22 February 2022

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GMI: Medical grade silicone market to surpass $2B

Katherine E. Pfaff

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The global market for medical grade silicone is expected to grow to a value over $2 billion by 2028, according to a report from Global Market Insights Inc., a market analytics company. The forecast comes after a 2021 valuation of $1.3 billion.

Growth in the market is expected to be driven by a two-fold push by increased usage of medical grade silicone in developing countries and higher rates of spending on healthcare in developed countries, according to GMI. 

According to the Centers for Medicare and Medicaid, spending on healthcare across the United States is projected to increase by 5.4% and reach $6.2 trillion by the end of the forecast period (2028).

By segment breakdown, the largest part of the market has been in silicone sheets which have many applications. The segment made up $190.5 million of the market in 2021. Silicone sheets are also available in several forms such as firm and reinforced, making the product accessible for more medical needs.

Within the market, silicone is commonly used for medical devices, implants, respiratory devices, and orthopedics. The latter, orthopedics, currently garners the largest market segment by use at a 2021 value of 18.6% of revenue share.

Source: https://www.prnewswire.com/news-releases/medical-grade-silicone-market-to-hit-2-billion-by-2028-says-global-market-insights-inc-301477412.html