Market Insights Consumer OTC Pharmaceuticals

Eye Care - Serbia

Serbia

Revenue in the Eye Care market amounts to US$8.52 in 2024. The market is expected to grow annually by 4.66% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256 in 2024).
In relation to total population figures, per person revenues of US$1.20 are generated in 2024.

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

Market

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Analyst Opinion

The Eye Care market in Serbia is experiencing steady growth due to changing customer preferences and increasing awareness about eye health. Customer preferences in the Eye Care market in Serbia have shifted towards more advanced and innovative products.

Customers are now looking for eye care solutions that not only correct vision problems but also provide additional benefits such as UV protection and blue light filtering. This shift in preferences can be attributed to the growing awareness about the harmful effects of UV rays and blue light on eye health. Customers are also seeking products that offer convenience and ease of use, such as contact lenses with longer wear times or daily disposable options.

Trends in the Eye Care market in Serbia are aligned with global trends in the industry. The market is witnessing a rise in the demand for contact lenses, driven by factors such as increasing myopia rates and the desire for a more natural vision correction option. Additionally, there is a growing interest in cosmetic contact lenses, which allow customers to change the color of their eyes for aesthetic purposes.

This trend is particularly popular among younger demographics who are looking to experiment with their appearance. Local special circumstances in Serbia, such as a high prevalence of myopia among the population, contribute to the growth of the Eye Care market. Myopia rates have been increasing globally, and Serbia is no exception.

This has led to a higher demand for vision correction products, including glasses and contact lenses. Additionally, the aging population in Serbia is also driving the demand for eye care products, as age-related vision problems become more prevalent. Underlying macroeconomic factors, such as increasing disposable incomes and improving healthcare infrastructure, are also fueling the growth of the Eye Care market in Serbia.

As the economy improves, more people have the financial means to invest in eye care products and services. Furthermore, the availability of advanced eye care facilities and professionals in the country has made it easier for customers to access quality eye care services. In conclusion, the Eye Care market in Serbia is witnessing growth due to changing customer preferences, increasing awareness about eye health, and favorable macroeconomic factors.

The market is characterized by a shift towards more advanced and innovative products, an increasing demand for contact lenses, and a high prevalence of myopia among the population. These factors, combined with improving healthcare infrastructure and rising disposable incomes, contribute to the overall development of the Eye Care market in Serbia.

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.