New York, US, June 18, 2021 (GLOBE NEWSWIRE) -- Global Medical Foam Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Medical Foam Market - Information by Form, Material, Application and Region - Forecast till 2027” the market is forecasted to reach USD 38 Billion by 2027 at 6% CAGR.
Market Scope:
The increased demand for high quality medical products has contributed to the increased use of medical foams for a number of applications including wound dressings, sealing of medical equipment LCD panels, medical system cushioning, and personalized orthotics. Medical foam is lightweight, versatile, absorbent, stretchable, fungal resistant, stain resistant, low outgassing, excellent compression-set resistance, impact-absorbing, and robust. The main factors driving the growth of this industry are population ageing, customer demand for innovative wound care goods, and the growth of the implantable devices industry. Additionally, the industrial-grade foam use for medicinal drugs and medical equipment will continue to expand in the coming years, creating a large part of the market.
Market Growth Influencers:
- The pharmaceutical industry's entrance into the medical foam sector, combined with the industry's increased investment on healthcare facilities and increasing healthcare awareness are key factors driving the growth of the medical foam market.
- The rising demand for implantable medical devices is expected to rise due to advances in technology and more people becoming aware of the advantages of these devices.
- Incidences of cardiovascular diseases and the geriatric population around the world was anticipated to have a positive effect on the business growth.
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Key Players Locking Horns:
The industry consists of several small and medium-sized enterprises of different sizes, catering to various global and local demands. Key players in the industry are aiming to become more profitable by growing market share through different market growth strategies such as alliances, new product creation, deals, and technical collaborations. These executives have undertaken growth, merger, and agreement practices to extend their companies into new and untapped markets. They prioritize diversification in their organic and inorganic growth strategies throughout the medical foam market.
Affluent vendors in the Global Medical Foam Market are:
- UFP Technologies (US)
- SEKISUI CHEMICAL CO., LTD., Softlon (Japan)
- Huntsman International LLC
- Rubinate & Suprasec (US)
- Trelleborg, Confor (Sweden)
- RECTICEL (Belgium)
- INOAC CORPORATION (Japan)
- FXI HOLDINGS, INC. (US)
- ARMACELL LLC (Germany)
- Rogers Foam Corporation (US)
- Freudenberg Group (Germany)
- and Mölnlycke Health Care (Sweden).
Developments Post COVID-19 Outbreak:
The recent epidemic of COVID-19 in countries, such as the U.S, China, Italy, France, and others is triggering increased demand for hospital bedding, medical equipment, and wound dressing applications, which is projected to have a positive effect on the product demand in the aforementioned applications. Furthermore, the growing need for renewable packaging products in the medical industry would generate opportunities for the market players involved.
Browse In-depth Market Research Report (140 Pages) on Medical Foams: https://www.marketresearchfuture.com/reports/medical-foam-market-9693
Market Segmentation:
By Form, the medical foam market can primarily be categorized into flexible, rigid, and spray. The flexible foam segment accounted for the largest demand in 2019 due to expanded usage in medical care, bedding and cushioning, face shields, and orthotics among other medical uses. Spray foam form is expected to be the fastest growing market opportunity in prosthetics & wound care applications due to its rising use in instant bandages applications.
By Material, the global medical foam market has been segmented into polymers, latex, and metal. The polymers segment is mainly responsible for the global medical foam market. There are many different polymers used to produce medical foams such as polyurethane foam polystyrene and polyethylene terephthalate glycol. Through different polymers, polyurethane foam is being commonly used because of its higher resistance to mildew and its light weight. The use of lightweight medical foams in podiatric, hip protector pads, orthotics, wheelchair pads, and hygienic seating is expected to fuel the industry's growth over the next five years.
The medical foam industry is broken down into bedding and cushioning, packaging, medical equipment and products, prosthetics and wound care. The bedding and cushioning segment of the worldwide medical industry is estimated to see the fastest annual growth rate over the next five years. Polyurethane foam is being commonly used in many various uses including medical bedding, pillows, cushioning, and so on. Medical devices and parts are expected to grow fastest over the next five years because of increased demand for medical devices in manufacturing. Medical foams are gaining popularity as they are safe, economical, and non-invasive. Specialty plastics such as styrene and polyethylene are mixed with certain products to meet certain targets.
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Regional Analysis:
The demand in Asia-Pacific accounted for the largest market share of the world in 2019 and is predicted to record the largest CAGR of all continents during the review period. Increased healthcare spending will increase the growth of the healthcare sector, and that will lead to more medical foam being used.
The North American medical foam demand is primarily due to the existence of the medical device industry, and the rising geriatric population in the area. With the growing health care spending in the U.S., the market for medical devices will rise considerably in the coming years. This may lead to a rise in demand for medical foam, in this area. Furthermore, the continual growth in healthcare costs in the U.S. has fueled the proliferation of health insurance in this region.
The European medical sector is expected to expand in response to increased investments in research and development activities inside the industry. In the region, Germany had the largest market share.
The demand growth in South America and the Middle East and Africa is possibly fuelled by increased investment on health and health literacy.
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