Fact.MR, a market research and competitive intelligence provider, mentions that the global medical foam market would be worth US$ 27 Bn in 2022 and grow at the rate of 4% between 2022 and 2032.
The Fluctuations Associated With Raw Materials Are Projected To Be The Major Impeding Cause Of The Global Medical Foam Market.
“Increasing Demand For Inducing Comfort While Imparting Treatment To Patients To Reduce Discomfort Or Trauma Is Anticipated To Bode Well For The Market For Medical Foam In The Upcoming Years”- says an analyst at Fact.MR.
Fact.MR, a market research and competitive intelligence provider, mentions that the global medical foam market would be worth US$ 27 Bn in 2022 and grow at the rate of 4% between 2022 and 2032. Fact.MR mentions that preference for various wound care products, especially by the geriatric population, is expected to take the medical foam market to US$ 38 Bn by the year 2032.
From 2017 to 2021, the market grew at a CAGR of 3%. The demand for medical foam is likely to grow in the coming time owing to its features such as; softness, durability, anti-microbial, and absorbency. Moreover, the rapid expansion of the pharmaceutical industry is projected to be another salient cause elevating the market.
The outbreak of COVID-19 is likely to have brought a positive impact on the market. Further, the spread of H1N1 Swine Flu and HGN1 Swine Flu is expected to benefit the market. Such viruses have generated a significant demand for developed medical equipment and hospital beddings. On the contrary, price fluctuation in raw materials is expected to hamper the market growth during the forecast period.
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Key Takeaways from Market Study
- Polyurethane foam is expected to account for half of the market share.
- North America holds 32% of the market share.
- The Asia-Pacific is expected to hold over 30% of the overall revenue.
- China is expected to witness a CAGR of 11% in the upcoming period.
- Cushioning and Bedding to dominate the market going forward
Medical foams have been formulated for numerous applications like preventing bacteria to curtail risks of spreading diseases and germs. The end-uses include prosthetics, medical devices, medical packaging, and wound care due fantastic impact absorption and lightweight properties offered by the medical foam.
Furthermore, the application of the flexible foam in bedding and cushioning, foam dressing of wounds, and packaging of medical devices is anticipated to bolster the market significantly in the forecast period.
“With Flexible Medical Foam creating ripples all across, the medical foam market is bound to create greater strides in the forecast period” says a Fact.MR analyst.
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Competitive Landscape
Key players of the global medical foam adopt various strategies such as acquisition, partnerships, and collaborations to expand their reach in the global market. Some of the recent developments among the key players are:
- In January 2022, UFP Technologies disclosed the acquisition of medical device contract manufacturer DAS Medical. The amount was not announced.
- In January 2022, 3M announced its commitment to carbon neutrality by 2050.
Key Market Segments Covered in Medical Foam Industry Analysis
- By Product
- Flexible Medical Foam
- Rigid Medical Foam
- Spray Medical Foam
- By Material
- Polyurethane Medical Foam
- Polystyrene Medical Foam
- Polyolefin Medical Foam
- Polyvinyl Chloride Medical Foam
- By Application
- Medical Foam Used in Bedding & Cushioning
- Medical Foam Used in Medical Packaging
- Medical Foam Used in Medical Devices & Components
- Medical Foam Used in Prosthetics & Wound Care
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global medical foam market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by product (flexible medical foam, rigid medical foam, and spray medical foam), by material (polyurethane medical foam, polystyrene medical foam, polyolefin medical foam, and PVC medical foam), by application (bedding & cushioning, medical packaging, medical devices & components, and prosthetics & wound care), and by region (North America, LATAM, Europe, East Asia, South Asia & Oceania, and MEA).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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