Global Rapid Self-healing Gel Market, by Crosslinking Type (Chemical and Physical), by Application (Wound Healing, Drug Delivery, Tissue Engineering, 3D Printing, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 245.0 million in 2021, and is expected to exhibit a CAGR of 8.2% during the forecast period (2021-2028).
The rising incidence of chronic wounds is expected to drive growth of the global rapid self-healing gel market during the forecast period. For instance, according to the data published by Ecronicon on May 28, 2020, around 17.2 million visits to the hospitals globally are concerned with some kind of wound. The same report stated that the prevalence of foot ulcers was 4-10% across the globe.
Market players are engaged in inorganic activities such as partnership between companies, which is expected to drive growth of the global rapid self-healing gel market. For instance, in 2019, Hydromer Inc. entered into a partnership with EuroDev for expansion of its biomedical hydrogel coating products in Europe.
Global Rapid Self-healing Gel Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 172 million cases and 3.7 million deaths due to Coronavirus (COVID-19) were reported up till June 06, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in global rapid self-healing gel market. The COVID-19 pandemic has affected demand and supply of rapid self-healing gel market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets. Supply chain and manufacturing activities of rapid self-healing gel in India, China, and the U.S. are disrupted due to nationwide lockdowns. Whereas, countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another.
For instance, according to the Federal Reserve Bank of Cleveland report published on February 02, 2021, a survey among businesses in regions such as Ohio, Eastern Kentucky and others where the Federal Reserve Bank of Cleveland serves, showed that around 44% business owners reported delay in receiving product delivery and 16% business owners reported higher shipping costs for delivering final products. This is expected to limit the supply chain and distribution of various kinds of businesses such as chemical manufacturers. Since, chemicals are used as a raw material for self-healing gel production, COVID-19 pandemic is expected to hinder the market growth of rapid self-healing gel.
Browse 21 Market Data Tables and 25 Figures spread through 150 Pages and in-depth TOC on Global Rapid Self-healing Gel Market, by Crosslinking Type (Chemical and Physical), by Application (Wound Healing, Drug Delivery, Tissue Engineering, 3D Printing, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, research and development activities for rapid self-healing gels is expected to drive the rapid self-healing gel market growth. For instance, in 2019, University of California San Diego received the U.S. FDA approval for clinical testing of hydrogel with self-healing property for repairing damage caused by heart conditions or surgeries.
Key Takeaways of the Rapid Self-healing Gel Market:
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