Oct 22, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Foam Market.
It was estimated prior to this unanticipated outbreak that the Medical Foam Market likely to witness a promising CAGR of 6.1% during the forecast period. With the increasing population and extended life expectancy comes the growing ageing population, which demands for efficient care and comfort. This, along with the rising global health expenditure, rapid growth of implantable devices, and an incessant shift from traditional to advanced wound care products are some key factors adding a stir in the demand for medical foams, fueling the market’s growth during the forecast period. are some key factors adding a stir in the demand for medical foams, fueling the market’s growth during the forecast period.
Medical grade foams are quite different than any other commodity foams in a manner that they are specially graded biocompatible, non-toxic, low particulate and sterilized, formulated for various challenging applications in the medical industry. They are needed to fulfill certain criteria and standards defined by the industry: ISO 10993 protocol, raw material formulation registered with the FDA, 510K Submissions, USP Classification, etc. These medical grade foams prove to be very crucial for the medical industry as they are resistant to contaminates and enable efficient cleansing of rooms for anti-bacterial applications, in turn, reducing the risk of disease and spread of germs which is quite common in hospitals. Technological advancements in the healthcare industry, shift from traditional to advanced wound care system, and increasing number of surgical procedures, globally, are some key factors driving the demand for medical foams.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Segment Analysis
Based on the form type, the medical foam market is segmented as flexible foam, rigid foam, and spray foam. The flexible foam segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The rising demand for medical foam in applications such as bedding & cushioning, packaging of medical devices, and foam dressing in wound care, among others, coupled with its favorable properties such as softness, moisture resistance, high impact and mechanical resistance is propelling the segment’s market.
Based on the material type, the market is segmented as polymers, latex, and metals. The polymers segment is expected to maintain its vanguard in the market, owing to its superior properties such as low weight, heat preservation, sound absorption, biocompatibility, and excellent cushioning, as compared to its competing materials. There has been a trend towards increasing adoption of polymers across various industries for an unimaginable range of applications, owing to the easy availability of raw materials and ease of manufacturing, which ultimately leads to cost saving.
Based on the application type, the medical foam market is segmented as bedding & cushioning, medical packaging, medical devices & components, prosthetics & wound care, and others.The bedding & cushioning segment is expected to assert its supremacy in the market during the forecast period. With growing population, increased life expectancy and hence, ageing population, there has been several efforts to ensure patient comfort. Surgical beds, cushions, comfort/positioning pads, wheelchair seats, and orthopedic support are all examples of flexible medical foam application. They are the preferred choice of material for bedding and upholstery as they offer high resilience.
By Region, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. This growth can be attributed to the rapid demographic changes, increasing healthcare expenditure, excellent industrial development, and improving economic conditions. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Key players operating in the global Medical Foam market are-
- Armacell International Holding GmbH
- BASF SE
- Freudenberg Group
- FXI Holdings, Inc.
- Huntsman Corporation
- INOAC Corporation
- Mölnlycke Health Care
- Recticel NV
- Rogers Corporation
- SEKISUI CHEMICAL CO., LTD.
- The Dow Chemical Company
- Trelleborg AB
- UFP Technologies, Inc
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medical Foam analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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