Hydrogel-Based Drug Delivery System Market to Surpass US$ 8,187.6 Million by 2030 - Coherent Market Insights

SEATTLE, May 18, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global hydrogel-based drug delivery system market is estimated to be valued at US$ 4,785.4 Million in 2022 and is expected to exhibit a CAGR of 6.9% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Hydrogel-Based Drug Delivery System Market:

Key companies operating in the market are launching new products based on hydrogel, which is expected to drive growth of the global hydrogel-based drug delivery system market. For instance, in January 2021, Alcon, a manufacturer of eye care products launched PRECISION1. It is a silicone hydrogel-based disposable contact lens comprising 51% water, dubbed verofilcon A. The advantage of the lens is that it can hold a permanent layer of moisture on its surface and has an ultraviolet-light-blocking compound for protection against UVA and UVB rays. Hence, the launch of such hydrogel-based products is expected to drive the market growth over the forecast period.

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Key Market Takeaways: 

The global hydrogel-based drug delivery system market is expected to exhibit a CAGR of 6.9%% during the forecast period, owing to high research activities in the development of new hydrogel-based products. For instance, in June 2021, researchers from the Department of Biomedical Engineering at Texas, developed a new class of hydrogels for noncontact, non-invasive, precise & controllable medical devices. These can be used for a wide range of biomedical applications such as photodynamic therapy, drug delivery, photo-thermal therapy, and regenerative medicine. 

Among source, synthetic segment is expected to witness highest growth in the global hydrogel-based drug delivery system market over the forecast period. The growth can be attributed to factors such as high water absorption capacity, wide varieties of raw chemical resources, and well-defined structure among others.  

Key players operating in the global hydrogel-based drug delivery system market include Johnson & Johnson, Bausch & Lomb, Ocular Therapeutix, Inc, Tolmar Pharmaceuticals, Inc., Ashland, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Micropore Technologies, Neurelis, Inc., and ProLynx Inc.