Rockville , June 12, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global medical grade silicone market is expected to reach a valuation of US$ 2.0 billion in 2023 and is expected to grow at a CAGR of 5.8% during the forecast period of 2023–2033.

Medical-grade silicone is widely used in the manufacturing of various medical devices, including catheters, respiratory masks, wound care products, and prosthetics. Silicone is a preferred material in the healthcare industry due to its biocompatibility, durability, and flexibility making it an ideal material for these applications, leading to a rise in its adoption.

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With an aging population, the prevalence of chronic diseases and the need for surgical interventions are increasing. Medical-grade silicone is extensively used in surgical implants, such as breast implants and joint replacements, due to its durability, compatibility with body tissues, and low risk of rejection. As the elderly population continues to expand, the demand for such medical devices is expected to rise, thereby driving the market for medical-grade silicone.

Key Takeaways from Market Study

“The Role of Medical-Grade Silicone in Wound Care and Respiratory Products to Drive Demand Growth” says a Fact.MR analyst.

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Key Companies Profiled This Report

Market Players’ Key Strategies

Prominent players in the medical-grade silicone industry are leveraging strategies such as research and development (R&D) and production capacity expansion to drive the market growth globally. They have adopted inorganic strategies such as collaboration, mergers & acquisitions to increase their production capacity and have a presence in the untapped markets. These strategies are crucial for companies to maintain a competitive edge, meet evolving customer demands, and capitalize on emerging opportunities.

Segmentation of Medical Grade Silicone Industry Research Report

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the medical grade silicone market, presenting historical market data (2018–2022) and forecast statistics for the period of (2023–2033).

The study reveals essential insights on the basis of the product type (rubber (liquid silicone rubber (LSR), high consistency rubber (HCR), flurosilicone silicone rubber (FSR), room temperature vulcanize (RTV)), adhesives, gels, fluids), application (implants manufacturing, device component production, medical tape production, menstrual cups & discs production, scuba gear manufacturing, baby bottle production, others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

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