Eye Care - Serbia | Statista Market Forecast

Eye Care - Serbia

Serbia

Highlights

In Serbia, the revenue in the Eye Care market market reaches US$8.52m in 2024.
It is projected to experience an annual growth rate of 4.66% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in this sector, amounting to US$1.26bn in 2024.
To put it in perspective, the per person revenue in Serbia in 2024 is US$1.20.
Serbia is witnessing a growing demand for OTC eye care products due to increasing awareness about the importance of eye health.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Serbia is experiencing significant growth and development due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Eye Care market in Serbia have shifted towards a greater emphasis on preventive and corrective eye care. Consumers are becoming more aware of the importance of maintaining good eye health and are seeking products and services that can help them achieve this. This has led to an increased demand for eyeglasses, contact lenses, and eye care examinations.Trends in the market are also contributing to its development. One notable trend is the rising popularity of online shopping for eye care products. Consumers are increasingly turning to online retailers to purchase their eyeglasses, contact lenses, and other eye care products due to the convenience and competitive pricing offered by these platforms. This trend has led to the emergence of several online eye care retailers in Serbia, further fueling the growth of the market.Another trend in the Eye Care market in Serbia is the growing demand for premium and specialized eye care products. Consumers are willing to invest in high-quality eyeglasses, contact lenses, and other eye care products that offer advanced features and technologies. This trend is driven by the desire for enhanced visual clarity, comfort, and style.Local special circumstances in Serbia are also playing a role in the development of the Eye Care market. The country has a large and aging population, which is driving the demand for eye care products and services. As people age, they are more likely to experience vision problems and require corrective eyewear or other eye care treatments. Additionally, the increasing prevalence of digital devices and prolonged screen time has led to a higher incidence of eye strain and other vision-related issues, further contributing to the demand for eye care products and services.Underlying macroeconomic factors are also supporting the growth of the Eye Care market in Serbia. The country's improving economic conditions and rising disposable incomes have made eye care products and services more affordable and accessible to a larger segment of the population. As a result, more people are able to invest in their eye health and seek the necessary treatments and products.In conclusion, the Eye Care market in Serbia is experiencing significant growth and development due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards preventive and corrective eye care, the rise of online shopping, the demand for premium and specialized eye care products, the aging population, and the improving economic conditions all contribute to the positive trajectory 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.