Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Foam market.
Trusted Business Insights presents an updated and Latest Study on Medical Foam Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Foam market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Medical Foam Market
The global medical foam market size was valued at USD 21.2 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2027. This growth is attributed to various factors, which include rising geriatric population, an increase in global health spending, the rapid expansion of the medical devices sector, and consumer focus on health & periodic cleanliness. Medical foams are formulated for a wide range of applications in the healthcare industry, meeting various challenges present in medical environments. Such challenges include the barrier against bacteria to reduce the risk of germ and disease spread. Medical foams offer excellent antibacterial properties that make them highly suitable for use in environments that must be sterile. These foams are also used in wound care, medical packaging, medical devices, and prosthetics owing to their excellent impact absorption and lightweight properties.
The growing global population and rising health concerns among consumers related to personal hygiene due to increasing cases of epidemic outbreaks, such as COVID- 19, H1N1 Swine flu, and H5N1 Avian influenza, in recent time, are boosting the demand for various medical devices, hospital bedding, and other medical equipment for treatment purposes, which, in turn, is expected to drive the product demand in the coming years.
The product is now being increasingly used as a substitute for conventional material in the healthcare sector for manufacturing instruments, such as prosthetics and orthopedic models, as they are lightweight and have excellent compressive and tensile strengths. This is anticipated to fuel market growth over the forecast period 2021-2027. In addition, the application of medical-grade foams for the packaging of various pharmaceutical products and medical devices is projected to be another major factor contributing to the growth of the market in the coming years.
Foam Type Insights: Medical Foam Market
Flexible foam type led the market and accounted for more than 55% share of the global revenue in 2019. It is estimated to expand further at a steady CAGR from 2020 to 2027 retaining the leading position in the global market. The growth of this segment is attributed to the rising consumption of flexible foam in bedding & cushioning, wound dressing, and medical packaging application. Properties of flexible medical foam, such as moisture resistance, softness, and high impact resistance, make it suitable for usage in the aforementioned applications.
Spray foam type is expected to be the fastest-growing segment over the forecast period owing to their increasing usage in prosthetics & wound care applications, such as instant bandages. In addition, spray foams are widely used as coatings, fillers insulates, and air seals in various medical devices and medical packaging applications, which is expected to be a major driving factor for the segment growth over the forecast period.
Product Insights: Medical Foam Market
Polyurethane (PU) led the market and accounted for more than 50% share of the global revenue in 2019. The segment will expand further due to the wide product application scope in bedding & cushioning packaging, and prosthetics & wound care. The application of rigid medical foams in podiatric, hip protector pads, orthotics, wheelchair pads, and hygienic seating for support and protection is also expected to propel the segment growth during the forecast period.
Polyolefin is expected to be the fastest-growing product segment over the forecast period owing to its rising applications in medical components and packaging in the healthcare industry. They are mostly used for packaging sensitive devices and instruments owing to its excellent insulation and vibration dampening properties. Moreover, it is easy to fabricate and has a good load-bearing capacity that helps producers in minimizing the cost of packaging as they can use smaller and thinner amounts of foam.
Application Insights: Medical Foam Market
Bedding & cushioning application segment led the market and accounted for more than 36% of the global revenue share in 2019. Rising demand for hospital beds, seat cushioning, and bed accessories, such as pillow support, head, neck, and shoulders supports, is expected to be a major factor driving the segment growth. Furthermore, the rise in health care development, establishment of new hospital facilities in the rural areas, and ongoing corona pandemic have further increased the demand for bedding & cushioning, which, in turn, is anticipated to propel the product demand in this segment.
Medical devices & components is expected to be the fastest-growing segment over the forecast period owing to increasing product demand in the manufacturing of medical devices. Medical foam is gaining popularity as they offer better biocompatibility and are economical. Several plastics, including polystyrene (PS) and polyethylene, are blended to achieve desired product properties for use in medical devices.
Rising need for advanced healthcare services and well-developed healthcare infrastructure along with increasing incidences of Cardiovascular Diseases (CVDs) and rising geriatric population across the world is anticipated to generate the demand for medical devices, which, in turn, is expected to have a positive impact on the market growth.
Regional Insights: Medical Foam Market
North America led the market and accounted for over 32% of the overall share in 2019. With the rising per capita health spending in the U.S., the demand for medical devices is expected to increase significantly over the coming years. This is likely to boost the demand for medical foam in the region. Furthermore, increasing per capita healthcare spending in the form of health insurance in the U.S. has been one of the major trends impacting the market in North America.
This is expected to augment the demand for generic drugs as well as medical devices over the coming years, thereby driving the regional market. The key applications catered to by this industry include medical packaging and medical components manufacturing. The recent outbreak of COVID-19 in countries, such as the U.S, China, Italy, France, and others has resulted in the increasing demand for hospital bedding, medical devices, and wound dressing application, which is expected to have a positive impact on the product demand in the aforementioned applications.
Key Companies & Market Share Insights: Medical Foam Market
The market is characterized by the presence of various small- and medium-scale companies catering to global and local demands. Key players in the market aim to achieve optimum growth and strengthen their position through various market expansion strategies, such as partnerships, new product development, agreements, technical collaborations, and capacity expansions. Countries, such as India, the U.S., and China, where the demand for medical devices, medical packaging, and hospital beds is growing significantly owing to the rapidly rising corona positive cases are expected to provide new expansion opportunities for the market players in the coming years. Some of the prominent players in the medical foam market include:
Key companies Profiled: Medical Foam Market Report
- General Plastics Manufacturing Company, Inc.
- Zotefoams plc
- Sekisui Chemical Co., Ltd.
- UFP Technologies, Inc.
- Foamtec Medical
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical foam market report on the basis of foam type, product, application, and region:
Foam Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Flexible Foam
- Rigid Foam
- Spray Foam
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Polyurethane (PU)
- Polystyrene (PS)
- Polyvinyl chloride (PVC)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Bedding & Cushioning
- Medical Packaging
- Medical Devices & Components
- Prosthetics & Wound Care
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