Global Hydrogel Dressing Market to Reach USD 894.5 Million by 2028, with 5.1% CAGR
Hydrogel Dressing Market By Top Companies – Coloplast A/S, 3M, Smith & Nephew, BSN Medical, Integra LifeScience Corporation, B. Braun Melsungen AG, ConvaTec Group
Pune, India, Jan. 28, 2022 (GLOBE NEWSWIRE) — The global Hydrogel Dressing Market size is expected to reach USD 894.5 million by 2028, exhibiting a CAGR of 5.1% during the forecast period. The growing cases of diabetic foot ulcers and pressure ulcers will create lucrative opportunities for the market in the forthcoming years, states Fortune Business Insights in a report titled, “Hydrogel Dressing Market, 2021-2028.” The market size stood at USD 622.2 million in 2020.
Key Development:
August 2020: One Equity Partners and The Silverfern Group announced that it had acquired a wound-care company American Medical Technologies (AMT). AMT provides advanced dressings, bedside clinical education and other technologies for clinical and risk management.
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Drivers and Restraints:
Growing Cognizance about the Advantages of Hydrogel Dressings to Incite Development
Hydrogel dressings are gaining popularity because they keep wounds clean by eliminating diseased or necrotic tissues via autolysis when applied to dry wounds and necrotic or sloughing wounds. These dressings provide several advantages, including keeping the wound moist, warm, and closed; they may be used with topical medicines and are excellent for treating all sorts of wounds.
The demand for hydrogel dressings has risen as a result of the above-mentioned benefits, resulting in significant sales growth for the firms. As a result, growing product demand is expected to propel the market during the forecast period.
However, inadequate reimbursement policies and high treatment costs may hinder market growth.
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Market Segments:
Based on product, the market is segmented into amorphous, impregnated dressings and sheet dressings.
Based on raw material, the market is classified into natural, synthetic, and semi-synthetic. The synthetic segment is expected to hold the maximum Hydrogel Dressing Market share due to the availability of highly effective dressings made up of polyethylene glycol, polyacrylic acid, and other synthetic materials to treat wounds.
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Regional Insights:
Increasing Healthcare Expenditure to Augment Growth in North America
In 2020, the North American market stood at USD 254.6 million. The region’s dominance can be attributed to the rising frequency of chronic wounds in the U.S. and increased demand for hydrogel dressings for ulcer and wound treatment. In addition, rising healthcare expenditures by the U.S. government for wound treatment are projected to contribute to segmental development. According to numerous studies, the U.S. spends an estimated USD 20 billion per year on the treatment of chronic wounds. Moreover, over the analysis period, attempts to develop innovative goods in the market are expected to promote growth. Due to the rising financial burden on European healthcare, which has resulted in increased demand, Europe has earned the second top position in the market.
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Competitive Landscape:
3M to Hold the Maximum Share
The market is semi-consolidated, with a few key companies dominating the landscape. 3M, Smith & Nephew, ConvaTec Group, and Coloplast A/S are the market leaders, with 3M, Smith & Nephew, ConvaTec Group, and Coloplast A/S accounting for the bulk of the market share. 3M’s broad geographical presence in more than 90 countries has helped the company generate huge amounts of money, resulting in domination.
The Report Lists the Key Companies in the Market:
- Coloplast A/S (Humlebaek, Denmark)
- 3M (Maplewood, U.S.)
- Smith & Nephew (London, U.K.)
- BSN Medical (Hamburg, Germany)
- Integra LifeScience Corporation (New Jersey, U.S.)
- B. Braun Melsungen AG (Melsungen, Germany)
- ConvaTec Group (Reading, U.K.)
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