Medical care is witnessing a transformational period in its market landscape owing to a shift from conventional methods to advanced. This picture is particularly rosy for developing nations that are performing extremely well. As incomes in these regions increase, so would demand for better wound care. This is because, as incomes increase, so does the spending ability of people and with better treatments in sight, people will go for those.
Therefore, it is predicted that over the coming year, the global medical foam market will see a steady CAGR (Compound Annual Growth Rate), generating worthwhile opportunities and pulling up market worth by a notable amount.
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Another reason the market will see high growth is that medical foam is used a variety of medical devices and components, and also in medical packaging. Besides, they are used in prosthetics and wound care, among others. Backed by a robust demand for sterilized components such as medical packaging materials, the market will only grow over the next few years.
Also, an increase in geriatric population over the world will also add to growth of medical foam market. About 1 in four people in the world will fall in the age bracket of 65 and above by 2050. And, in North America and Europe this will be a ratio of one in four.
As far as the market is concerned, it is slightly fragmented but will see more competition over the coming years as more players will enter the fray in order to take a piece of the overall growth pie. Also, prominent names in the landscape are those of DOW Chemical Company, Bayer AG, Sekisui Chemical Co., Ltd., Huntsman Corporation, Trelleborg AB, S.à r.l., Foamcraft Inc., FoamPartner Group, Future Foam Inc., UFP Technologies Inc., and Rogers Corporation. And, these are paying much attention to increasing their global footprint and investing heavily in technological advancement.
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