Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - EU-27

EU-27

Revenue in the Eye Care market is projected to reach US$0.77bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.00%, resulting in a market volume of US$0.85bn by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$1.72 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

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Analyst Opinion

The Eye Care (Pharmacies) market in EU-27 is experiencing significant growth and development.

Customer preferences: Customers in the EU-27 region are increasingly prioritizing their eye health, leading to a growing demand for eye care products and services. This trend can be attributed to several factors, including the aging population, increased awareness about eye health, and the rising prevalence of eye-related conditions such as myopia and age-related macular degeneration. As a result, customers are seeking out pharmacies as a convenient and accessible source for their eye care needs.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in EU-27 is the expanding product offerings. Pharmacies are not only providing traditional eye care products such as contact lenses, lens solutions, and eye drops but are also diversifying their range to include specialized products like blue light-blocking glasses and vitamins for eye health. This trend reflects the evolving needs and preferences of customers who are looking for comprehensive eye care solutions. Another trend in the market is the increasing adoption of digital technologies. Pharmacies are leveraging digital platforms to offer online eye tests, virtual consultations with optometrists, and personalized recommendations for eye care products. This digitalization of services has made eye care more accessible and convenient for customers, especially those who may have limited access to physical pharmacies or optometrists.

Local special circumstances: The Eye Care (Pharmacies) market in EU-27 is influenced by local regulations and healthcare systems. Each country within the EU-27 has its own specific rules and regulations regarding the sale and distribution of eye care products. Some countries may require a prescription for certain products, while others may allow over-the-counter sales. These variations in regulations can impact the availability and accessibility of eye care products in different countries.

Underlying macroeconomic factors: The growth of the Eye Care (Pharmacies) market in EU-27 can be attributed to several underlying macroeconomic factors. Firstly, the increasing disposable income of consumers in the region has enabled them to spend more on healthcare, including eye care. Additionally, the aging population in the EU-27 region has led to a higher demand for eye care products and services, as older individuals are more prone to eye-related conditions. Furthermore, advancements in healthcare infrastructure and technology have made eye care more accessible and affordable, driving the growth of the market. In conclusion, the Eye Care (Pharmacies) market in EU-27 is experiencing growth and development due to changing customer preferences, expanding product offerings, increasing adoption of digital technologies, local regulations, and underlying macroeconomic factors. As customers in the region prioritize their eye health, pharmacies are adapting to meet their evolving needs and providing comprehensive eye care solutions.

Methodology

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.