Eye Care (Pharmacies) - Belgium

Belgium

Highlights

Revenue in the Eye Care market is projected to reach US$34.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.53%, resulting in a market volume of US$36.68m 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$2.90 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Belgium has been experiencing steady growth in recent years.

Customer preferences: Customers in Belgium have shown a strong preference for eye care products available in pharmacies. This preference can be attributed to several factors. Firstly, pharmacies in Belgium are easily accessible to the general population, with a wide network of stores across the country. This convenience factor makes it convenient for customers to purchase eye care products. Secondly, customers trust the expertise of pharmacists in recommending and advising on eye care products. Pharmacists are seen as knowledgeable professionals who can provide reliable information and guidance on the best products for individual needs. Lastly, customers appreciate the wide range of eye care products available in pharmacies, including both prescription and over-the-counter options. This variety allows customers to choose products that suit their specific needs and preferences.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Belgium is the increasing demand for natural and organic eye care products. Customers are becoming more conscious about the ingredients used in the products they use, and are seeking out natural and organic alternatives. This trend is driven by a growing awareness of the potential harmful effects of certain chemicals and synthetic ingredients on eye health. As a result, pharmacies in Belgium are expanding their range of natural and organic eye care products to cater to this demand. Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase eye care products due to the convenience and ease of online shopping. Online pharmacies offer a wide range of products at competitive prices, and often provide additional services such as home delivery. This trend is expected to continue as more customers embrace online shopping for their eye care needs.

Local special circumstances: Belgium has a well-developed healthcare system, which includes a strong network of pharmacies. The country has a high density of pharmacies, with one pharmacy for every 2,000 inhabitants. This high number of pharmacies ensures that customers have easy access to eye care products. Additionally, the government in Belgium has implemented regulations to ensure the quality and safety of pharmaceutical products, including eye care products. These regulations help to build customer trust and confidence in the products available in pharmacies.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Belgium is influenced by several macroeconomic factors. Firstly, the aging population in Belgium is driving the demand for eye care products. As people age, they are more likely to experience vision problems and require eye care products. This demographic trend is expected to continue in the coming years, further boosting the demand for eye care products. Secondly, the increasing prevalence of digital devices in daily life is contributing to the growth of the eye care market. The prolonged use of smartphones, tablets, and computers can lead to eye strain and other vision problems. As a result, customers are seeking out eye care products to alleviate these issues. This trend is expected to continue as digital devices become even more integrated into daily life. In conclusion, the Eye Care (Pharmacies) market in Belgium is experiencing steady growth due to customer preferences for pharmacy-based eye care products, the increasing demand for natural and organic products, the rising popularity of online pharmacies, the well-developed healthcare system in Belgium, and the underlying macroeconomic factors such as the aging population and the prevalence of digital devices.

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.