Medical Foam Market Overview
Medical foam market is forecast to reach $XX.X billion by 2026, after growing at a CAGR of 6.5% during the forecast period from 2021-2026. With the rise in medical sector the medical foam market is witnessing an increase in demand. Growing government regulations towards public healthcare will further enhance the overall market demand for medical foam during the forecast period.
Asia-Pacific dominates the medical foam market owing to increasing demand from applications such as wound dressings, rubber foams and others.
Implementation of government schemes and policies is likely to aid in the market growth of medical foam.
COVID-19 pandemic has driven the market for medical foam, as number of patients in the hospitals have increased massively over the months.
Medical Foam Market Segment Analysis – By Material
Polyurethane segment holds the largest share in the medical foam market and is estimated to grow at a CAGR of 6.1% during the forecast timeframe. Polyurethanes are commonly used in a number of medical applications including catheter and general-purpose tubing, hospital bedding, surgical drapes, wound dressings, as well as in a variety of injection-moulded devices. Their most common use is in short-term implants. Polyurethanes have been formulated to provide good biocompatibility, flexural endurance, high strength, high abrasion resistance and processing versatility over a wide range of applications. Polyurethanes have been formulated to provide good biocompatibility, flexural endurance, high strength, high abrasion resistance and processing versatility over a wide range of applications.
Medical Foam Market Segment Analysis – By Grades
Heat & Moisture Exchange (HME) foams have significant growth of 7.1% during 2021-2026 in medical foam market. Heat and moisture exchange (HME) foams are an essential component in a wide range of vital medical breathing and anesthesia systems and equipment, which plays an integral role in consistent and controlled oxygen & gas intake while also ensuring that sterile conditions. So, with the increasing severe health related problems like cancer, heart attacks the demand for medical foam market is expected to grow.
Medical Foam Market Segment Analysis – By Application
Wound dressing has been one of the primary markets for medical foam market and is expected to register a CAGR of 8.5% during the forecast period. Wound, whether it is a minor cut or a major incision, it is important to care for it properly, part of this process includes wound dressing. Dressing is designed to be in contact with the wound, which is different from a bandage that holds the dressing in place. When the wound is closed with dressing they are continuously exposed to proteinases, chemotactic, complement & growth factors, which is lost in the wound exposed. Modern wound dressings are usually based on synthetic polymers and are classified as passive, interactive and bioactive products. Foam dressings are excellent for wounds which are exuding, whether minimally or heavily.
Medical Foam Market Segment Analysis – By Geography
APAC dominated the medical foam market with a share of more than 30gr%, followed by North America and Europe. Asia-Pacific dominated Medical Foam market due to higher demand of medical foam in the region due higher usage of these products into its large number of healthcare institutes such as hospitals, clinics, and others. Asia-Pacific is also expected to remain the fastest-growing regional market for medical foam due to the presence of fastest-growing economies such as China and India. Further, rising healthcare infrastructure, growing consumer awareness, and rising ageing population; are expected to boost the demand of medical foam.
Medical Foam Market Drivers
Covid-19 pandemic has hit the whole world very massively. The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. But as medical products and equipment comes under the essential goods category and especially due to the treatment from coronavirus the demand for medical foams have increase very vastly for various applications.
Implementation of Stringent Environment Regulations
Governments globally have their own health policies for the poor or general public. For example in India, Indian government have Ayushman Bharat. Ayushman Bharat is National Health Protection Scheme, which will cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage up to 5 lakh rupees per family per year for secondary and tertiary care hospitalization. Ayushman Bharat – National Health Protection Mission will be rolled out across all States/UTs in all districts with an objective to cover all the targeted beneficiaries. Policies like these will eventually increase the healthcare awareness which will further enhance the demand for medical foam.
Medical Foam Market Challenges
Health concerns related with memory foam
Memory foam mattress has serious dips and sags, that the foam eventually does not bounce back. These dips can cause body aches and back pain because the person will not get the support which is needed. So, with the increasing problems regarding this foam, the market will restrain.
Medical Foam Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the medical foam market. In 2020, the market of medical foam has been consolidated by the top five players accounting for xx% of the share. Major players in the Medical foam Market are Huntsman Corporation, Vita (Lux III) S.A.R.L, Foampartner Group, The DOW Chemical Company, Sekisui Chemical Co., Ltd, among others.
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