Key regions: Canada, Europe, India, Australia, South Korea
The Eye Care (Pharmacies) market in Cyprus has been experiencing steady growth in recent years, driven by customer preferences for convenient and accessible eye care solutions.
Customer preferences: Customers in Cyprus are increasingly seeking convenient and accessible eye care solutions, which has led to the growth of the Eye Care (Pharmacies) market. Pharmacies offer a one-stop solution for customers to purchase eye care products such as contact lenses, solutions, and eye drops, making it convenient for them to access these products. Additionally, pharmacies often have trained professionals who can provide advice and guidance on eye care, further adding value to the customer experience.
Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Cyprus is the increasing demand for contact lenses. Contact lenses provide a convenient and comfortable alternative to traditional eyeglasses, and their popularity has been growing among both young and older demographics. This trend is driven by factors such as improved technology in contact lenses, which offer better comfort and vision correction, as well as changing fashion trends that prioritize a more natural appearance. Another trend in the market is the growing demand for eye drops and solutions. With the increasing use of digital devices and exposure to environmental factors such as pollution, customers are experiencing more eye discomfort and dryness. As a result, there is a higher demand for eye drops and solutions that can provide relief and improve eye health. Pharmacies are well-positioned to cater to this demand by offering a wide range of eye care products.
Local special circumstances: Cyprus has a high prevalence of myopia, or nearsightedness, among its population. This has led to a higher demand for vision correction products such as contact lenses and eyeglasses. Pharmacies play a crucial role in meeting this demand by offering a wide range of options for customers to choose from. Additionally, the presence of trained professionals in pharmacies allows customers to receive personalized advice and recommendations based on their specific eye care needs.
Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Cyprus can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased disposable incomes and consumer spending. As a result, customers have more purchasing power to invest in eye care products and services. Furthermore, the tourism industry in Cyprus has been thriving, attracting a large number of visitors who may require eye care products during their stay. This influx of tourists contributes to the overall growth of the Eye Care (Pharmacies) market in the country. In conclusion, the Eye Care (Pharmacies) market in Cyprus is developing due to customer preferences for convenient and accessible eye care solutions, such as contact lenses and eye drops. The market is also influenced by local special circumstances, such as the high prevalence of myopia, and underlying macroeconomic factors, including steady economic growth and a thriving tourism industry.
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.
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