Growing Demand for Hydrogels in Healthcare Sector Projected to Stimulate the Global Hydrogel Market During the Forecast Period (2017-2023)
Hydrogel Market Overview
According to a new report by Market Research Future, (MRFR), the global market for hydrogel is anticipated to expand at a staggering CAGR during the forecast period (2017-2023) due to the increasing utilization of hydrogels in the healthcare sector. Used in several applications such as healthcare, contact lenses, agriculture, tissue engineering. drug delivery, and others, hydrogel is lubricious, viscoelastic, permeable, and multifunctional in nature.
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Hydrogel is composed of a 3D network structure which can hold up to large volumes of water and is manufactured using polyvinyl alcohol, sodium polyacrylate, acrylate polymers, and several other polymers. Hydrogel with an optimum degree of crosslinking provides strong and elastic properties which are used as sanitary purposes, medical electrode in ECG, and also in breast implants.
Future Drivers and Constraints Affecting the Market Growth
Hydrogel is known for its lubricious, permeable, viscoelastic, and multifunctional properties which provides comfort, flexibility, and biocompatibility. Owing to the growing production in contact lenses, personal hygiene, agriculture, and healthcare products, the market is anticipated to expand during the assessment period. Moreover, the healthcare sector along with the hygiene sector is set to witness the highest growth rate owing to the consumption of products such as baby diapers, perfumes, and several others. Increasing awareness regarding the availability of hydrogel formulations has galvanized R&D investment to develop new products which is supposed to be viewed as a bellwether for the growth of global hydrogel market over the review period.
Hydrogels are also used in hygiene and personal care sector due to its good oxygen permeability, soft and tissue-like properties, superior biocompatibility, water absorption, and microporous structure. With the increase in hygiene awareness, aging population and growing infant, and rising demand for feminine hygiene products is expected to spur the market growth over the forecast period.
Meanwhile, high cost related to complex production process of hydrogel coupled with environmental hazards from disposable synthetic hydrogel products are some of the major factors restraining the growth of the market globally.
Global Hydrogel Market Segmentation
The global market for hydrogel has been segmented on the basis of composition, type, form, application, and region.
The market has been segmented into synthetic, natural, and hybrid hydrogel based on type. Among these, the synthetic gels segment holds the maximum market share owing to its increasing use in the field of biotechnology, tissue engineering, medicine, and drug delivery. Also, the hybrid gel is anticipated to expand at a rapid pace due to its increasing consumption in the field of medicine and microwaves.
The market has been segmented into silicone hydrogels, polyacrylate, and polyacrylamide on the basis of composition. Among these, the polyacrylamide and polyacrylate hydrogel segment showcases the majority share in the market owing to its transparency, elasticity, and water absorbing capacity.
The market has also been segmented into semi-crystalline, crystalline, and amorphous on the basis of forms. Among these, the amorphous segment is majorly used owing to its moisture maintaining property and water-locking capability.
The market has been segmented into healthcare and hygiene, agriculture, drug delivery systems, contact lenses, tissue engineering, and others based on application. Among these, healthcare and hygiene sector dominate the market due to increasing awareness about hygiene among the population and rising demand for feminine hygiene products.
North America to Hold the Largest Market Share
Geographically, the market has been spanned across five major regions such as North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. North America is anticipated to hold the largest market share, owing to the high demand for hydrogel in biotechnology, agriculture, medicine, tissue engineering, and others. The segment for contact lenses is anticipated to showcase a rapid growth during the assessment period owing to the rising production and consumption in regions like Canada, U.S.A., and Mexico. The tissue engineering segment is also expected to showcase a higher growth rate over the review period.
The Asia Pacific region has achieved an extensive growth owing to the rising per capita income and growing population. Due to the presence of countries like Japan, China, and India, the market is expected to expand in the coming years. The segment for synthetic hydrogel is anticipated to witness a higher CAGR due to its increasing demand in healthcare and hygiene, agriculture, drug delivery systems and others in this region.
Europe has been observed to show significant progress due to its increasing demand for personal and healthcare products like sanitary napkins, baby diapers, and paper towels. With the technological advancements and high disposable income, the market is expected to grow at a higher rate. Italy, Germany and the U.K. are the leading players in this region.
Owing to the increasing consumption of hydrogel in biotechnology and medicine, tissue engineering, and contact lenses, the Latin American region is anticipated to witness a growth in the years to come. Moreover, the Middle East and Africa are expected to witness a higher growth rate over the assessment period due to the high demand of hydrogel in wound dressing, tissue engineering, and drug delivery systems.
In May 2018, Ambu acquired Invendo Medical GmbH which is a leading developer of sterile single-use high-definition endoscopy products in gastrointestinal and gastroenterology surgery fields.
The prominent players operating the market for hydrogel globally are Alliqua BioMedical Inc (U.S.A), R&D Medical Products Inc (U.S.A), The Cooper Companies Inc. (U.S.A), Johnson & Johnson Private Limited (U.S.A), Cardinal Health (U.S.A), Dow Corning Corporation (U.S.A), Axelgaard Manufacturing Co. Ltd.(U.S.A), BSN medical (Germany), H.B. Fuller Company (U.S.A), and others.
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