LONDON, Dec. 14, 2016 /PRNewswire/ -- "The global medical foam market size is projected to reach USD 30.89 billion by 2026"
The global medical foam market is projected to grow from USD 14.06 billion in 2016 to USD 30.89 billion by 2026, at a CAGR of 8.2% from 2016 to 2026. The key factors expected to drive the growth of the market include, the high demand for the production of sterilized medical packaging materials, growth in the aging population providing a sizeable customer base for medical foams, government funding and grants for the development of advanced medical foam products, and the increased shift from traditional to advanced wound care products in various regions.
"Polyolefin: The fastest growing segment of the market, based on material type"
Based on material type, the medical foam market is segmented into polyurethane, polystyrene, polyvinyl chloride, polyolefin, and others. The polyolefin segment was the fastest growing segment in the global medical foam market in 2015. Polyolefins are used in a wide range of medical applications including dilators, introducers, packaging, film, and molded components. Polyolefins offer good biocompatibility, chemical resistance, and lubricity, while offering acceptable tensile strength and impact properties.
"Medical packaging: The largest application segment"
Medical packaging was the largest application segment in the global medical foam market, having accounted for the largest market share in 2015. This large share can be attributed to the increased usage of medical foam in medical packaging which offers higher compatibility with many sterilization methods, high degree of shock absorption, temperature controlled solutions, and at minimal cost. Polyurethane and polyethylene foams are the most preferred types of foam used in the medical industry for packaging. The growth in the global demand for medical and pharmaceutical packaging is driving the medical foam market.
"Asia-Pacific: The fastest-growing regional market for medical foam"
The Asia-Pacific medical foam market is expected to be the fastest-growing market. The region was the largest market for medical foam in 2015, and has high growth potential in India, China, and Japan. The rise in the manufacture of pharmaceutical products and medical instruments for domestic use as well as exports drive the medical foam market. The increasing demand for high-quality products, rising population, and growing end-use industries have led to innovations and developments in the industry.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 – 11%, Tier 2 – 33%, and Tier 3 - 56%
- By Designation: Director Level - 10%, C Level - 20% Others – 70%
- By Region: Europe – 33% North America - 25%, Asia-Pacific - 25%, RoW - 17%
As a part of qualitative analysis, the report provides a comprehensive analysis of the major market drivers, restraints, opportunities, and challenges. It also discusses the competitive strategies adopted by different market players, such as, The DOW Chemical Company (U.S.), BASF SE (Germany), Bayer AG (Germany), Sekisui Chemical Co, Ltd. (Japan), Huntsman Corporation (U.S.), Trelleborg AB (Sweden), Inoac Corporation (Japan), Recticel NV (Belgium), Vita (Lux III) S.à r.l. (U.K.), Armacell International, SA (Luxembourg), Foamcraft Inc. (U.S.), FoamPartner Group (Switzerland), Future Foam Inc. (U.S.), UFP Technologies Inc. (U.S.), and Rogers Corporation (U.S.).
The report provides an analysis of the medical foam market across different regions. It aims at estimating the market size and future growth potential of this market across different segments such as form, application, and material type. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies. The global report covers key regions, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, along with country-level analysis.
Reasons to buy this report:
This report covers the following key aspects:
- The market size by 2021 and the projected growth rate.
- The key market trends.
- The key factors expected to drive the market.
- The challenges that impact market growth.
- The key players in this market.
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