At 6.2 % CAGR, Medical Foam Market Size Worth US$38.2 Billion by 2027: IndustryARC
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Increasing Adoption of Medical Foam in Spinal Implants is Driving the Market Growth of the Medical Foam Market.
HYDERABAD, TELANGANA, INDIA, September 30, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Medical Foam Market size is estimated to reach US$38.2 billion by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027. Medical grade foams are made of polyolefin, polyurethane, polyvinyl chloride, polystyrene and other materials and are mostly utilized in the healthcare business for a variety of purposes such as hydrophilic dressings, medical packaging, medical braces and other similar items. The medical-grade foams’ qualities include softness, lightweight, water resistance, durability and adaptability, making it an ideal foam material for protective packaging. Growing demand for high-quality medical products is likely to drive market expansion. Other factors such as rapid industrialization, increased government funding for the development of advanced medical foam products, rising demand for advanced wound care products and increased production of pharmaceutical products and medical instruments will propel the medical foam market during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. Asia-Pacific dominates the Medical Foam market, owing to the increasing medical & healthcare industry in the region. A larger need for medical and adult incontinence products has arisen from the region’s aging population and increased prevalence of chronic diseases, which is expected to increase the market size for medical foam.
2. Lightweight and with superior compressive and tensile strengths, the product is currently being used more frequently in the healthcare industry as a replacement for traditional materials for creating devices like orthopedic models and prosthetics. Over the course of the projected period, this is anticipated to fuel market expansion.
3. The use of medical-grade foams for the packaging of various pharmaceutical items and medical equipment is anticipated to play a significant role in the market’s expansion in the years to come.
4. However, Stringent Rules and Regulations of government could hamper the market growth of the medical foam market.
1. The Flexible segment held a significant share in the Medical Foam market share in 2021 and is forecasted to grow at a CAGR of 6.3% during the forecast period 2022-2027, owing to the extensive characteristics provided by flexible when compared to other material types such as rigid and spray.
2. The Medical Devices & Components segment held a significant share in the Medical Foam market share in 2021 and is forecasted to grow at a CAGR of 6.5% during the forecast period 2022-2027. owing to increasing product demand in the manufacturing of medical devices.
3. Stryker increased its expected R&D spending in 2021 from USD 0.98 billion to USD 1.23 billion. Medtronic, another major producer of medical equipment, reported investing 2.49 billion dollars in R&D in 2021 as opposed to 2.33 billion dollars in 2020.
4. Asia-Pacific held the largest share in the Medical Foam market share in 2021 up to 45%, owing to the increasing healthcare sector in the region. The growing infrastructural development, rising per capita income of the individuals, higher domestic demand along with the availability of low-cost labor is the major factor driving the healthcare sector in the region.
5. According to International Trade Administration, the market for medical devices expanded dramatically in the APAC region from 2019 to 2020, rising from US$82.9 billion to US$88.6 billion. According to Invest India, the pharmaceutical industry in India is expected to reach US$65 billion by 2024 and US$120 billion by 2030. The Average Index of Industrial Production of Manufacturing of pharmaceuticals, medicinal chemicals and botanical products in the FY 2021-22 is 221.6 and has grown by 1.3 percent.
The top 5 players in the Medical Foam industry are –
1. Advanced Medical Solutions Group plc
2. Apollo Foam Limited
3. Draka Interfoam B.V.
4. Foamtec Medical
5. Freudenberg Performance Materials s.a.s
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September 30, 2022, 13:00 GMT
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