Global Medical Foam Market To Be Driven By Increasing Global Health Expenditure In The Forecast Period Of 2023-2028
Medical Foam Market Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028
The new report by Expert Market Research titled, Global Medical Foam Market Analysis, Share, Size, Scope, Trends, Growth, Report and Forecast 2023-2028, gives an in-depth analysis of the global medical foam market, assessing the market based on its segments like type, material, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 27.1 Billion
Forecast CAGR (2023-2028): 6.3%
The growing global population, as well as rising health concerns among people about personal hygiene as a result of viral outbreaks such as COVID-19, H5N1 Avian influenza, and HGN1 Swine flu, among others, are boosting demand for various medical devices for treatment purposes, which is driving the market for medical foam.
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Because medical foam is highly lightweight and has great tensile and compressive strengths, it is utilised as a substitute for traditional materials in the healthcare industry to manufacture instruments such as orthopedic and prosthetic models. This is expected to boost market growth over the following few years.
Furthermore, the use of medical-grade foams in the packaging of various healthcare devices and pharmaceutical items is a major element driving the market forward.
Medical Foam Industry Definition and Major Segments
The word “medical foam” refers to sterile, strain-resistant, fungal-resistant, and extremely durable medical-grade foam. It’s a medical product that’s utilised in a variety of medical equipment and support materials, including bedding, wound dressing, surgical drapes, gloves, garments, and medical packing. Medical foams are created for a wide range of applications in the healthcare business to address the many issues that the industry faces today.
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Based on type, the market can be segmented into:
On the basis of material, the market can be divided into:
Based on applications, the market can be broadly segmented into:
- Bedding and cushioning
- Device and components
On the Basis of region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Medical Foam Market Trends
The global market for medical foam is expected to develop due to a number of factors, including rising global health expenditure, an aging population, and the medical industry’s rapid expansion.
The rapid spread of the coronavirus bolstered the healthcare industry, boosting demand for medical foam in numerous applications such as bedding and cushioning. Furthermore, increasing government investments in the healthcare sector are boosting the medical foam industry’s growth.
Furthermore, the expanding global population and consumer attention on health and regular hygiene are driving up demand for high-quality medical foam appropriate for a variety of applications.
During the forecast period, this factor is expected to continue to drive the worldwide medical foams industry. The use of medical foams for packaging various healthcare gadgets and drugs is also boosting the medical foam industry’s growth.
Key Market Players
The major players in the market are Advanced Medical Solutions Group Plc, Apollo Foam Limited, Draka Interfoam B.V, Foamtec Medical, Freudenberg Performance Materials Holding SE & Co. KG, and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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