Medical Silicone Molding Market is Forecasted to Reach US$ 5.9 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global Medical Silicone Molding Market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2023: US$ 3.8 billion

Market Size in 2030: US$ 5.9 billion

Growth (CAGR): 6.3% during 2024-2030

Cumulative Sales Opportunity 2024 to 2030: US$ 38.6 Billion

Leading Application Type: Tubing

Leading Material Type: LSR

Leading Process Type: Extrusion

Leading Region: North America

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Medical Silicone Molding Market:

The global Medical Silicone Molding Market is segmented based on application type, material type, process type and region.

Based on Application Type

• The medical silicone molding market is segmented into tubing, seals, and others.
• Tubing is expected to remain the dominant and fastest-growing application type in the market during the forecast period.
• Key desirable properties of silicone tubing: Silicone tubing is flexible and kink-resistant, they are durable (can withstand repeated use and sterilization), they are temperature resistant, and the biocompatibility of silicone material makes it used for the body.
• Key applications of silicone tubing are catheters, drainage tubes, respiratory devices, dialysis tubes, etc.

Based on Material Type

• The market is segmented into LSR (liquid silicone rubber) and HCR (high-consistency rubber).
• LSR is likely to remain dominant as well as the faster-growing material of the market in the coming years owing to its advantages, such as being biocompatible, strong, flexible, resistant to high and low temperatures, suitable for high-volume production, making it cost-effective for many medical devices.

Based on Process Type

• Injection molding, extrusion, compression molding, transfer molding, and over-molding are key manufacturing processes of medical silicone-molded parts.
• Among these process types, extrusion is expected to maintain its market dominance during the forecast period.
• The extrusion process is efficient for high-volume manufacturing and can produce a wide range of shapes and profiles, reduce waste, hence, cost-effective for large-scale production, and supports custom-designed products.
• Silicone tubing is predominantly manufactured with an extrusion process which makes extrusion a dominant process in the market.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for medical silicone molding during the forecast period. This growth outlook is mainly attributed to the following–

• In terms of region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
• North America is anticipated to continue to hold the top spot in the medical silicone molding market during the forecast period owing to the presence of leading medical device manufacturers, advanced healthcare infrastructure, significant investment in healthcare services, and advancement in manufacturing technologies.

On the other hand, Asia-Pacific is anticipated to grow at the fastest rate in the medical silicone molding market during the forecast period. A rapidly aging population, rising healthcare costs, an expanding healthcare infrastructure, and improvements in medical technology are the main factors driving its expansion.

Medical Silicone Molding Market Drivers:

Some of the key drivers listed in the report are given below.

• Key driving factors of the medical silicone molding market are increasing demand for medical devices in the wake of increasing healthcare spending, increasing demand for personal protective equipment after the pandemic; innovation in medical technologies, such as miniaturization.
• Growing demand for wearable medical devices; increasing focus towards personalized medicine and patient-specific solutions; and advantages of silicone-molded components, such as durable, flexible, non-toxic, hypoallergenic, and biocompatible, meet the stringent regulatory standards.

Competitive Landscape: Top 10 Companies in the Medical Silicone Molding Market:

The market is moderately consolidated, with leading players holding a significant share and primarily generating their revenue through hardware product offerings, which remain the core focus of their business strategies. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

• Freudenberg Group
• Trelleborg AB
• Parker Hannifin Corporation
• Saint-Gobain
• SIMTEC Silicone Parts, LLC

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the data center liquid cooling market, answering critical questions like

-       How big is the sales opportunity?

-       Which regions offer the best sales opportunities?

-       Which are the most attractive market segments?

-       Which are the top players and their market positioning?

-       How complex is the business environment?

-       What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-         Injection Molding Machine Market

-         Liquid Silicone Rubber Market

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Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to make convincing business decisions.

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