According to the report published by Allied Market Research, the global medical foam industry estimated at $23.6 billion in 2019, and is projected to reach $38.1 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in number of aged
population and requirement for enhanced comfort for patients and rise in need
for protective packaging of medical devices and medical wearables fuel the growth
of the global medical foam market. On the other hand, side-effects such as
retention of heat, heaviness, and time to adjust sleeping position of
mattresses restrain the market growth to a certain extent. Nevertheless, rise
in number of private and government hospitals across the globe is anticipated
to provide an array of opportunities for the market players in the approaching
time.
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Covid-19 scenario:
·
The number of patients admitted to hospitals has
increased during Coivd-19, which positively impacted the sales of medical foam.
·
Patients infected with Covid-19 require a long
time for recovery, thereby increasing the number of beds, which further surged
the demand for the medical foam..
·
Growing demand for PPE kits has further
contributed to the growth of the market.
The medical foam market is
segmented on the basis of type, material, application and region. Based on
type, the flexible segment dominated the market with the largest share in 2019,
contributing to nearly half of the global market. Furthermore, the segment is
also expected to grow at the highest CAGR of 6.7% from 2020 to 2027. Moreover,
the report also analyzes segments including rigid and molded.
Based on application, the market
is divided on the basis of packaging, bedding and cushioning, device and
components, and others. The bedding and cushioning segment held the largest
share in 2019, with more than half of the global market. However, the device
and components segment is estimated to portray the highest CAGR of 7.8% during
the forecast period.
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Based on region, the market is
analyzed across various regions including Asia-Pacific, Europe, North America,
and LAMEA. The Asia-Pacific region accounted for the highest market share with
nearly half of the total revenue in 2019, and would lead the trail throughout
the forecast period. In addition, the region is also anticipated to register
the fastest CAGR of 6.6% during the forecast period.
Major market players in the report include Apollo Foam Limited, Advanced
Medical Solutions Group plc, Draka Interfoam B.V., Foamtec Medical, UFP
Technologies, Freudenberg
Performance Materials s.a.s, Technical
Foam Services Limited, General
Plastics Manufacturing Company, and Transcontinental
Advanced Coating.
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