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As per a new report published by Fact.MR – a market research and competitive intelligence provider, global medical foam industry analysis reveals that the market was valued at US$ 27 Bn in 2020, and is projected to top US$ 38 Bn by 2031, expanding at a healthy CAGR of 6% over the forecast period of 2021-2031.
Fact.MR anticipates a significant surge in demand for medical foam owing to factors such as rising geriatric population, increase in global health expenditure, rapid expansion of the medical devices sector, and consumer focus on health and periodic cleanliness.
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Key Takeaways from Market Study
- Global revenue from medical foam sales was valued at US$ 27 Bn in 2020, and is projected to reach a valuation of over US$ 38 Bn by 2031.
- Key factors driving demand for medical foam are application in the packaging of medical devices, bedding & cushioning in the hospital sector, and foam dressing for wound care.
- Asia Pacific leads the market with more than 30% of global market share.
- Bedding and cushioning to be the highest revenue generating application of medical foam, accounting for 36% of global revenue.
- Polyurethane medical foam accounts for around 50% of the global market share, and is estimated to expand at an impressive CAGR of 8%over 2021-2031.
- Medical foam sales in China are forecasted to reach over US$ 6 Bn by 2031, expanding at a CAGR of around 11% over the next ten years.
- North America accounts for around 32% of the global market share for medical foam, with revenue in the U.S. reaching US$ 5 Bn in 2020.
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Key Market Segments Covered in Medical Foam Industry Analysis
On the Basis of Product:
- Flexible Medical Foam
- Rigid Medical Foam
- Spray Medical Foam
On the Basis of Material:
- Polyurethane Medical Foam
- Polystyrene Medical Foam
- Polyolefin Medical Foam
- Polyvinyl Chloride Medical Foam
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The medical foam market is characterized by the presence of various small- and medium-scale companies catering to global and local demands. Major market players are focusing on expansion strategies such as partnerships, new product development, agreements, technical collaborations, and capacity expansions.
Owing to the current pandemic, requirement for medical foam in the healthcare industry is on the rise. New and upcoming companies can focus on strategizing ways to seize new opportunities. Collaborative ventures with already established companies can leverage the growth prospects of upcoming manufacturers.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/10/07/1925822/0/en/Customized-Packaging-Solutions-Propelling-the-Aerosol-Cans-Market-Finds-Fact-MR.html
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