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Medical Styrenic Block Copolymer Market 2024: Report And Share
Medical Styrenic Block Copolymer
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Medical Styrenic Block Copolymer industry. This report on Medical Styrenic Block Copolymer market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The medical styrenic block copolymer market size has grown strongly in recent years. It will grow from $7.71 billion in 2023 to $8.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. 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 $11.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. 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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Key Market Players:
Zeon Corporation, TSRC Corporation, Kumho Petrochemical Co. Ltd., LCY Chemical Corp., INEOS Styrolution Group GmbH, Trinseo S.A.
Market Drivers:
The demand from the medical device industry is expected to propel the growth of the medical styrenic block copolymer market going forward. The medical device industry encompasses the production and distribution of a wide range of instruments and equipment used for healthcare purposes, from diagnostic tools to surgical devices. Medical styrenic block copolymers are used in medical procedures due to their biocompatibility, flexibility, and resistance to sterilization methods, making them suitable for applications like catheters, IV tubing, and surgical instruments. For instance, in September 2022, according to MedTech Europe, a Belgium-based European trade association representing the medical technology industries, in Europe, on average, approximately 11% of gross domestic product (GDP) is allocated to healthcare. Out of this, about 7.6% is attributed to medical technologies. The spending on medical technology across European countries ranges from around 5% to 12% of the total healthcare expenditure. The per capita expenditure on medical technology in Europe stands at approximately $346.08 (€284). Therefore, the demand from the medical device industry is driving the growth of the medical styrenic block copolymer market.
More information about the Global Medical Styrenic Block Copolymer Market Report -
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Market segments for Medical Styrenic Block Copolymer include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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