The global hydrogels market size is likely to be valued at US$ 3.5 billion in 2023. The increasing application of hydrogels in the healthcare sector in wound care, and drug delivery is driving the market growth. The market is estimated to garner US$ 6.7 billion in 2033, recording a CAGR of 6.6% from 2023 to 2033.
Rising demand for hydrogels in various applications like hygiene products, drug delivery, wound care, and others are some of the factors driving the growth of the hydrogel market.
The increasing use of hydrogels in contact lenses further spurs the market growth as more than half of the population needs some form of vision correction. With the increasing population pool of elderly people, the use of contact lenses is increasing significantly.
The increasing application of hydrogels in the agriculture industry has created ample growth opportunities for the market Increasing application of hydrogels in skincare products, hair care products, and cosmetics also boosts the market growth during the forecast period.
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The polyacrylamide-composed hydrogels are biocompatible and non-toxic, which makes them suitable for biomedical applications, such as drug delivery and tissue engineering. These are also preferred in agriculture for soil conditioning and water retention, as they have high water content.
Growing investments in the healthcare sector in Europe and North America are likely to boost the demand for hydrogels in the region. The increased technological advancement in healthcare and increased disposable income and increased spending on hygiene products drive the growth of the hydrogels market during the forecast period.
Key Takeaways from this Market Study:
- From 2018 to 2022, the market demand expanded at a CAGR of 8.3%
- Based on raw materials, the natural segment accounts for a CAGR of 6.4%
- By composition, the polyacrylate segment is expected to expand at a CAGR of 6.2% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 6.5%
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 6.3% during the forecast period.
“Growing technological innovation in healthcare, as well as the growing advances in the agriculture industry, is expected to drive the market in the forecast period. The increasing demand from the industrial sector globally is projected to play a vital role in strengthening the market,” – comments an analyst at FMI.
Competitive Landscape:
Prominent players in the hydrogels market are 3M Company; B. Braun Melsungen AG; Cardinal Health, Inc.; Coloplast Group; Advanced Medical Solutions Group PLC among others.
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Some notable market developments are as follows:
- In 2020, Johnson & Johnson announced the launch of a new hydrogel wound dressing called SILVERCEL™ Hydro-Alginate. The new hydrogel product is designed to provide antimicrobial protection and promote wound healing. Johnson & Johnson offers a range of hydrogel products for use in wound care, drug delivery, and other medical applications.
- In November 2020: Advanced Medical Solutions Group plc announces that it has acquired Raleigh Adhesive Coatings Limited, an independent wound care and bio-diagnostics coatings business. The Acquisition brings strong synergies with AMS’s finished product offering, with the opportunity to increase the efficiency of the Company’s wound care manufacturing operations and provide entry points into new customers and markets, cross-selling of products and services as well as an R&D pipeline of new projects in the medical space.
Know More about What this Hydrogels Market Report Covers:
Future Market Insights offers an unbiased analysis of the global hydrogels market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the hydrogels market, the market is segmented based on the raw material, composition, and application across five major regions.
Key Segments Covered in this Analysis:
By Raw Material:
- Natural
- Synthetic
- Hybrid
By Composition:
- Polyacrylate
- Polyacrylamide
- Silicon
- Other
By Application:
- Agriculture
- Healthcare & Hygiene
- Contact Lenses
- Drug Delivery
- Tissue Engineering
- Others
By Region:
- North American Hydrogels Market
- Latin America Hydrogels Market
- Europe Hydrogels Market
- Asia Pacific Hydrogels Market
- Middle East and Africa Hydrogels Market
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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