Medical Foam Market:
Growth opportunities in the medical foam market look promising over the next six years. This is mainly due to the Rising global healthcare expenditure, expansion of the medical device sector, and increasing awareness among the consumers focus on periodic health and periodic cleanliness.
Medical Foam Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging spending on healthcare across the world is one of the crucial factors driving the growth of the global medical foam market. The U.S.’s National health expenditure will expand at a rate of 5.4% throughout 2019-2028. Also, the growth of the medical device sector, along with the augmenting consciousness in individuals to emphasize periodic health and cleanliness, will strengthen the market share. In accordance with the World Health Organisation, more than 2 million devices in the market are further classified into a group of 7000 generic devices, and more than 34% of the 154 countries have a health technology policy, which has considerably promoted the market share. Moreover, the strategic initiatives by leading players, which include enlargement and acquisition, have raised the market growth. In 2018, SEKISUI CHEMICAL CO., LTD. commenced operations at its latest foam plants in China and Thailand, stimulating market growth. However, innovations in the medical industry may soon discover an improved and profitable substitute, obstructing market growth.
Application Segment Drivers
Based on the application, bedding and cushioning are projected to lead the market over the forecast period. This is because of the growing demand for the rising demand for seat cushioning, bed accessories, and hospital beds which include pillow, shoulder, and neck support, which will propel the market growth. Moreover, the coronavirus pandemic has resulted in an escalation in demand for the product.
Regional Drivers
Based on the regional coverage, North America is predicted to lead the market during the forecast period. This is primarily due to the growing demand for medical devices and better healthcare infrastructure in U.S. According to “The Commonwealth Fund”, U.S. disburse more on healthcare than other countries, which is further propelling the market growth.
Medical Foam Market’s leading Manufacturers:
- Future Foam
- Foamcraft, Inc.
- INOAC CORPORATION
- Huntsman International LLC
- Dow
- FXI
- Recticel
- Trelleborg AB
- SEKISUI CHEMICAL CO., LTD.
- BASF SE
Medical Foam Market Segmentation:
Segmentation by Foam Type:
- Flexible
- Spray
Segmentation by Application:
- Bedding and Cushioning
- Medical Devices and Components
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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