Market Insights Consumer OTC Pharmaceuticals

Eye Care - Albania

Albania

Revenue in the Eye Care market amounts to US$3.56m in 2024. The market is expected to grow annually by 3.31% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256m in 2024).
In relation to total population figures, per person revenues of US$1.26 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care market in Albania has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater emphasis on eye health and the demand for eye care products and services has increased. This trend can be attributed to several factors, including an aging population, changing lifestyles, and increased awareness about the importance of eye health.

Customer preferences: Albania has seen a rise in the number of elderly individuals, who are more prone to eye-related issues such as cataracts, glaucoma, and age-related macular degeneration. As a result, there is a growing demand for eye care products and services that cater to their specific needs. Additionally, the younger population is also becoming more conscious about maintaining good eye health, leading to an increased demand for preventive measures such as regular eye check-ups and the use of eyewear.

Trends in the market: One of the key trends in the Eye Care market in Albania is the growing popularity of eyewear. More and more people are opting for eyeglasses and contact lenses as a fashion accessory, rather than just a functional necessity. This trend is driven by the availability of a wide range of stylish and trendy eyewear options in the market. Additionally, the increasing prevalence of digital devices has led to a rise in the number of individuals suffering from digital eye strain, further driving the demand for eyewear. Another trend in the market is the increasing popularity of laser eye surgery. This procedure, which corrects vision problems such as nearsightedness, farsightedness, and astigmatism, has gained traction among individuals who want to reduce their dependence on eyeglasses or contact lenses. The availability of advanced technology and improved surgical techniques have made laser eye surgery a viable option for many people in Albania.

Local special circumstances: Albania is a developing country with a growing middle class. As disposable incomes increase, people are willing to spend more on healthcare, including eye care. Additionally, the government has taken initiatives to improve access to eye care services in rural areas, which has further contributed to the growth of the market. The presence of both local and international eye care providers has also increased competition, leading to a wider variety of products and services for consumers to choose from.

Underlying macroeconomic factors: The Eye Care market in Albania is influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in increased consumer spending power. Additionally, the government has implemented healthcare reforms to improve the overall quality and accessibility of healthcare services, including eye care. These factors have created a favorable environment for the growth of the Eye Care market in Albania. In conclusion, the Eye Care market in Albania is experiencing significant growth due to changing customer preferences, including a greater emphasis on eye health and the demand for eyewear. The market is also influenced by local special circumstances, such as an aging population and government initiatives to improve access to eye care services. The underlying macroeconomic factors, including economic growth and healthcare reforms, have further contributed to the development of the market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.