Medical Silicone Market - Forecast(2024 - 2030)

Medical Silicone Market Overview

The Medical Silicone market size is forecast to reach US$2.1 billion by 2027, after growing at a CAGR of 6.3% during 2022-2027. A silicon compound has bioinert properties, which help in regulating or controlling the growth of bacteria. The materials are also recognized for their inherent chemical and thermal stability, low surface tension, hydrophobicity, and stain resistance. In health care applications, silicones are extensively used in making bio-materials which include orthopedics, catheters, drains and shunts, heart-bypass machines, heart valves, and aesthetic implants among others. Silicon is widely preferred in dental implants and medical implants. Silicon is an emerging material in the medical industry that offers excellent mechanical, physical, thermal, structural, and biological properties. Now, Silicon is also used in making contact lenses. Unlike ordinary soft contacts, Silicon hydrogel lenses allow more oxygen to enter the cornea. Compared to regular hydrogel lenses, silicone hydrogel lenses let up to five times as much oxygen reach the cornea. Implantable neurostimulation devices are made from biomedical-grade silicones. The use of neurostimulators is an advanced treatment for reducing chronic pain, as well as for improving the quality of life for people who are paralyzed or who suffer from severe loss of sense organs. However, the adverse health consequences of silicone are likely to hinder silicone market growth.

COVID-19 Impact

The COVID-19 virus hit all corners of the globe at high speed. In March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States were among the most noticeably influenced nations. Because of lockdowns, travel boycotts, and business closures, COVID-19 has impacted economies and ventures in different nations. The demand for silicone has decreased, due to nationwide lockdowns, strict social distancing, and disruption in the global supply chain. The silicone market demand has however been stimulated by growing awareness for health and hygiene, which has led to a rise in demand from healthcare, personal care, and consumer products. Silicone's growth is being driven primarily by its increasing demand from the healthcare sector over the medium term.

Report Coverage

The report: Medical Silicone Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the GCC Fibre Cement Market.
By Form: Gels [Soft Skin Adhesives (SSAS)], Medical Adhesives, Medical Coatings (Hydrophilic, Hydrophobic), Elastomers [Liquid Silicone Rubber (LSR), High Consistency Rubber (HCR)], Others (APIS, Excipients, Foams, Emulsion, Dispersion)
By Type: Non-Implantable, Short-Term Implantable, Long Term Implantable
By Application: Prosthetics (Limbs, Implants, Breast Implants, Testicular Implants), Orthopaedics Components, Medical Devices (Medical Tubes, Medical Rings & Gaskets, Catheters, Miscellaneous Accessories, Medical Electronics, Device Assemblies & Fittings), Medical Tapes (Wound Care, Drug Delivery, Personal Hygiene, Component Joining), Contact Lenses, Others (Topical Gels, Surgical Drapes, Oral Care Products
By Geography Analysis: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

• The demand for Silicone in the future will increase as they are ideal for external prosthetics and artificial joints as they offer exceptional cushioning and provide maximum comfort making them the perfect material to use. 
  
• According to the data published by Silicone Europe, the healthcare industry bought approximately 11,000 metric tons of silicon products. This market generated sales of US$ 186 million; it was among the highest in value products made from silicon. 
• According to the U.S. Centres for Medicare and Medicaid Services, spending on healthcare is expected to grow at a rate of 5.7% during 2021 - 2026. 

North America Medical Silicone Market Revenue, 2021-2027 (US$ Billion)

Medical Silicone Market: By Form

The elastomers segment accounted for approximately 23% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period.  Silicone Rubber (LSR) is one of the most popular and economical silicone molding materials. The product is an ideal raw material ideal for devices intended for making medical applications in sterile environments.  The use of silicone for respiratory tubing or infant care products is excellent because it is resistant to bacteria, sterilizes easily, and is well tolerated. As Silicone is used in electronic prostheses and artificial hearts, it plays an important role in innovation. Silicones are the ideal material for external prosthetics as it provides fantastic comfort and excellent cushioning, making it the ideal choice for artificial joints.   

Medical Silicone Market: By Type

The Long Term Implantable segment accounted for approximately 18% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. Growing Age-related diseases is one of the major driving the market for the long-term implantable segment. Cardiovascular disease (CVDs) is one of the leading causes of death. And registered approximately 17.9 million deaths in 2019, accounting for 32% of all deaths worldwide. Millions of patients sustain or improve their lives each year through surgical procedures involving implanted devices. As part of modern medicine, medical implants like orthopedics, pacemakers, cardiovascular stents, defibrillators, neural prostheses, or combinational devices like drug-eluting stents are an essential component. International regulatory bodies heavily regulate long-term implants used to promote and sustain life so they are safe and effective. According to the WHO facts, 85 % of these deaths were caused by heart attacks and strokes. Nearly three-quarters of deaths from CVDs occur in countries of low- and middle-income. According to the WHO, In 2019, noncommunicable diseases caused 17 million premature deaths (under 70 years of age). Of these, 38% were due to cardiovascular diseases.

Medical Silicone Market: By Applications

The medical devices segment accounted for approximately 55% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. It can be used in medical applications and infant care products that meet the highest quality standards demanded by health care professionals and patients alike. In addition to being resistant to bacteria, silicones are sterilized, making them ideal for sensitive applications like respiratory therapy and topical medication. There is no reaction between silicones and other materials and they do not irritate. The hypoallergenic properties of these drugs make them safe to use both for skin contact and intravenously. In medical applications, silicon is thoroughly tested and regulated to ensure its safety. Approximately 14,000 patent applications were submitted to the European Patent Office (EPO) in the medical technology field in 2019, which is further driving the market for the medical silicone market. Among all the sectors in Europe, medical technologies account for 7.7% of the total number of applications.

Medical Silicone Market: By Geography

The Medical Grade Silicone market will be dominated by North America, followed by APAC and Europe. The North American region accounted for approximately 32% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The growing demand for pre-filled syringes, prosthetics, surgical implants, catheters, tapes, medical instruments, and other applications, is driving the market for medical-grade silicone in the region. According to Select USA, The U.S. medical device market remains the largest in the world, at $156 billion (40% of the global market in 2017). It is expected to reach $208 billion by 2026. According to Luther Calirfield International, there are approximately 6,500 small and medium-sized MedTech companies in North America.

Medical Silicone Market: Drivers

Increase in demand for medical applications: 

COVID-19 has had a staggering and unprecedented impact on medical devices' fitness and the adoption rate across regions during the pandemic. In contrast to the average year-to-year growth during 2017-2019, the market has shown a decline in 2020. As chronic diseases become more prevalent and health care agencies place a greater emphasis on early diagnosis and treatment, more patients are undergoing diagnostic and surgical procedures requiring medical applications and medical tools. US inpatient admissions were estimated at 36.2 million in 2019, according to the American Hospital Association. A rise in inpatient admissions and an increase in Sergeant agnostic procedures are driving the demand for medical devices.  According to Medtech Europe, The European medical technology market generated €120 (US$ 141.7 billion) in 2018. They also mentioned that nearly 14,000 patent applications were submitted to the European Patent Office (EPO) in the medical technology field in 2019. Approximately, 7700 biotechnology patent applications were filed and 6800 pharmaceutical patent applications were submitted in 2019. 

Medical Silicone Market: Challenges

Increase Raw Material Prices: 

Despite being a premium material, silicone elastomers can also be quite expensive compared to other rubber materials. In the long run, however, the initial cost is often offset by better uptime and quality control. The benefits and limitations of silicone are similar to those of any material. Despite silicon rubber's low production cost, the material cost is still very expensive to create and maintain. It raises manufacturing costs due to injection rubber devices and oven curing requirements for mobile devices. Silicone costs more due to the high energy cost associated with its manufacture (converting sand into high purity silica, then further refining it) and there are also several expensive components needed during the production of silicone. 

Medical Silicone Market: Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the 3-Side Seal Pouches market. Major players in the Medical Silicone market include:

• Xinapse Systems Ltd.
• Canon Medical Systems
• Sciencesoft USA Corporation
• Mim Software, Inc.
• Koninklijke Philips N.V.
• Image Analysis
• Esaote S.P.A
• Aquilab
• AGFA Healthcare
• Carestream Health, Inc.
• General Electric Company (GE)
• INFINITT Healthcare Co, Ltd.                                                             
• Merge Healthcare Incorporated
• Mirada Medical Limited
• Siemens Healthineers

Acquisitions/Technology Launches

In April 2021, 3M launched a new class of silicone adhesives “2484 3M Hi-Tack Silicone Adhesive”. The product is breathable, conformable, enables up to a seven-day wear time and minimizes skin cell removal, making it the ideal candidate for applications on fragile skin.         

Relevant Reports

Medical Coatings Market –Forecast (2021-2026)

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Liquid Silicone Rubber Market – Forecast (2021 - 2026)

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Silicone Elastomers Market – Forecast (2021 - 2026)

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