MEDICAL GRADE HYDROGEL MARKET ANALYSIS
Regional Insights
On the basis of Geography, the global medical grade hydrogel market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to lead the medical grade hydrogel market during forecast period, owing to high number of plastic and reconstructive surgeries that are performed annually in which hydrogels based material is extensively used. According to report published by American Society of Plastic Surgeons 2017, around 290,467 breast augmentation surgeries were performed in 2016, which increased to 300,378 in 2017. High prevalence of the chronic disease such as cancer and cardiovascular disease and extensive research and development by pharmaceutical and biotech companies for development of innovative products are driving market growth. According to the estimation of Pharmaceutical Research and Manufacturers of America (PhRMA), in 2017, pharmaceutical industry invested around US$ 0.8 billion to US$ 1.7 billion per company on research and development activities. Europe is projected to witness significant growth in the medical grade hydrogel market.
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