Market Trends of Medical Foam Industry
The Bedding and Cushioning Segment is Expected to Hold a Significant Share Over the Forecast Period
Hospital beds and cushions are specially designed for hospitalized patients or others in need of some form of healthcare. The demand for hospital beds, seat cushioning, and bed accessories such as pillows, head, neck, and shoulder supports is likely to rise during the forecast period, fueling the expansion of the medical foam market. Moreover, the expanding healthcare industry, marked by the construction of new facilities, has bolstered the demand for bedding and cushions, indicating the growing need for these products.
The growing number of hospital admissions is expected to propel the segment's growth over the forecast period. For instance, according to the American Hospital Association 2023, the United States was projected to witness 34 million hospital admissions in 2023. Scenarios like this are expected to bolster the demand for medical foam to produce medical beds and cushions, thereby boosting the segment's growth.
The increasing need for beds in hospitals may drive demand in the bedding and cushioning segment over the forecast period. For instance, in March 2023, NHS England announced plans to add 5,000 permanent hospital beds to restore urgent and emergency services over the next two years. Moreover, the launch of hospital facilities across the globe is anticipated to expand the demand for bedding and cushioning, thus boosting segment growth. For instance, in June 2022, the International Finance Corporation partnered with private healthcare developer Egyptians for Health Care Services (EHCS) to support the construction and operation of CapitalMed, a sprawling medical hub on the outskirts of Cairo that will improve healthcare services in Egypt. Establishing new medical hubs increases the need for medical beds, which is expected to drive the growth of the market over the forecast period.
The demand for medical foams for beds and cushions is predicted to expand with the increase in medical and healthcare projects around the world since they are less expensive and commonly used in healthcare, which is expected to drive the medical foam market during the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America holds a significant share of the medical foam market. It is expected to follow the same pattern over the forecast period owing to factors such as the growing burden of chronic diseases, the rising geriatric population, and increasing healthcare expenditures in the region. The market's growth is attributed to well-established healthcare infrastructure and the presence of key market players.
The growing burden of cancer and other chronic diseases in the region is anticipated to fuel market growth. For instance, according to the American Cancer Society's Cancer Facts and Figures 2024, the number of new cancer cases in the United States is estimated to be 2.0 million in 2024, compared to 1.96 million in 2023. This shows the growing burden of cancer, which may increase the risk of hospitalizations.
Furthermore, the growing burden of chronic diseases, which is more prevalent in the geriatric population, increases the chances of hospitalization, which may support market expansion over the forecast period. For instance, according to the US Census Bureau statistics published in March 2023, there were 55.89 million persons aged 65 and up in the United States, which constitutes 16.8% of the total population of 331.89 million. Furthermore, according to the Healthy Aging CORE data published in December 2023, the prevalence of most chronic diseases, such as osteoarthritis, ischemic heart disease, and other conditions, increases with age. This shows the high burden of the senior population, who are more prone to chronic diseases, which is expected to increase the demand for medical foams in hospital settings.
Rising per capita health expenditures in the United States help establish infrastructure, and the demand for medical devices such as medical foam is expected to increase significantly over the coming years. This is likely to boost the demand for medical foam in the region. For instance, according to the Centre for Medicare and Medicaid Report 2022, national healthcare expenditures (NHE) increased by 2.7% to USD 4.3 trillion in 2021 or USD 12,914 per person, representing 18.3% of the GDP. Health spending as a percentage of GDP is expected to rise from 18.3% in 2021 to 19.6% in 2031.
Thus, factors such as the growing burden of chronic diseases, the increasing geriatric population, and rising healthcare expenditures are expected to boost the market growth in North America over the forecast period.
