Eye Care - Cyprus | Statista Market Forecast

Eye Care - Cyprus

Cyprus

Highlights

Revenue in the Eye Care market amounts to US$2.27m in 2024. The market is expected to grow annually by 2.98% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$1.79 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Cyprus is experiencing steady growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market in Cyprus are shifting towards a greater emphasis on preventive care and the use of natural and organic products.

Consumers are becoming more conscious of the importance of eye health and are seeking products that can help maintain and improve their vision. This has led to an increase in demand for products such as eye drops, vitamins and supplements, and protective eyewear. Additionally, there is a growing interest in natural and organic eye care products, as consumers become more aware of the potential harmful effects of chemicals and artificial ingredients.

Trends in the market include the rising popularity of online shopping for eye care products. With the increasing use of smartphones and internet accessibility, consumers are turning to online platforms to purchase their eye care products. This trend is driven by the convenience and competitive pricing offered by online retailers, as well as the wider product selection available.

In addition, there is a growing demand for personalized eye care solutions, such as custom-made contact lenses and prescription eyewear. This trend is fueled by advancements in technology and a greater focus on individualized healthcare. Local special circumstances in Cyprus also contribute to the development of the Eye Care market.

The country has a high prevalence of age-related eye conditions, such as cataracts and age-related macular degeneration. This has created a significant demand for eye care products and services, including surgical procedures and prescription medications. Furthermore, Cyprus has a large expatriate population, many of whom have specific eye care needs and preferences.

This diversity in the population creates opportunities for specialized eye care providers and niche products. Underlying macroeconomic factors, such as an aging population and increasing disposable income, further support the growth of the Eye Care market in Cyprus. As the population ages, the demand for eye care products and services is expected to increase.

Additionally, rising disposable income levels enable consumers to allocate a larger portion of their budget towards eye care, leading to higher spending in the market. Furthermore, the government's focus on healthcare and wellness initiatives has also contributed to the growth of the Eye Care market, with increased accessibility and affordability of eye care services. In conclusion, the Eye Care market in Cyprus is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards preventive care, online shopping, and personalized solutions, combined with the high prevalence of age-related eye conditions and increasing disposable income, are driving the growth of the market.

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.