LONDON--(BUSINESS WIRE)--Aug 31, 2018-- analysts forecast the global medical grade silicone market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.

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Technavio has published a new market research report on the global medical grade silicone market from 2018-2022. (Graphic: Business Wire)

The technological advances in robotic surgery is one of the major trends being witnessed in the . Robotic procedures are likely to make surgeries universally affordable and accessible in the future. Various robotic surgery firms have successfully completed the preliminary cadaveric, animal, and first-in-human trials. The use of medical grade silicone for producing prosthetics, medical tapes, and orthopedic components for robotic surgery will drive the medical grade silicone market during the forecast period.

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According to Technavio analysts, one of the key factors contributing to the growth of the global medical grade silicone market is the increase in demand for medical grade silicone from developing countries:

Global medical grade silicone market: Increase in demand for medical grade silicone from developing countries

Developing economies such as India, China, Brazil, Mexico, South Africa, the Philippines, and Indonesia exhibit a high demand for medical grade silicone and contribute significantly to the global medical grade silicone market. Several players in the market are shifting their manufacturing activities to these countries because of factors such as the availability of raw materials, land, cost-effective labor, low transportation costs, and less stringent government regulations and policies.

According to a senior analyst at Technavio for research on specialty chemicals, “In the last five years, there has been a rapid increase in medical spending by consumers across the world. Innovations and product developments to enhance life expectancy are on the rise. In 2017, countries such as China, Indonesia, Brazil, and India were some of the most densely populated. In APAC, owing to the rising population, the increased demand for prosthetics and orthopedic components is expected to drive the medical grade silicone market.”

Global medical grade silicone market: Segmentation analysis

The global medical grade silicone market research report provides market segmentation by application (prosthetics and orthopedic components, medical devices, and medical tapes) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The prosthetics and orthopedic components segment held the largest market share in 2017, accounting for nearly 56% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas led the market in 2017 with a market share of nearly 44%. This region is expected to dominate the market through 2022, with an increase in its market share.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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SOURCE: Technavio Research

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