Hydrogel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Hydrogel Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The hydrogel market is projected to register a CAGR of greater than 7% during the forecast period (2022-2027).

The market was negatively impacted by COVID-19 in 2020. The pandemic resulted in a sharp fall in demand for various end-user industries and disruption in supply chains and production halts globally. However, the demand for hydrogel has increased for the diagnosis of SARS-CoV-2, thereby has stimulated the demand for the market.

• Over the short term, the increasing application of hydrogel in the healthcare industry is expected to drive the market's growth.
• However, the high production cost is expected to hinder the growth of the market studied.
• The Asia-Pacific region dominated the market with the highest share and is expected to dominate during the forecast period.

• Hydrogel, due to its soft and tissue-like physical properties, water absorption, good oxygen permeability, superior biocompatibility, micro-porous structure for additional transport channels, and several other properties, is considered the perfect material to be used in hygiene products.
• The goal for hygiene products is to make thinner pads with higher absorbency under load, increased swelling pressure, and increased suction power. Hence, the use of hydrogel is the most suitable option, owing to its properties.​
• According to the Statista market forecast, the market for feminine hygiene and baby diapers reached around USD 90 billion in 2021, witnessing a growth of around 6.3% compared to the previous year. Also, the market is estimated to reach USD 97.5 billion in 2022.
• Organizations, such as the World Health Organization, World Bank Group, and UNICEF, are raising awareness about the importance of hygiene, especially menstrual hygiene management (MHM) for women and adolescent girls.​
• In India, the World Bank Group initiated a flagship sanitation operation under the Swachh Bharath Mission. With this operation, the awareness is increasing among the community, including boys and men, to break the taboo around menstruation.​
• For instance, the US personal care products market was valued at USD 80,212 million in 2021, and it is expected to reach USD 99.5 million by 2026, which is expected to stimulate the demand for the hydrogel market in the country.
• Owing to all these factors, the personal care and hygiene products in the world may drive the demand for hydrogel during the forecast period.​

• The Asia-Pacific region dominated the global market share, owing to the growing personal care and hygiene, agriculture, pharmaceuticals, and healthcare sectors in different countries such as China, India, and Japan, of the region.
• In Asia-Pacific, China provides the major market for hydrogel consumption. China is one of the major consumers of personal hygiene products in the world. According to the Ministry of Finance of the People's Republic of China, total public expenditure on health care and hygiene in China amounted to about CNY 1.92 trillion in 2021.
• Also, China is the second-largest market for pharmaceuticals globally. The market for pharmaceuticals is emerging rapidly, and according to the National Bureau of Statistics of China, the sales of pharmaceuticals stood at CNY 531.53 billion in the first 10 months of 2021.
• India is the third-largest pharmaceutical in terms of volume and the 13th most significant in terms of value as it has a large raw material base and the availability of a skilled workforce. According to the India Brand Equity Foundation, India's pharmaceutical export stood at USD 24.44 billion in FY21.
• In India, the Ministry of Health and Family Welfare (MoHFW) received an allocation of INR 86,200.65 crore (Budget estimate – BE) for 2022-23, which is a mere 0.23% higher than the revised estimate of INR 86,000.65 crore in the Union Budget 2021-22. The current budget allocation is 6.82% higher than the actual spending of INR 80,693.92 crore for the financial year 2020-21.
• Agriculture is the major source of livelihood for approximately 58% of the population in India. According to the India Brand Equity Foundation (IBEF), the gross value added by agriculture (along with fishing and forestry) was USD 276.37 billion in the financial year 2020.
• Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.

The hydrogel market is fragmented, with a few players holding a considerable share in the market. The top five players accounted for about 30% share of the market. Some of the key players (not in any particular order) in the market include 3M, Johnson & Johnson Medical Limited, Cardinal Health, CooperVision, and Smith & Nephew.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support