Europe Hydrogel Market Forecast 2019-2028
The Europe hydrogel market is expected to register a CAGR of 5.94%, during the forecast period of 2019 to 2028. The increased demand for beauty and personal care products and the government's approval for hydrogel products is anticipated to reinforce the market growth.
The Europe hydrogel market growth is assessed across the United Kingdom, France, Poland, Russia, Italy, Belgium, Germany, and the rest of Europe. The government's endorsement for hydrogel products, numerous product launches, and acquisitions, drives the market growth in Russia. The country accounts for more than 75% of soft contact lenses made with silicone hydrogels, with daily disposable lenses rendering more value and retail volume growth, than frequent replacement lenses. This can be attributed to consumers' inclination towards spending on convenience and comfort, concerning eye-care. Consumers also enjoy the varied assortment of products available in stores, professional and expert advice, and probable consultations with an eye-care practitioner. However, due to Russia's uncomplimentary economic conditions and low disposable incomes, most citizens attempted to save their expenses by opting for affordable contact lenses in 2018 and 2019.
According to the recent statements of Russia's Minister of Industry and Trade, the country's diaper market is gradually re-establishing itself from the impact of the crisis caused by the national currency's devaluation. Nevertheless, the balanced product portfolios of key companies and their massive marketing and financial resources, enable the maintenance of strong promotions. Thus, these factors are projected to augment the region's market growth, across the forecast period.
Prominent companies operating in the market are, Smith & Nephew, Medtronic Plc, Cardinal Health, The Cooper Companies, Johnson & Johnson, Momentive Performance Materials, Derma Sciences, etc.
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