The medical foam market is projected to grow at a CAGR of 6.1% between 2020 and 2025
NEW YORK, April 2, 2020 /PRNewswire/ -- The medical foam market is projected to grow at a CAGR of 6.1% between 2020 and 2025.
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The global medical foam market size is estimated to be USD 27.7 billion in 2020 and is projected to reach USD 37.2 billion by 2025, at a CAGR of 6.1% from 2020 to 2025. This growth can be attributed to the increasing aging population, the shift from traditional wound care products, the rise in global health care products, and the growth of the implantable device sector.
The bedding & cushioning segment is expected to hold the largest share of the medical foam market during the forecast period.
The bedding & cushioning segment accounted for the largest share of the medical foam industry in 2019.Medical foam offers design flexibility, strength, and durability and hence is used in the construction of bedding & cushioning products such as mattresses, orthopedic supports, pads, and others.
Medical foams have compression relieving capabilities, which adapts to the patient's body shape, thus providing comfort to patients. The growth of this segment can be attributed to the increase in the aging population and the rising construction of hospitals and medical centers across the globe.
Flexible foam is expected to be the largest segment of the medical foam market during the forecast period.
The flexible foam segment is expected to be the largest in terms of volume, owing to properties such as softness, moisture resistance, high impact & mechanical properties.Flexible foams regain their original shape even after being deformed.
This property makes them suitable for use in bedding & cushioning products for patients to provide them with maximum comfort and support. Moreover, due to the ability to absorb shock, flexible foams are used in the packaging of medical devices and prosthetics.
Polymer segment is expected to lead the medical foam market during the forecast period.
Based on material, the polymer segment is estimated to account for the largest share of the medical foam market in 2020 in terms of volume.The major types of polymer foam used in medical applications include polyurethane foam, polystyrene foam, polyolefin foam, and others.
The growth of the polymer segment is due to the abundant availability, ease of manufacturing, and low cost compared to other materials. Foamed polymers possess properties such as low weight, heat preservation, sound absorption, biocompatibility, and excellent cushioning.
Asia Pacific is projected to grow at the highest CAGR of the medical foam market during the forecast period.
The Asia Pacific medical foam industry has been studied for China, Japan, India, Indonesia, and the Rest of Asia Pacific.The Asia Pacific region is a lucrative market for medical foam, owing to demographic changes, increasing healthcare facilities, and expenditure.
Major market players such as SEKISUI CHEMICAL CO., LTD., and INOAC Corporation have a presence in Asia Pacific in terms of manufacturing facilities, distribution systems, and sales offices, which generates an adequate supply of medical foam in this region. The players mentioned above are acquiring small-scale companies and medical foam fabricators in the region, which drives growth in the market. Moreover, medical foam manufacturers in North America and Europe are expanding their business in the Asia Pacific region, and there is a significant knowledge transfer taking place between developed and emerging countries through active engagements in different forums.
Breakdown of primary interviews for the report on the medical foam market
-- By Company Type - Tier 1 - 16%, Tier 2 -36%, and Tier 3 - 48%
-- By Designation - C-Level - 16%, D-Level Executives - 24%, and Others - 60%
-- By Region - North America - 24%, Europe - 36%, Asia Pacific - 20%, Middle East & Africa - 12% South America - 8%,
Some of the leading manufacturers of medical foam profiled in this report include The Dow Chemical Company (US), SEKISUI CHEMICAL CO., LTD. (Japan), Huntsman Corporation (US), Trelleborg AB (Sweden), BASF SE (Germany), Recticel NV (Belgium), INOAC Corporation (Japan), UFP Technologies, Inc. (US), FXI Holdings, Inc. (US), Armacell International S.A. (Germany), Rogers Corporation (US), Freudenberg Group (Germany), and Molnlycke Health Care (Sweden).
Research Coverage
This report covers the medical foam market by foam, material, application, and region.It aims at estimating the size and future growth potential of the market across various segments.
The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments, high-growth regions, and drivers, restraints, opportunities, and challenges in the medical foam market.
The report provides insights on the following:
-- Market Penetration: Comprehensive information on various raw materials and products of medical foam offered by top players operating in the market
-- Product Development/Innovation: Detailed insights into upcoming developments in medical foam, R&D activities, and new applications in the market
-- Market Development: Comprehensive information about lucrative and emerging markets across different regions
-- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the medical foam market
-- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the medical foam market
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