Medical Foam Market: Current Analysis and Forecast (2021-2027)

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The global Medical Foam Market is likely to showcase a growth of around 6% during the forecast period. Medical foams are formulated for a wide range of applications in the healthcare sector, meeting various challenges present in medical environments. These challenges include the barrier against bacteria to reduce the risk of germs and diseases spread. They offer excellent antibacterial properties which make them highly suitable for use in environments that must be aseptic. Moreover, these foams are also used in wound care, medical packaging, medical devices, and prosthetics for their excellent impact absorption and lightweight properties. The product is also used in place of conventional materials in the healthcare sector for manufacturing instruments, such as prosthetics and orthopaedic models, as they have excellent compressive and tensile strengths. In addition, the application of medical foams for the packaging of various pharmaceutical products and medical devices is projected to be another major factor contributing to the growth of the market in the near future.

Insights Presented in the Report

“Amongst foam types, flexible has a prominent share in the medical foam market”

Based on foam type, the market is categorized into flexible, rigid, and spray. Among these, flexible has a prominent share in the medical foam market. The reason for the growth of the flexible foam is its consumption in bedding & cushioning, foam dressing in wound care applications, packaging of medical devices, and others. Additionally, the demand for flexible foam is large in applications such as fabrication, lamination, and others due to its properties such as softness, moisture resistance, and mechanical properties.

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“Amongst material, the polymers accounted for a substantial share in the medical foam market”

Based on material, the market is categorized into polymers, metals, and others. Among these, polymers accounted for a substantial share of the medical foam market. As polymers provide excellent cushioning and integrity of contents for the packaging. The main types of polymer foams used for medical purposes are polyethylene foam, polyurethane foam, polyolefin foam, polystyrene foam, and others. Polymer foams have wide application areas due to resistance to impact, damping properties, high thermal insulation, and lightweight.

“Amongst application, bedding and cushioning is expected to showcase substantial growth during the forecast period”

Based on application, the market is categorized into bedding & cushioning, packaging, devices & components, prosthetics & wound care, and others. Among these, bedding and cushioning have a considerable share in the medical foam market. As there is a rising incidence of non-communicable diseases due to inactive lifestyles and the increasing population is expected to boost demand for bedding & cushioning, which in turn, is likely to increase the usage of medical foam. Additionally, increasing government spending on healthcare facilities to enhance patient comfort and safety is raising the need to produce high-quality bedding and cushioning. Further, rising demand for bedding and cushioning in hospitals globally due to the ongoing COVID-19 crisis is also supporting market growth.

“Asia-Pacific accounted for a considerable share in the global medical foam market”

For a better understanding of the market adoption of medical foam, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase substantial growth during the forecast period. This is due to increasing investment in the healthcare sector and the rising demand for pharmaceutical products and medical instruments in the region. For instance, in December 2021, during the 14th Five-Year Plan period (2021-2025), China unveiled a development plan for the medical equipment sector as part of efforts to bolster public health. This will increase the demand for medical foam in this region for various purposes in the healthcare sector.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimating the current market, and forecasting the future market of medical foam, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the medical foam industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of medical foam through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the medical foam market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by foam type, material, and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of medical foam globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the medical foam. Further, we conducted factor analysis using dependent and independent variables such as an increase in global health expenditure, the rapid expansion of the medical device sector, and increasing consumer focus on health & cleanliness. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the medical foam industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global medical foam market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of medical foam across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the medical foam market. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global medical foam market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of foam type, material, and application.

The main objective of the medical foam market study

The current & future market trends of global medical foam were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of medical foam in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include the area of foam type, material, and application
• Defined analysis of the regulatory framework for the medical foam industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of medical foam for the major countries
• Major regions/countries analyzed in the report include North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the medical foam market players and the growth strategies adopted by them to sustain the growing market

Deep dive country-level analysis of the industry

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