Use in Agriculture to Augur Well for the Hydrogel Market
Agriculture being the backbone of several economies, its processes are being enhanced while using advanced material. Hydrogel can improve water retention in the soil along with plant yield. In addition, hydrogel can reduce the impact of drought and enhances fertility of soil. This has fuelled its demand in agricultural sector worldwide, in turn aiding growth of the market. Moreover, growing population and increasing burden on the food and beverages industry has resulted in farmers focusing on improving their daily yield to meet growing needs of individuals. This has further triggered increase in farming activities, thereby paving a potential pathway of growth for hydrogel market.
Prevalence of Chronic Wounds to Provide an Incremental Growth Opportunity for the Market
Use of hydrogel in wound therapy is likely to complement its market growth. Rising incidences of surgical wounds, acute wounds, burns and other superficial wounds has called for effective bandaging. This factor has resulted in the development of hydrogel dressings as they keep the wound clean, close with optimum breathability. In this backdrop, the increasing use of hydrogel dressings on acute and chronic wounds is expected to boost the growth of hydrogel market.
Rising Application in Personal Care and Hygiene Products to Augment Growth
Owing to its physical properties such as high softness, better water absorption, superior biocompatibility, better oxygen permeability and micro porous structure, hydrogel is widely used in several hygiene products. Moreover, use of hydrogel in hygiene products increasing as it enhances their functionality by improving absorbency under high load and swelling pressure. This aspect coupled with increasing awareness of hygiene products is expected to augur well for the hydrogel market. Organisations such as World Bank Group, WHO (World Health Organization) and UNICEF (United Nations International Children’s Emergency Fund) are involved in spreading awareness regarding importance of personal care and hygiene products, particularly for MHM (menstrual hygiene management) among adolescent girls and women. In this backdrop, increase in the use of personal care and hygiene products is expected to stimulate demand of these products, consequently largely contributing towards value and volume growth of the hydrogel market.
Asia Pacific is Poised to Remain an Attractive Region for Hydrogel Market
Developing nations in Asia Pacific are expected to account for a significant share in the hydrogel market. This can be attributed towards growth in the agriculture, healthcare, pharmaceuticals, and personal care and hygiene sectors in the region. Emerging economies such as China and India are likely to showcase high market lucrativeness. Off these, China is expected to remain a major consumer of hydrogel owing to its use in the growing personal care industry in the country. For instance, according to Ministry of Finance of the People’s Republic of China, in 2021, the overall expenditure of public on hygiene and healthcare touched a valuation of around CNY 1.92 trillion. Moreover, according to National Bureau of Statistics of China, pharmaceutical industry witnessed momentous growth with sales of pharmaceutical products reaching CNY 531 billion in Q3 of 2021.
Likewise, pharmaceutical sector in India is also gaining steam. According to IBEF (India Brand Equity Foundation), the pharmaceutical export from India touched US$24 Bn in 2021. India is considered as a third biggest country apropos to volume sales of pharmaceutical products and 13th with respect to value of the pharmaceutical industry. This is mainly owing to presence of a large consumer and patient pool backed by growing population coupled with availability of raw material, land, and labour at low costs. These factors are expected to drive the growth of the market in Asia Pacific in the coming years, making it an attractive region for major players.
Hydrogel Market: Competitive Landscape
New product launches and mergers and acquisitions have been witnessed in the hydrogel market. In 2021, Seikagaku Corporation launched HyLink which is a vicosupplement used for treating osteoarthritis. This product was launched in Taiwan with collaboration between Seikagaku and TCM Biotech International Corp. Since viscoelastic hydrogel remains in joints of knee for a higher timeframe, this product is expected to provide long lasting effect by administration of small quantity of the supplement. On the other hand, same year in February Contura along with its Bulkamid injection portfolio was acquired by Axonics Modulation Technologies Inc. With this acquisition, Axonics looks forward towards expanding its portfolio for treatment of stress urinary continence.
Key Market Players
Smith & Nephew, Cardinal Health, 3M, Cooper Vision, BSN Medical GmbH, and Johnson & Johnson.
The global hydrogel market is segmented as below:
By Material Type
By End Use Industry
Key Elements Included In The Study: Global Hydrogel Market
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