Medical Foam Market Expected to Reach $38.1 Billion by 2027

According to a new report published by Allied Market Research, titled, "Medical Foam Market by Type, Material, and Application: Opportunity Analysis and Industry Forecast, 2020-2027," the global medical foam market was valued at $23.6 billion in 2019, and is projected to reach $38.1 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Medical foams are used in the medical sector and laboratory research centers mainly for wound care, patient comfort, protective packaging, and others. Medical foams include characteristics such as softness, flexibility, water resistance, durability, fungal resistance, and others, making it suitable for other applications such as sealing of medical LCD screens, medical device cushioning, prosthetic padding, and others that include internal fixation devices, mounting cards, and spinal implants.

The global medical foam market is driven by increase in utilization in protective packaging of valuable medical devices and allograft implants. Medical foam also plays a vital role during patient recovery after major surgeries; thus, major key-players are focusing on product development and manufacturing cost-effective medical foam in order to meet the rising demand in the medical sector. Moreover, medical wearables need protective enclosure system in order to work efficiently, offer protection from damage, to enhance comfort level to patients, and appear aesthetically pleasing. Hence, medical foams are used as an alternative to silicones in medical wearables and manufacturers are concentrating more on factors such as size of medical devices, length, and disposability during manufacturing of medical foams. The demand for medical foam is expected to grow in the near future, owing to its use in wound care as patient recovery process plays an important role after surgery and helps to speed up recovery process. Hence, the global medical foam market size is expected to witness steady growth during the forecast period.

In addition, medical foams are widely used in MRI vests owing to its properties such as MRI and X-ray lucent. Macro-economic factors, such as rising concern about standard medical solution and rise in number of hospitals are expected to boost the demand for medical foam during the forecast period.

The global medical foam market is segmented by type, material, application, and region. Based on type, the global medical foam market is categorized into rigid, flexible, and molded. Rigid medical foams include mainly polyurethane foams, reticulated polyurethane foam, closed cell polyurethane foam, and Metallocene. Flexible medical foam includes polyethylene foam, polystyrene foam, polypropylene foam, and cross linked polyethylene foam. The flexible type medical foam accounted for the largest market share in 2019. Based on material, the global medical foam market is segmented into polymer, metal, and other. In 2019, the polymer type medical foam accounted for the largest market share as well as the highest growth during the forecast period. Based on application, the global medical foam market is divided into packaging, bedding & cushioning, device & components, and others. In 2019, bedding and cushioning application accounted for largest market share while device & component application will register highest growth. Based on region, the global medical foam market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market share in 2019 and accounted for 48.3% of medical foam market share. The global medical foam market profiles the leading players in the medical foam market; they include UFP Technologies, Technical Foam Services Limited, Freudenberg Performance Materials s.a.s, Apollo Foam Limited, General Plastics Manufacturing Company, Draka Interfoam B.V., Advanced Medical Solutions Group plc., Transcontinental Advanced Coating, Foamtec Medical, and Global Medical Foam.

The Asia-Pacific medical foam market size is projected to grow at the highest CAGR of nearly 6.6%during the forecast period. 

Key findings of the study

• The Asia-Pacific medical foam market is projected to grow at the highest CAGR of nearly 6.6%, in terms of revenue, during the forecast period.
• By type, the flexible segment is anticipated to witness the highest growth rate of 6.7%, in terms of revenue, during the forecast period.
• By material, the polymer segment is anticipated to witness the highest growth rate of 6.4%, in terms of revenue, during the forecast period.
• By application, the device and component segment is anticipated to witness the high growth rate of 7.8%, in terms of revenue, during the forecast period.

Impact Of Covid-19 On The Global Medical Foam Market

• The COVID-19 pandemic has positively negatively affected the global economy and subsequent shrinking of the GDP in global economies, thereby changing consumer spending patterns globally.
• Rise in number of patients admitting to hospitals have surged due to rising number of COVID-19 infections. Thus, there is rise in the demand of medical foam.
• Medical foam is widely used in patient recovery bed. Rise in number of COVID-19 infected people has surged the demand of the global market despite of the outbreak. 
• Severely infected people from COVID-19 require breathing systems in order to cope up with the infections. This also the major factor that has enhanced the utilization of medical foam to comfortable support breathing equipment and anesthesia equipment.  
• Primary Protective Equipment (PPE) plays vital role that helps health professionals from, getting infected by COIVID-19. Medical foam is used in the manufacturing of PPE kits, which has surged the demand of global market during this situation.