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The Hydrogel Dressing Market is experiencing significant growth, driven by the increasing prevalence of chronic wounds, the rising geriatric population, and the growing demand for advanced wound care products. Our in-depth analysis provides insights into key players, market trends, and innovations, empowering you to make informed decisions and capitalize on emerging opportunities in this dynamic industry.
Thesize of the world hydrogel dressing marketin 2020 wasUSD 622.2 million.The market is anticipated to increase at aCAGR of 5.1%between 2021 and 2028, rising fromUSD 633.2 millionin 2021 toUSD 894.5 millionin 2028. The COVID-19 pandemic’s effects have been unprecedented and staggering on the world, with the market experiencing a negative demand shock in every region. Our analysis showed that the global market would experience a decline of -5.4% in 2020. When the pandemic is over, this market’s demand and growth will resume to pre-pandemic levels, which explains the abrupt increase in CAGR. Chronic wound healing is still a problem in many parts of the world.
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Drivers and Restraints:
Growing Cognizance about the Advantagesof 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 the market growth.
Market Segments:
Based on product, the market is segmented into amorphous, impregnated dressings and sheet dressings.
Based on raw materials, 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 polyethene glycol, polyacrylic acid, and other synthetic materials to treat wounds.
Based on application, the global market is classified into diabetic foot ulcers, pressure ulcers, venous leg ulcers, burn injuries/wounds, and others.
Based on end-user, the market is divided into hospitals and clinics, homecare settings, and others.
Geographically, the market is separated into North America, Europe, Asia Pacific, and the Rest of the world.
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What does the Report Include?
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 the 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.
Competitive Landscape:
3M to Hold the Maximum Share
The market is semi-consolidated, with a few key companies dominating the landscape. 3M, Smith and Nephew, ConvaTec Group, and Coloplast A/S are the market leaders, with 3M, Smith and 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.
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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The Report Lists the Key Companies in the Market:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Hydrogel Dressing Market Size to Hit USD 894.5 million in 2028