Eye Care (Pharmacies) - Baltics

Baltics

Highlights

Revenue in the Eye Care market is projected to reach US$7.69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.18%, resulting in a market volume of US$9.44m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$1.32 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Baltics is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the Baltics are increasingly prioritizing their eye health and seeking convenient and accessible solutions. With the rise in digital usage and screen time, there is a growing awareness of the importance of eye care. Consumers are actively seeking products and services that can help alleviate eye strain, dryness, and other common eye problems. They are looking for a wide range of eye care products, including contact lenses, eye drops, and vitamins, which are readily available in pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in the Baltics is the increasing demand for contact lenses. Contact lenses offer convenience and freedom from wearing glasses, making them a popular choice among consumers. Additionally, there is a growing trend of using specialized eye drops and vitamins to maintain and improve eye health. These products cater to specific needs, such as dry eyes or age-related eye conditions, and are gaining popularity among the aging population.

Local special circumstances: The Baltics have a well-developed healthcare system, with pharmacies playing a crucial role in providing accessible healthcare services. Pharmacies in the region are known for their expertise and professional advice, making them a trusted source for eye care products. Additionally, the high penetration of pharmacies in urban and rural areas ensures that consumers have easy access to a wide range of eye care products. This convenience factor has contributed to the growth of the Eye Care (Pharmacies) market in the Baltics.

Underlying macroeconomic factors: The growing middle-class population and increasing disposable income in the Baltics have played a significant role in the development of the Eye Care (Pharmacies) market. As people have more disposable income, they are willing to spend on healthcare and wellness products, including eye care. Furthermore, the aging population in the region has led to a higher demand for eye care products and services. The combination of these macroeconomic factors has created a favorable market environment for the Eye Care (Pharmacies) market in the Baltics. In conclusion, the Eye Care (Pharmacies) market in the Baltics is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for contact lenses, specialized eye drops, and vitamins, coupled with the convenience and accessibility provided by pharmacies, has contributed to the market's expansion. The growing middle-class population, increasing disposable income, and aging population have further fueled the growth of the Eye Care (Pharmacies) market in the Baltics.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.