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The global Hydrogel Dressing Market size was USD 622.2 million in 2020. The market is projected to grow from USD 633.2 million in 2021 to USD 894.5 million in 2028 at a CAGR of 5.1% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -5.4% in 2020. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The healing of chronic wounds is still a challenge in many parts of the world. Hydrogel dressings have proved successful in clearing the injury owing to their warm and moist healing environment. The moist quality of the dressing is mainly due to the composition of 90% water mixed in a gel made of insoluble hydrophilic polymers. Therefore, due to the above advantages, they are extensively used to treat chronic wounds in patients. According to the Department of Endocrinology of Nanjing University Medical School in 2019, the prevalence of diabetic foot ulcers in North America was estimated to be 13% of the diabetic population residing in North America. Thus, the increasing prevalence of pressure ulcers, diabetic foot ulcers, and venous leg ulcers has led to a rise in product demand, thereby driving the growth of the global market.
Postponement/halt of Hospital/Clinic Visits for Wound Care Management Decreased Product Demand During COVID-19
The outbreak of COVID-19 has had a negative impact on the global market. Few market players reported declining revenues due to decreased product demand and sales amid the pandemic. Closure of healthcare facilities dedicated towards wound care department resulted in a halt of patient visits in countries such as the U.S, U.K, India, and others For instance, according to Tissue Analytics, a company for wound-specific electronic health record software, there was a 40% decrease in wound care visits from weeks 12,13 and 14 in 2020 compared to the same period in 2019. However, there is not much impact of COVID-19 observed on the treatment of late-stage or hard-to-heal ulcers. These are considered elective procedures, and the patient can be admitted to the hospital in case of an emergency.
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Increasing R&D on Novel Hydrogels to Boost Market Growth
In recent years, clinical applications have been proposed for various hydrogel products. Massive research is currently underway to develop novel hydrogel products from natural sources such as animal tissues, plant extracts, extracellular matrix, and others. Companies are heavily investing in R&D and continuously focusing on bringing positive results from clinical trials. For example, Remedor Biomed Ltd. conducts clinical trials on a hydrogel containing erythropoietin to treat diabetic foot ulcers. In addition, a variety of peptides are also being explored for their wound healing properties in clinical trials. Thus, the conductance of rigorous clinical studies to commercialize novel hydrogel dressing products is anticipated to surge the growth of the global market during the forecast period.
Rising Prevalence of Chronic and Acute Wounds to Propel Market Growth
The increasing prevalence of chronic wounds like diabetic foot ulcers, pressure ulcers, and others among the general population is expected to drive the number of patients undergoing treatment and fuel the adoption of wound care products during the forecast period. Also, the increasing incidence of acute wounds, including surgical wounds, burns, and others, among the global population is anticipated to surge the demand for hydrogel wound dressings during the forecast period. For instance, according to the Wound Healing Society (WHS), surgical wounds represent a significant concern in overall healthcare. Surgical site infections (SSI) contribute to mortality in 75.0% of cases worldwide despite all efforts. Therefore, the rising prevalence of infections has exerted a substantial economic burden on the healthcare industry, which is likely to contribute to the launch of advanced products, thus fostering the global Hydrogel Dressing Market growth.
Multiple Advantages of Hydrogel Dressings to Boost Product Demand
Hydrogel dressings are emerging as ideal because when applied to dry wounds and necrotic or sloughing wounds, they keep them clean by removing the infected or necrotic tissues via autolysis. Few advantages include keeping the wound moist, warm, and close; the dressings can be applied along with topical medications and are suitable for treating all types of injuries. Owing to the above-mentioned advantages, the preference for this type of dressings has increased, resulting in high sales growth of the companies. Therefore, rising product demand is anticipated to drive the development of the market during the forecast period.
High Cost of Treatment Coupled with Inadequate Reimbursement Policies to Limit Growth
Despite the high demand for hydrogel dressings globally, certain factors are limiting the market growth. High costs associated with wound care treatment and lack of adequate reimbursement policies are major factors expected to hinder market growth in the forecast period. According to the Institute for Pressure Injury Prevention, the NHS spends around USD 6.48 billion annually on wound care. It was also observed that surgical wounds and leg ulcers were the most expensive ones to treat. Thus, the high cost of treatment for chronic and acute wounds and the rising demand for urgent treatment among patients lead to a huge need for cost-effective wound care products in the market. Higher out-of-pocket expenditure associated with chronic wound treatment and limited reimbursement has been instrumental in lowering the adoption of these type of dressings in the global market.
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Demand for Amorphous Dressings to Augment Segment Growth
The global market includes amorphous, impregnated dressings, and sheet dressings on the basis of product. The amorphous segment held a dominant share in 2020. The dominance is due to the excessive use of amorphous hydrogel over impregnated and sheet dressings to treat ulcers and wounds, as amorphous have an advantage over others in promoting efficient wound healing.
Additionally, the amorphous dressing segment is anticipated to grow faster during the forecast period due to its increasing demand. The impregnated dressings segment is estimated to have a moderate growth rate owing to its gradual increase in product sales during the analysis period. For instance, demand for AquaSite Hydrogel Impregnated Gauze, SOLOSITE, and others, is likely to contribute to the segment's growth.
Usage of Synthetic Dressings for Applications to Contribute Segmental Growth
By raw material, the market is classified into natural, synthetic, and semi-synthetic. The synthetic segment accounted for a maximum share of the global market due to the availability of highly effective dressings made up of polyethylene glycol, polyacrylic acid, and other synthetic materials to treat wounds. Synthetic dressings help in the formation of an accurate wound healing environment, which is therefore highly preferable in the market, leading to sales growth. Additionally, the natural segment is anticipated to grow faster due to the preference shift towards naturally made hydrogel dressings for effective wound healing in patients.
Increasing Diabetic Population to Aid Segmental Growth
The global market is classified into diabetic foot ulcer, pressure ulcer, venous led ulcer, burn injuries/wounds, and others based on application. Another segment comprises surgical wounds, traumatic wounds, and others emerged as the dominant segment in 2020, followed by diabetic foot ulcers marking the second leading position. Growth in the sales of hydrogel dressing products for the treatment of diabetic foot ulcers is mainly attributable to the leading position. According to the research studies, the global prevalence of diabetic foot ulcers is estimated to be around 13.5 million patients. Moreover, these ulcers have a more significant healing duration and require frequent treatment, which is responsible for the higher demand for the products. Therefore, the rise in the number of visits for treatment is anticipated to drive the segment's growth during the forecast period. Moreover, venous leg ulcers and pressure ulcers segments are expected to witness a moderate growth rate during 2021-2028.
Hospitals & Clinics Segment to mark Leading Position Backed by Increased Patient Visits
The hospitals & clinics segment marked the leading position in the market owing to the high flow of patients suffering from chronic and acute wounds in hospitals and clinics requiring hydrogel dressings for effective treatment. Additionally, these settings' availability of adequate reimbursement policies in emerging countries is likely to boost the patient preference for treating ulcers or wounds to nearby hospitals or clinics.
Moreover, homecare settings are anticipated to emerge as the fastest-growing segment during the analysis period due to the rise in geriatric patients suffering from wounds in Europe and the Asia Pacific and the rising preference shift among patients from hospital to home care settings. This is expected to drive the product demand, fostering revenue growth in the forecast duration.
North America Hydrogel Dressing Market Size, 2020 (USD Million)
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The market size in North America stood at USD 254.6 million in 2020. The region's dominance is attributable to the increasing prevalence of chronic wounds in the U.S., backed by higher demand for these dressings to manage ulcers/wounds. Also, growing healthcare expenditure for the treatment of wounds by the U.S. government is expected to contribute to the segmental growth. For instance, according to several research studies, U.S. healthcare spends an estimated USD 20 billion to treat chronic wounds each year. Moreover, efforts to launch advanced products in the market are anticipated to foster growth during the analysis period. Europe secured the second leading position in the market due to the growing cost burden on European healthcare, demanding effective hydrogel dressings. Moreover, growing government initiatives in reducing the cost burden are also expected to aid in the expansion of the market growth in the forecast period. The Asia Pacific is forecasted to emerge as the fastest-growing region owing to the large patient population with diabetic foot ulcers in the Asian countries demanding a supply of products.
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Strategic Partnerships Coupled with Strong Brand Presence to Foster Company Growth
The global market is semi-consolidated in nature, comprising of a few key players dominating the market. The companies marking the leading position include 3M, Smith & Nephew, ConvaTec Group, and Coloplast A/S, accounting for a majority of the hydrogel dressing market share. The strong geographical presence of 3M in more than 90 countries has contributed to large revenue generation leading to dominance. Higher demand for INTRASITE gel and SOLOSITE gel products have contributed to Smith & Nephew’s leading position. Additionally, growing partnerships among the industry players are likely to aid penetration of companies in developing countries, thereby fostering the growth of the market players.
An Infographic Representation of Hydrogel Dressing Market
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The Hydrogel Dressing Market research report offers a detailed analysis and industry forecast of the market. It focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides, the report offers insights into the market trends, opportunity analysis, and industry highlights. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the overall market's growth over the recent years.
Value (USD million)
Product, Raw Material, Application, End User, and Region
By Raw Material
Fortune Business Insights says that the global market size was USD 622.2 million in 2020 and is projected to reach USD 894.5 million by 2028.
In 2020, the North American market size stood at USD 254.6 million.
Growing at a CAGR of 5.1%, the market will exhibit steady growth during the forecast period (2021-2028).
The amorphous segment is expected to be the leading segment in this market during the forecast period.
The increasing number of hospital visits to treat chronic wounds across the globe is driving the market's growth.
The global market size stood at USD 622.2 million in 2020.
North America dominated the market in terms of share in 2020.
The increasing prevalence of chronic wounds coupled with a preference for hydrogel dressings over other wound dressings is likely to drive the market growth.
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