The Medical Styrenic Block Copolymer Market size to hit $920 million by 2027, Says Global Market Insights Inc.

The growth of the medical styrenic block copolymer market is driven by the well-established healthcare system in developed countries, the increasing healthcare expenditure in emerging economies, and a consistent demand across wound care applications, says this report.

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Selbyville, Delaware, Aug. 30, 2021 (GLOBE NEWSWIRE) --

According to the report published by Global Market insights Inc., the global Medical Styrenic Block Copolymer Market was estimated at $535 million in 2020 and is slated to exceed $920 million by 2027, registering a CAGR of 8% from 2021 to 2027. The report provides an in-depth analysis of the global market size & estimations, major pockets of investment, key opportunities & drivers, wavering market trends, competitive outlook, and the best winning strategies.

The medical styrenic block copolymer market is slated to witness robust growth and transformation in the forthcoming years. Ongoing developments in the industry are influenced by the growing disease burden and the adoption of latest technologies and equipment in healthcare. The well-established healthcare system in developed nations such as the U.S., Canada, France, Germany, the U.K., and Australia is creating promising opportunities for suppliers. Meanwhile, in developing regions, active government investments in healthcare will supplement the growth of the market.

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The medical styrenic block copolymer market share from the segment of equipment would surpass US$340 million by 2027. SBCs find prominent use in numerous medical equipment as an alternative to rubber, PVC, and metals. They are widely used to design respiratory and orthopedic equipment, surgery drapery, needle shields, comfort bedding, drip chambers, and other equipment.

The packaging & diagnostics products segment of medical SBC market reached US$160 million in 2020. The exceptional oxygen & moisture barrier properties of SBC make it suitable for medical packaging applications. In diagnostics equipment, the materials finds use as an alternative to PVC and rubber.

The medical SBC industry from wound care applications could grow at over 7.5% CAGR between 2021 and 2027. This is owing to the rise in the number of invasive surgeries and increasing cases of road accidents, trauma, burns, and others.

Key reasons for medical SBC market growth:

  • Well-established healthcare system in developed countries.
  • Increasing healthcare expenditure in emerging economies.
  • Consistent demand in wound care applications.

Europe is projected to witness a CAGR of around 7.5% through the analysis timeline. The regional demand is propelled by the established medical devices sector in Germany, France, Italy, Spain, and the U.K. The presence of leading medical equipment makers in the region who are constantly investing in R&D will boost the consumption of medical SBC significantly.

The COVID-19 pandemic has created positive growth opportunities for the medical SBC industry due to the shortage of medical devices, equipment, and supplies in numerous regions. When the coronavirus outbreak started in March 2020, the WHO had warned of a global medical equipment shortage and urged the respective governments to boost production by 40%. Thus, the surge in production capacity of medical supplies including respiratory equipment, PPE, and others has benefited the medical styrenic block copolymer market growth considerably.

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Leading market players analyzed in the medical styrenic block copolymer industry research include INEOS Styrolution Group, JSR Corporation, TSRC Corporation, Zeon Corporation, and Kraton Corporation, among numerous others. These companies are laying emphasis on new product development to bring novel solutions to the market and to help meet the growing global demand.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.