Kenneth Research, in its repository of market research reports, have recently added a report on Global Medical Foam Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Medical Foam Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Medical Foam Market is valued approximately at USD 26.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.10% over the forecast period 2020-2026. Medical grade foams are the superior graded non-toxic, biocompatible, sterilized and low particulate products which are formulated for numerous applications in medical industry to meet many challenges existing in the medical environments. It is a specific anti-microbial substance with resisting against the contaminant’s property. These medical foams are mainly used to clean rooms for anti-microbial applications to decrease the risk of germs, disease, that spreads throughout hospitals. These medical foams are gaining acceptance in the medical industry due to various factors such as increasing number of surgical procedures along with shift from traditional to advanced wound care products globally. Furthermore, rise in demand for sustainable packaging solutions and growing advancements in wound care technology are expected to drive the prosthetics & wound care application, which is further expected to create significant growth opportunity in the market over the forecast period. For instance, in November 2019, Avery Dennison Corporation, launched MED 5710SI a novel five-layer foam dressing comprised of soft skin silicone wound contact layer with enhanced absorbent fiber composite pad. Similarly, in June 2019, Freudenberg unveiled innovative wound dressing, that comprises innovative direct coating of silicone adhesives with more efficient polyurethane foams, that prevents the dressing from sticking to the wound. However, fluctuations in raw material prices impedes the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Medical Foam market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing demand for high production of the sterilized medical packaged materials along with the increased aging population. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as higher demand of the medical foam, consumer awareness, increasing investments in the healthcare sector would create lucrative growth prospects for the Medical Foam market across Asia-Pacific region.
Major market player included in this report are:
The Dow Chemical Company
Sekisui Chemical Co., Ltd.
UFP Technologies, Inc.
FXI Holdings, Inc.
Armacell International S.A
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Material type:
Bedding & Cushioning
Medical Devices & Components
Prosthetics & Wound Care
Rest of the World
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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Medical Foam Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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