Rise in geriatric population and upsurge in incidences of diabetes, ulcer, obesity, and chronic conditions drive the growth of the global hydrogel dressing market
PORTLAND, Oregon, May 12, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Hydrogel Dressing Market by Product (Amorphous Hydrogel, Impregnated Hydrogel, and Sheet Hydrogel) and End user (Hospitals, Physician's Office, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hydrogel dressing industry was estimated at $320.85 million in 2019, and is expected to hit $695.05 million by 2027, registering a CAGR of 10.1% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in geriatric population and upsurge in incidences of diabetes, ulcer, obesity, and chronic conditions drive the growth of the global hydrogel dressing market. On the other hand, high cost of hydrogel dressing products hampers the growth of the market. Nevertheless, increase in awareness related to hydrogel applications and advantages expected to create lucrative opportunities in the near future.
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- Pharmaceutical companies have taken the center stage amid COVID-19. Major pharmaceutical companies are manufacturing essential drugs.
- However, the pharmaceutical industry is dealing with a major concern of disruptive supply chain.
- In addition, the impact on supply chain is leading towards the shortage of medicines.
The amorphous hydrogel segment to maintain the lion's share by 2027-
Based on type, the amorphous hydrogel segment contributed to nearly two-thirds of the global hydrogel dressing market revenue in 2019, and is expected to retain its dominance by the end of 2027. In addition, the segment would register the fastest CAGR of 10.6% throughout the forecast period. This is due to amorphous hydrogel dressings help to maintain a moist wound healing environment, promote granulation and epithelialization, and facilitate autolytic debridement.
The hospitals segment to dominate during the estimated period-
Based on end user, the hospitals segment accounted for nearly half of the global hydrogel dressing market share in 2019, and is anticipated to rule the roost during the study period. This is attributed to the rise in investment in hydrogel products and approval of hydrogel products in most of the countries such as U.S. and Europe. However, the physician's office segment is anticipated to manifest the fastest CAGR of 11.0% from 2020 to 2027. As these hydrogel products are used in acute and chronic wound which drives the growth of the segment.
North America to dominate in terms of revenue-
Based on region, North America held the largest share in 2019, garnering nearly two-fifths of the global hydrogel dressing market. This is owing to surge in prevalence of diabetes, ulcer and obesity. In addition, easy availability of hydrogel dressing products and surge in awareness related to use of hydrogel in treatment of acute and chronic wounds fuels the growth in this region. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 12.1% by 2027. Growing demand for safety features, government mandates for safety features makes Asia-Pacific the fastest growing region. On the other hand, North America is anticipated to manifest the CAGR of 6.2% by 2027. Increase in awareness for hydrogel products, ease of product availability, and increase of diabetes, ulcer and obesity patients drives the growth in this region.
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Key Market Players-
- 3M Company
- B Braun Melsungen AG
- Coloplast A/S
- ConvaTec Group Plc.
- Svenska Cellulosa AB
- Integra Lifesciences (Derma sciences)
- Smith & Nephew Plc.
- Johnson & Johnson
- Procyon Corp.
- Axelgaard Manufacturing Co. Ltd.
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SOURCE Allied Market Research