Overview and Scope
Medical styrene block copolymers refer to thermoplastic elastomers. These materials look like plastic but behave like rubber. This material helps to make products flexible, stretchable, and elastic. It can also be used as an alternative to natural rubber, silicone rubber, thermoplastic polyurethane (TPU), or polyvinyl chloride (PVC). The medical styrenic block copolymer market is used in the manufacture of medical products such as surgical drapery, needle shields, dental dams, drip chambers, and exercise bands.
Sizing and Forecast
The medical styrenic block copolymer market size has grown strongly in recent years. It will grow from <b>$7.71 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. </b> The growth in the historic period can be attributed to regulatory compliance, infection control, telemedicine services, precision medicine, global healthcare initiatives.
The medical styrenic block copolymer market size is expected to see strong growth in the next few years. It will grow to <b>$11.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. </b> The growth in the forecast period can be attributed to sterilization resistance, drug delivery systems, flexible medical packaging, medical device manufacturing, tissue engineering, biocompatibility techniques. Major trends in the forecast period include advanced medical devices, biodegradable copolymers, 3d printing, surgical robotics, radiopacity.
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Segmentation & Regional Insights
The medical styrenic block copolymer market covered in this report is segmented –
1) By Type: Styrene Ethylene Butadiene Styrene, Styrene Isoprene Butadiene, Styrene-Butadiene-Styrene
2) By Application: Tubing, Medical bags, Equipment, Packaging and diagnostics products, Wound care, Other Applications
<b>North America</b> was the largest region in the medical styrenic block copolymer market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the medical styrenic block copolymer market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing healthcare expenditure is expected to propel the growth of the medical styrenic block copolymer market going forward. Healthcare expenditure refers to average healthcare spending in an economy, which includes expenditure related to hospitals, home health agencies, and personal healthcare. Medical styrene block copolymer materials are used in the manufacture of medical products, which helps to make medical products flexible, stretchable, and elastic. For instance, in March 2021, according to the Indian Brand Equity Foundation, an India-based government agency, Indian public spending on health care increased to 2.1% of GDP for the year 2022, which is 1.8% of GDP for the year 2021. In addition, for the year 2022, the union budget has allocated 11.28 billion in its budget for health care. Also, according to the Centers for Medicare & Medicaid Services, a US-based government health organization, health care spending in the US increased by 9.7% in 2020, which reached $4.1 trillion. Therefore, increasing healthcare expenditure is driving the growth of the medical styrene block copolymer market.
Key Industry Players
Major companies operating in the medical styrenic block copolymer market include <b> Zeon Corporation, TSRC Corporation, Kumho Petrochemical Co. Ltd., LCY Chemical Corp., INEOS Styrolution Group GmbH, Trinseo S.A., RTP Company, LG Chem Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), Dynasol Group, Asahi Kasei Corporation, BASF SE, Versalis S.p.A., DENKA Company Limited, En Chuan Chemical Industries Co. Ltd., JSR Corporation, Eastman Chemical Company, Chi Mei Corporation, Kraton Corporation, Chevron Phillips Chemical Company LLC, Styrolution Group GmbH, Kuraray Co. Ltd., Korea Kumho Petrochemical Co. Ltd. </b>
The medical styrenic block copolymer market report table of contents includes:
1. Executive Summary
2. Medical Styrenic Block Copolymer Market Characteristics
3. Medical Styrenic Block Copolymer Market Trends And Strategies
4. Medical Styrenic Block Copolymer Market – Macro Economic Scenario
5. Global Medical Styrenic Block Copolymer Market Size and Growth
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31. Global Medical Styrenic Block Copolymer Market Competitive Benchmarking
32. Global Medical Styrenic Block Copolymer Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Medical Styrenic Block Copolymer Market
34. Medical Styrenic Block Copolymer Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Zeon Corporation
TSRC Corporation
Kumho Petrochemical Co. Ltd
LCY Chemical Corp
INEOS Styrolution Group GmbH
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