory devices, medical device components, implants, orthopedic products, and others. Among these the orthopedic products segment accounted for around 18.6% revenue share in 2021.  Medical-grade silicone is used in orthopedic due to its various physical and chemical properties. These products are bio-compatible, elastic, flexible, unbreakable as well as chemically inert and heat and radiation-resistant that helps in relieving the pain and discomfort.

Asia Pacific medical based silicone market was valued at around USD 484.1 million in 2021 and trend will continue to rise. The rapidly growing medical industry along with the rising aging population and increasing awareness about cosmetic and plastic surgeries will drive the regional market statistics.

Some of the major business players operating in the medical grade silicone market include Avantor, Inc., BioPlexus, LLC, Dongguan City Betterly New Materials Co., Ltd, Primasil Silicones Limited, Shin-Etsu Chemical Co., Ltd., STOCKWELL ELASTOMERICS, INC., Wacker Chemie AG, DuPont, Momentive Performance Materials (KCC Corporation), and Elkem ASA.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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SOURCE Global Market Insights Inc.