Analysis of Medical Foam market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global medical foam market can secure a market value of US$ 38 Bn by the end of the forecast period, 2022-2032. The market is projected to flourish at a CAGR of 4% by 2032.
Estimated Market Value from in 2032
US$ 38 Bn
Projected CAGR by 2032
Market Value in 2022
US$ 27 Bn
Key Players of the Global Foam Market
The key factors driving the market expansion are the increasing expenditure in the healthcare sector, the growing geriatric population, and the preference for advanced wound care products. Demand for polyurethane foam is estimated to increase at a CAGR of 8%, reaching US$ 10 Bn by the end of 2032, accounting for 50% of the global market share.
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According to Fact MR, the global medical foam market experienced an incline of 3% in value CAGR terms from 2017 to 2021. This growth is attributed to various factors such as rising geriatric population, increase in global health expenditure, rapid expansion of the medical device sector, and increasing consumer focus on health & periodic cleanliness.
With increasing cases of epidemic outbreaks such as COVID- 19 and H1N1 Swine flu in recent times, demand for various medical devices, hospital bedding, and other medical equipment has surged. With the ongoing pandemic, demand for medical foam is expected to further elevate.
The demand for medical foam is likely to witness a significant rise due to its features such as; durability, softness, flexibility, anti-microbial, and absorbency. Also, the increasing footprint of the pharmaceutical industry across the globe is anticipated to strengthen the global market. The industry is anticipated to hold a market value of US$ 38 Bn from 2022-2032 while exhibiting a CAGR of 4% during the same timeframe.
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The Outbreak of Epidemics to Increase Demand for Advanced Medical Devices
The outbreak of COVID-19 is anticipated to have brought a positive impact on the market. The spread of H1N1 Swine Flu and HGN1 Swine Flu is also likely to benefit the market. The spread of such viruses has generated significant demand for advanced medical devices and hospital beddings.
The increasing cases of COVID-19 across the globe have surged the number of patients being admitted to hospitals, which has resulted in a notable rise in the demand for medical equipment, medical foam being one of them. The severely COVID-19 infected patients demand efficient breathing systems, which has enhanced the demand for the medical foam to support the breathing equipment.
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Various Benefits to Grow Demand for Medical Foam
The demand for high-quality foam has been rising in the healthcare sector. Equipment such as; LCD screens, wound dressings, medical device cushioning prosthetic padding, and custom orthotics have witnessed a significant rise in demand, which is also offering various opportunities for expansion.
Furthermore, the medical foam has benefits like resistance against harsh climate and fungal infections, which boosts its demand. In addition, the rapid expansion of the pharmaceutical industry in developing countries is projected to be a salient cause that can augment the market in the forecast period.
The analysis states that the demand for medical foam is likely to boost in the coming time due to its application in wound care and MRI. Other factors such as; the growing focus on product development and manufacturing of pocket-friendly medical foam are anticipated to elevate the market size in the forecast period.
Fluctuating Prices of Raw Material to Affect Medical Supplies
As per the analysis, the fluctuations associated with raw materials are projected to be the major impeding cause of the global medical foam market. The price of Benzene is dependent on crude oil and a significant fluctuation in the price can lead to losses. Similarly, the cost of polystyrene foam is dependent on the price of styrene and other raw materials. Such fluctuations are likely to hamper market growth by affecting the profits of the market competitors.
The outbreak of COVID-19 hampered the transportation of raw materials which brought significant losses to the manufacturers. However, with the gradual uplifting of the lockdown across the globe, the market is predicted to regain its momentum.
Growing Expenses on Healthcare to Increase Demand for Medical Foam in North America
The analysis reveals that North America is expected to garner a market share of about 32% of the global market. The growth in the region can be attributed to the increasing per capita health expenditure in the U.S along with the rising demand for advanced medical devices.
Evaluations at Fact MR. reveal that the U.S is expected to have garnered nearly US$ 5 Bn of the market value in 2022. The rapid expansion in the country can be attributed to the presence of a robust healthcare center and established medical devices manufacturing industry across the country.
Other factors such as increasing per capita income, growing expenses on healthcare, and surging geriatric population are other salient factors propelling the market in the country.
Growing Number of Hospitals to Boost Demand for Advanced Medical Supplies
As per the analysis by Fact MR, APAC is anticipated to secure more than 30% of the global medical foam revenue share and can expand at a CAGR of 7% during the forecast period. Factors such as; the increasing old-age population, rising medical tourism, and the growing number of hospitals across the region are anticipated to augment the industry in the coming time.
In the region, China is projected to be the most lucrative market. The evaluation says that China is likely to procure a market value of US$ 6 Bn while exhibiting a CAGR of 11% from 2022-2032. The reason can be attributed to the fast development in the healthcare sector. Further, the rapid growth of the pharmaceutical sector and the development of medical devices are projected to boost the market significantly in the region.
Affordability of Flexible Medical Foam to Boost the Market
According to Fact. MR, the flexible medical foam is projected to expand at a CAGR of 7% during the forecast period from 2022-2032. The increased demand for the foam can be attributed to the affordability compared to the rigid and spray foams.
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.
Bedding and Cushioning to be the Most Lucrative Segment
The demand for medical foam in bedding and cushioning is significantly high. It is the most lucrative segment and offers considerable revenue. The evaluation suggests that the market is anticipated to account for about 36% of the global revenue share while exhibiting a CAGR of 6% in the assessment period.
The growth of the segment can be attributed to the growing demand for bed accessories, hospital beds, and seat cushioning. In addition, the increasing development in the healthcare sector and the growing need to advance the hospital facilities are predicted to augment the segment in the coming time.
The major players of the market focus on strategies such as; agreements, partnerships, capacity expansions, and collaborations. Some of the recent developments among the key players are:
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The global medical foam market is estimated to hold a market value of USD 38 Bn by 2032.
Foamtec Medical, Apollo Foam Limited, Technical Foam Services Limited, and Foamtec Medical are some of the key players in the global medical foam market.
Fact. MR reveals that China is anticipated to procure a market value of USD 6 Bn by 2032.
APAC is anticipated to be the most lucrative market, procuring nearly 30% of the total global market share in the forecast period.
North America is anticipated to secure 32% of the total global market share by 2032.
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