Medical Styrenic Block Copolymer Market size worth over USD 920 Million by 2027
Published Date: August 25, 2021 Authors: Kunal Ahuja, Sarita Bayas
According to a new research report by Global Market Insights Inc., the Medical Styrenic Block Copolymer Market size is anticipated to surpass USD 920 million by 2027. Increasing demand for environmentally safe & recyclable styrenic block copolymers in the manufacturing of medical equipment is projected to boost the market growth.
SBC eliminates the need for phthalates, which causes adverse impacts on a patient’s health. This beneficial property of styrenic block copolymers makes them a perfect fit for use as an effective alternative to the conventionally used PVC polymers in the medical sector and attributing toward market growth.
Rising incidences of congenital cardiac abnormalities are projected to boost demand for medical devices. Technological advancements in the formulation of styrenic bock copolymers to include low styrene content ensures a high degree of flexibility, high elastic recovery, clarity, good bonding to solvents, and easier post-processing handling. These advancements are expected to facilitate the use of styrenic block copolymers in the medical sector. Manufacturers have been able to meet the medical industry-specific needs owing to advancements in design. For instance, it is used to manufacturing medical tubes, which are used in oxygen masks, ventilators, and other medical equipment.
Additionally, the soft-touch property and improved cost performance characteristics showcased by styrenic block copolymers are expected to favor their use over other conventionally used materials, such as PVC, rubbers, and thermosets, thus boosting market growth over the forecast period.
The continuously increasing number of COVID-19 cases in different countries is likely to further raise the demand for styrenic block copolymers for manufacturing medical devices and equipment. Increasing efforts by medical device manufacturers to move away from PVC, silicone, and other conventionally used materials to more effective & environmental-friendly alternatives are expected to provide promising opportunities to the market.
High versatility and excellent heat & wear resistance will stimulate market demand from the styrene-butadiene-styrene segment
The global medical styrenic block copolymer (SBC) market from styrene-butadiene-styrene is projected to gain traction at a CAGR of 7.5% over the forecast period. Styrene-Butadiene-Styrene (SBS) is widely used in the manufacturing of medical devices, device parts, pharmaceutical packaging, medical bags, and tubes. Its high durability, easy availability, and low cost have propped its demand in the medical industry. Styrene-Butadiene-Styrene (SBS) is extensively used as an alternative to natural rubber in the medical industry. It is among the most widely used synthetic rubbers across the globe owing to its high versatility, excellent heat & wear resistance, high stability, and enhanced abrasion resistance.
Furthermore, population growth, increased healthcare expenditure, rising prevalence of diseases, increasing privatization in the medical sector, and expanding health insurance penetration have propelled the demand for medical devices & products. These factors are further projected to boost the styrenic block copolymers market growth over the forecast period from styrene-butadiene-styrene application.
Browse key industry insights spread across 240 pages with 167 market data tables and 33 figures & charts from the report, “Medical Styrenic Block Copolymers (SBC) Market, By Product (SBS, SIBS, SEBS), By Application (Tubing, Medical Bags, Equipment, Packaging & Diagnostics Products, Wound Care), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Reduction in the use of phthalates and PVC in medical devices is likely to soar market growth from tubing application
The global medical styrenic block copolymers market from tubing application is anticipated to witness significant growth of around 8% during the forecast period. Medical device manufacturers around the world are phasing out or reducing the use of phthalates and PVC in medical devices. Due to this factor, new medical tubing products are increasingly being produced using styrenic block copolymers. These materials offer better clarity compared to PVC and offer low drug absorption, which is an essential property as medical tubing products are used to administer medication.
Medical tubing is used in drug delivery systems, peristaltic pumps, and feeding tubes. These tubes are characterized by exceptional thermal, chemical & mechanical properties and are used in highly critical & minimally invasive applications including stent delivery systems, cardiovascular catheters, urological retrieval devices, and drug delivery. Styrenic block copolymers are used to produce medical tubing products owing to their various properties such as good temperature resistance, clarity, high cohesive strength, flexibility & durability, excellent elasticity, and high compatibility with polyethylene, polystyrene & polyolefins.
Increasing individual health expenditure coupled with the growing government emphasis on healthcare is expected to propel the demand and production of medical tubing products, thereby driving the medical styrenic block copolymer market.
The Asia Pacific market is gaining traction owing to increasing government expenditure on medical and health infrastructure
The medical styrenic block copolymer market expansion in Asia Pacific is anticipated to gain traction at a CAGR of 10% by the end of 2027 due to the rapidly growing population in the region and growing healthcare spending in India, China & Indonesia. Additionally, rising investments from the private & public sectors to improve the medical & health infrastructure in Asian countries are projected to increase the need for medical devices, equipment, and products.
Government initiatives for the development of the medical & healthcare sector in emerging economies, such as China and India, are predicted to offer huge growth opportunities for the medical styrenic block copolymer market. For instance, the Government of India has initiated various policies to strengthen the medical devices sector in the country with primary emphasis on 100% FDI for medical devices and research & development.
To enhance domestic production of medical devices and attract investments in the medical device sector in India, the Department of Pharmaceuticals introduced a PLI scheme to increase domestic manufacturing of medical devices with a total allocation of funds worth over USD 468.78 million. These government initiatives are projected to propel the production of medical devices, equipment, and products in the region.
Key manufacturers in the medical styrenic block copolymer industry are investing in several activities, such as mergers, acquisitions, collaborations, and research & development, as the product finds an array of applications in the market including tubing, medical bags, equipment, packaging & diagnostics products, and wound care, in order to strengthen its market foothold. Some of the key players operating in the market are Dynasol Group, Asahi Kasei Corporation, Kumho Petrochemical, LCY Chemical Corp, INEOS Styrolution Group GmbH, JSR Corporation, and RTP Company.
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