The benefits provided by plastic based medical devices over metallic equipment have influenced Medical Styrenic Polymer Market considerably. Most of the hospitals have been giving preference to light weight product, better aesthetics, easy disposability, and cost-effective equipment lately, which is making them one of the prominent end use segments of medical styrenic devices market. The world is trending toward the adoption of eco-friendly products which is further encouraging the use of disposable equipment. According to Global Market Insights, Inc., “Worldwide medical styrenic polymer market was worth USD 2.5 billion in 2016 and will record a CAGR of 7% over 2017-2024.”
Industry giants are investing significantly in research and development activities to enhance the ease of usability as well as to reduce complexity of the medical devices. To develop highly precise and accurate products, manufacturers are giving preference to plastics, pertaining to its easy micro-molding ability, which will lead medical styrenic polymer industry to generate substantial revenue by the end of 2024. Key participants in medical styrenic polymer market are Styron LLC, Saudi Basic Industries Corp., Styrolution Group GmbH, Chevron Phillips Chemical Company LLC., Kraton Polymers LLC, INEOS ABS (USA) Corporation, Chi Mei Corporation, and Americas Styrenics LLC.
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Polystyrene accounted for the largest chunk of medical styrenic polymer market share in 2016. The product is majorly used in manufacturing medical devices, equipment, packaging, etc. due to its rigid and cost-effective nature. Furthermore, excellent physical attributes including transparency, easy availability in several colors is likely to stimulate medical styrenic polymer market size for the segment by 2024.
ABS are amongst one of the fastest growing segment for medical applications owing to its unique combination of properties including easily colored, excellent finish and high-quality gloss. Moreover, it exhibits brilliant chemical resistance to heat and chemicals which will benefit in achieving promising growth for the medical styrenic polymer market size in the coming years.
Medical instruments segment captured the highest market share and is accounted to thrust at a CAGR close to 7.5% over the projected time spell. Increasing product use to manufacture devices & equipment owing to stringent regulations imposed against PVC use is likely to make prominent contribution to medical styrenic polymers market size by 2024. Medical fabrics segment for medical styrenic polymer market will witness promising gains owing to increasing product use to manufacture masks, operating gowns, surgical or orthopedic drapes, patient gowns, dressings in the coming years to gradually replace conventional plastic use from medical industry.
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North America has witnessed lucrative development in the healthcare and medical sector pertaining to implementation of favorable regulatory norms and enhancements in healthcare infrastructure. Taking into account the hazardous impact of metallic devices and equipment on environment and human health, market players across North America are shifting their focus toward the use of thermoplastic elastomers, which will favorably influence medical styrenic polymer market growth. North America medical styrenic polymer industry covered 40% of the overall share in 2016 and will collect considerable revenue by 2024, owing to the rise in spending on healthcare and medical sector.
Browse key industry insights spread across 112 pages with 164 market data tables & 13 figures & charts from the report, “Medical Styrenic Polymer Market Size By Product (Polystyrene, Acrylonitrile Butadiene Styrene [ABS], Styrene Acrylonitrile [SAN], Methyl-Methacrylate Butadiene Styrene [MBS], Methyl-Methacrylate Acrylonitrile Butadiene Styrene [MABS], Styrene Methyl–Methacrylate [SMMA], Styrene Butadiene Styrene [SBS], Styrene Ethylene Butylene Styrene [SEBS]), By Application (Medical Packaging, Medical Containers, Medical Instruments, IV Solution Bags, Medical Fabrics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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Medical Polymers Market Forecast, 2016 – 2024
Medical Polymers Market size will exceed USD 24 billion by 2024 gaining the industry by CAGR close to 9%. Global medical polymers market will be positively affected by the continuously growing pharmaceutical device demand. Pervasiveness of cardiovascular issues, general medical conditions, infections, and other diseases, coupled with increasing development of medical treatments and procedures and increasing general awareness will propel the pharmaceutical device industry in the coming years.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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