LONDON, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the medical styrenic block copolymer market, increasing healthcare expenditure is expected to propel the growth of the medical styrene 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.
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The global medical styrenic block copolymer market share is expected to grow from $6.48 billion in 2021 to $7.08 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The global medical styrenic block copolymer industry growth is expected to grow to $8.93 billion in 2026 at a CAGR of 6%.
An increase in product developments and innovations is gaining popularity in the medical styrenic block copolymer market trends. Major companies operating in the medical styrene block copolymer sector are focused on developing new technologies to strengthen their position in the market. For instance, in February 2020, Clariant AG, a Switzerland-based company that manufactures health care polymer devices, launched medical fillers named MEVOPUR, which are manufactured by using hydrolytic degradation technology. These new filters are specially designed to resist degradation caused by exposure to high humidity and temperature extremes. These filers had high loading capacities of radiopaque metals, as these fillers are known to exacerbate the degradation effect.
Major players in the medical styrenic block copolymer market are Zeon Corporation, TSRC Corporation, Kumho Petrochemical, LCY Chemical Corp, INEOS Styrolution Group GmbH, Trinseo SA, RTP Company, LG Chem, Ineos Styrolution Group, China Petrochemical, Dynasol Group, Asahi Kasei Corporation, and BASF.
The global medical styrenic block copolymer market is segmented by type into styrene ethylene butadiene styrene, styrene isoprene butadiene, styrene-butadiene-styrene; by application into tubing, medical bags, equipment, packaging and diagnostics products, wound care, others.
North America was the largest region in the medical styrenic block copolymer market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global medical styrenic block copolymer market during the forecast period. The regions covered in the global medical styrenic block copolymer market overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Medical Styrenic Block Copolymer Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide medical styrenic block copolymer market overviews, medical styrenic block copolymer market analyze and forecast market size and growth for the whole market, medical styrenic block copolymer market segments and geographies, medical styrenic block copolymer market trends, medical styrenic block copolymer market drivers, medical styrenic block copolymer market restraints, medical styrenic block copolymer market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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