Market Insights Health OTC Pharmaceuticals

Eye Care - Montenegro

Montenegro

In Montenegro, the revenue in the Eye Care market market for the year 2024 amounts to US$0.63m.
It is projected that the market will experience an annual growth rate of 2.71% (CAGR 2024-2029).
When compared on a global scale, the in the United States generates the highest revenue in this market, reaching US$1,256.00m in 2024.
In terms of per capita income, in Montenegro generates US$1.01 in revenue per person in 2024.
Montenegro's eye care market is witnessing a surge in demand for OTC pharmaceuticals, driven by increasing awareness and accessibility.

Key regions: Europe, Australia, Brazil, China, United States

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Analyst Opinion

The Eye Care market in Montenegro has been experiencing steady growth in recent years, driven by several key factors. Customer preferences for high-quality eye care services and products, as well as a growing awareness of the importance of eye health, have contributed to the development of the market. Additionally, local special circumstances, such as an aging population and an increase in the prevalence of eye-related conditions, have further fueled the demand for eye care services and products in Montenegro.Customer preferences in the Eye Care market in Montenegro are largely influenced by global trends. With the increasing use of digital devices and prolonged screen time, there has been a growing concern about eye strain and other vision-related issues. As a result, customers in Montenegro are seeking out products and services that can help alleviate these problems, such as blue light-blocking glasses and specialized eye exams. Additionally, there is a strong demand for fashionable eyewear, as customers in Montenegro view glasses as a fashion accessory and a way to express their personal style.In terms of trends in the market, there has been a shift towards more personalized and specialized eye care services. Customers are increasingly seeking out optometrists and ophthalmologists who can provide tailored solutions to their specific vision needs. This includes services such as custom contact lens fittings and advanced diagnostic tests. Furthermore, there has been a rise in the popularity of online eyewear retailers, as customers in Montenegro are embracing the convenience and affordability of purchasing glasses and contact lenses online.Local special circumstances in Montenegro have also played a role in the development of the Eye Care market. The country has an aging population, which has led to an increase in the prevalence of age-related eye conditions, such as cataracts and macular degeneration. This has created a greater demand for eye surgeries and treatments. Additionally, Montenegro has a high prevalence of myopia among young people, which has led to an increased need for corrective eyewear and vision correction procedures.Underlying macroeconomic factors have also contributed to the growth of the Eye Care market in Montenegro. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income levels. This has allowed customers to spend more on eye care services and products. Furthermore, Montenegro has seen a growth in tourism, with many visitors seeking out eye care services while on vacation. This has created additional opportunities for the eye care industry to expand and cater to a diverse customer base.In conclusion, the Eye Care market in Montenegro is developing in response to customer preferences for high-quality and personalized eye care services and products. Local special circumstances, such as an aging population and a high prevalence of eye-related conditions, have further fueled the demand for eye care in the country. The underlying macroeconomic factors, including economic growth and an increase in disposable income levels, have also contributed to the growth of the market. Overall, the Eye Care market in Montenegro is expected to continue to expand as customer awareness of the importance of eye health continues to grow.

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.