Medical Foam Market
According to a report published by GMI Research, the Medical Foam Market is likely to grow at a rate of 6.1% from 2020 to 2027. The increasing application of medical foam in the packaging of valuable medical devices has bolstered the market growth. Also, the aggravating application of medical foams in the healthcare sector and laboratory research institutes has guided the market growth.
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Medical Foam Market Dynamics
The medical foam market is likely to bolster at a significant rate over the coming years. This is because of the increase in the disbursement of healthcare. The national health disbursement in the U.S. is likely to expand at a rate of 5.4% over the period of 2019-2028, which has encouraged market growth. The Medical Foam Market analysis asserts that the proliferation of the medical device industry, along with the increasing consciousness among the consumers towards periodic health and cleanliness, will elevate the market growth. For example, the World Health Organisation stated that over 2 million devices in the market can be categorized into a group of 7000 generic devices. Almost 34% of the 154 nations have a health technology policy that has substantially steered market growth. The intensified initiatives of the market players, such as expansion and adoption, have raised the market growth. SEKISUI CHEMICAL CO., LTD., in 2018, initiated its operations at its foam plants in China and Thailand, which has supplemented the market growth. However, the modernizations in the medical sector may be launched with a better and more economical substitute which may restrain the Medical Foam Market size.
Foam Type Segment Drivers
Based on the foam type, the flexible foam segment is projected to witness a sturdy boom over the coming years. Flexible foam is increasingly used in medical packaging, wound dressing, cushioning, and bedding, which has propelled the Medical Foam Market share.
Application Segment Analysis
By application, the bedding and cushioning segment will seize the largest share in the medical form market over the forecast period. This is because of the aggravating demand for seat cushioning, bed accessories, and hospital beds such as shoulder support, neck, and pillow support, which is anticipated to expand the overall market. In addition, the Medical Foam Market global forecast projected that the evolution of the coronavirus pandemic has raised the market demand.
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